Lendlease REIT moves to full ownership of PLQ Mall in $116.4m deal

The REIT is set to acquire the remaining 30% stake.

Lendlease Global Commercial REIT, acting through its trustee DBS Trustee Limited, has entered into agreements to acquire the remaining 30% indirect interest in PLQ Mall in Paya Lebar.

The estimated total acquisition cost is about $116.4m, according to a bourse filing.

Meanwhile, the total consideration payable under the acquisition agreements is approximately $100.8m.

The acquisition is based on an agreed property value of $885m for a 100% interest in the mall, unchanged from the valuation used when the REIT acquired a 70% stake in November 2025.

The agreed value represents an approximate 2.2%, or $20m, discount to the appraised value of $905m.

The REIT has launched a preferential offering to raise approximately $196.6m at an issue price of $0.558 per unit, representing a discount of about 6% to the volume-weighted average price on 24 February 2026.

It intends to fully fund the total acquisition cost, excluding the acquisition fee, with proceeds from the preferential offering.

Upon completion, Lendlease REIT’s total asset value will increase to about $4.2b, with Singapore assets accounting for approximately 90% of the portfolio.

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