The gross proceeds from the private placement will be substantially used to finance the acquisition of the 70% interest in PLQ Mall as announced by Lendlease Global Commercial Trust Management, the manager of Lendlease REIT, on Nov 5.
Lendlease Global Commercial REIT (Lendlease REIT) has raised approximately $280 million from a private placement of its units. The exercise was approximately three times covered with strong participation from new and existing unit holders, long-only funds, real estate specialists, private wealth and multi-strategy investors.
Due to the strong interest, the placement size was increased by approximately $10 million from the initial $270 million. The issue price of 60.2 cents per unit represented a discount of 3.7% to the adjusted volume-weighted average price. The new units are expected to be issued on or around Nov 14.
