Lendlease issues $200m perpetual securities at 4.2% rate

Lendlease Global Commercial REIT had initially planned to issue $150m perps but was faced with strong demand.

Lendlease Global Commercial REIT is offering an aggergate $200m of perpetual securities with a 4.2% fixed rate, it announced in a bourse disclosure.

Perps will be issued in denominations of $25,000 and denominations thereof, with no fixed final redemption date.

Distribution payments are payable semi-annualy in arrear, from and including the issue date to June 4, 2026, the first reset date.

In a separate statement, Lendlease said it had initially targeted an issuance of $150m, but was faced with strong demand from institutional and retail investors.

“We are very pleased to see the high level of institutional and retail investor confidence in LREIT’s stable financial profile and resilient portfolio as well as the strong market response to our inaugural perpetual securities. We thank investors for their strong support, said Kelvin Chow, Lendlease Global Commercial Trust Management CEO.

Net proceeds will be used for refinancing of existing borrowings, financing of acquisitions, and investment opportunities.

This Series 001 Perpetual Securities will be listed on the Singapore Exchange on or about June 7, 2021.

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