The agreed property value after taking into account the appraised value by Knight Frank as at Oct 31 is $885.0 million, or approximately a 2.1% or $19.0 million discount to the appraised value. The agreed property value is determined on the basis of a 100% interest in the property. The NPI yield is 4.5% based on the agreed property value. The immediate DPU accretion is 2.5%, while maintaining healthy aggregate leverage with further upside from future growth drivers. The post-PLQ Mall acquisition and post-Jem Office divestment aggregate leverage is likely to be 38.3%.
Lendlease Global Commercial REIT (LREIT) has announced that it will acquire a 70% indirect stake in PLQ Mall via the acquisition of 70% of the total issued units in PLQM Trust, which holds 100% of PLQ Mall. The vendor is an unrelated third party understood to be Abu Dhabi Investment Authority (ADIA) hence no EGM is required.
Upon completion of the transaction, and post-completion of the sale of Jem Office by Nov 12, Lendlease REIT’s total asset value will increase to $3.9 billion with Singapore representing 89% of the portfolio.
