The acquisition of this remaining 30% stake will be at an agreed property value of $885.0 million, which is the same as the 70% acquisition transaction last November. This represents an approximate 2.2% discount to the appraised value of the asset.
Lendlease Global Commercial REIT to acquire the remaining 30% interest in PLQ Mall it does not already own, further boosting its exposure to Singapore assets.
To fund the acquisition, the REIT is launching an underwritten non-renounceable preferential offering to raise $196.6 million by issuing nearly 352.4 million units at 55.8 cents each at a ratio of 119 new units for every 1,000 existing units.
