On 1 October 2020, LREIT acquired a stake in Jem through an investment of 5.0% equity stake in Lendlease Asian Retail Investment Fund 3 Limited (the “Fund”). The investment provides LREIT with pre-emptive rights and opportunities to potentially increase its strategic stake in the Fund (and indirect interest in Jem) over time.
The acquisition was funded fully with cash and is accretive1 to its distribution per unit. In addition, Unitholders will benefit from greater income diversification based on the office (35% by NLA) and suburban retail (65% by NLA) components of Jem.
1Refer to LREIT’s announcement "Lendlease Global Commercial REIT acquires a stake in Jem via a 5% interest in Lendlease Asian Retail Investment Fund 3” dated 1 October 2020 for the proforma DPU effect.
Grange Road Car Park
LREIT was awarded the tender to redevelop the 48,200 sq ft car park at Grange Road on 9 June 2020. The site, to be redeveloped into a multifunctional event space, will maximise its full potential and create synergy with the “Discovery Walk”, which is linked to [email protected] With a combined NLA of approximately 330,000 sq ft, it enlarges and strengthens LREIT’s retail presence in the Somerset precinct. The space is envisioned to be an experiential innovative lifestyle destination that features creative use of communal spaces and themed events to promote social networking and wellness. The Grange Road car park is expected to cease operations before the end of 2020, with redevelopment works commencing soon after and taking about two years.