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Lendlease Global REIT offered 387.5 million units, which comprised a placement tranche of 364.7 million and a public offering of 22.7 million.
Lendlease Global Commercial REIT made a strong listing debut on the main board of the Singapore Exchange on Wednesday (2 October), with its units achieving an opening price of $0.935.
This is 6.3 percent higher than the initial public offering (IPO) price of $0.88.
About 74.6 million units were traded, making it one of the top-traded REIT on SGX that day. The units achieved a closing price of $0.92 or up 4.5 percent than the IPO price.
Lendlease Global REIT offered 387.5 million units, which comprised a placement tranche of 364.7 million and a public offering of 22.7 million.
The REIT’s manager revealed that 13 million units of the placement tranche were “reserved for subscription by the directors, management, employees and business associates of the sponsor and its subsidiaries”.
The placement tranche was 9.9 times subscribed while the public offering was 14.5 times subscribed – or the highest in five years.
Overall total subscription value of the offering stood at around $3.354 billion.
“Concurrently with, but separate from the offering, the cornerstone investors subscribed for an aggregate of 453,785,013 units representing a 38.9 percent stake in Lendlease Global REIT,” revealed the manager.
“In addition, concurrently with but separate from the offering, Lendlease SREIT Pty Limited, as the trustee of LLT Sub-Trust, has entered into a subscription agreement to subscribe for an aggregate of 318,137,997 units, representing approximately 27.2 percent stake in Lendlease Global REIT, demonstrating the strong commitment and alignment of interest between Lendlease Global REIT, its unitholders and its sponsor.”
DBS Bank and Citigroup Global Markets Singapore served as the offering’s joint global coordinators, underwriters and bookrunners.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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