Lendlease Global Commercial REIT has announced the acquisition of a 70% indirect interest in PLQ Mall in Singapore. The agreed property value is S$885.0 million, representing a 2.1% discount. Following the acquisition, Singapore will make up 89% of the portfolio, focusing on income growth and stability. The acquisition will increase the total asset value to S$3.9 billion, enhancing growth potential. The mall is located in Paya Lebar, offering over 200 retail, dining, and entertainment outlets. The transaction will be financed through a private placement offering of S$270.0 million.

PLQ Mall is a vibrant urban lifestyle destination with excellent connectivity. It is part of a larger mixed-use development and features a mix of international and local brands. The mall has a committed occupancy of 99.7% and a weighted average lease expiry of 2.5 years. Lendlease Global Commercial REIT aims to provide unitholders with stable distributions and long-term growth. The acquisition is a strategic step towards strengthening the suburban retail portfolio in Singapore. The agreed property value was determined based on an appraisal by Knight Frank Pte Ltd.

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