Lendlease REIT completes 30% stake acquisition in PLQ Mall

About $100.8m of gross proceeds were used to finance the transaction.

Lendlease REIT has completed the acquisition of a 30% stake in PLQ Mall, its manager, Lendlease Global Commercial Trust Management Pte. Ltd. said.

The acquisition was partly funded by gross proceeds from a preferential offering, which raised approximately $196.6m, according to a bourse filing.

About $100.8m or 51.3% of the proceeds were used to finance the purchase.

The remaining proceeds have been allocated for other purposes.

Around $12.9m, or 6.6%, will be used to pay transaction, equity raising and debt refinancing costs related to the acquisition and the preferential offering.

Meanwhile, $82.8m, or 42.1%, has been earmarked to pare down existing debt.

The manager said the gross proceeds have been fully disbursed or earmarked for disbursement.

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Lendlease Global Commercial REIT

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