Investors subscribe to only 62.2% of Lendlease REIT’s preferential offer

DBS, OCBC, and UOB subscribe to remaining units to hit the $196.6m target.

Only about 62.2% of the new units offered by Lendlease Global Commercial REIT were taken up by investors in its preferential offering, according to a filing on 23 March.

The REIT received valid acceptances for 186.9 million units and applications for 32.2 million excess units, bringing the total to 219.1 million units, or 62.19% of the 352.4 million units on offer.

Joint underwriters DBS Bank, Oversea-Chinese Banking Corporation, and United Overseas Bank subscribed the remaining units under the underwriting agreement, allowing the REIT to raise its targeted gross proceeds of about $196.6m.

The preferential offering was conducted on a non-renounceable basis at an issue price of $0.558 per unit, with eligible unitholders entitled to 119 new units for every 1,000 existing units held as of 5 March.

Separately, Lendlease Corporation Limited, the REIT’s sponsor, through its relevant entities, accepted in full its provisional allotment of 73.7 million units, representing 20.93% of the offering.

Following completion, it will have an aggregate deemed interest in 693.42 million units, representing approximately 20.93% of the total number of 3.31 billion units.

The new units are expected to begin trading on the SGX-ST Main Board on 26 March and will rank pari passu with existing units, including entitlement to distributions for the period from 1 January to 30 June 2026.

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Lendlease Global Commercial REIT

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