Lendlease to sell Jem office segment to Keppel

The net cash proceeds from the divestment are estimated to be $459.4m.

Lendlease Global Commercial REIT will be divesting its Jem office component to Keppel's Sustainable Urban Renewal (SUR) for $462m.

The company believes the divestment will improve its financial position, support the REIT’s potential portfolio growth, and increase its focus on Singapore retail.

The net cash proceeds from the divestment are estimated to be $459.4m, resulting in an estimated net cash gain over the cost of investment of $8.9m.

The group intends to use net proceeds to repay certain loans, which is expected to reduce its aggregate leverage ratio to approximately 35% on a pro forma basis.

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