Lendlease is planning to raise S$1.03bn (€640m) by floating a global commercial property trust on the Singapore Stock Exchange.
In its prospectus, the global property group said about 387.5m units at AS$0.88 each will be available in the initial public offering and placement tranche as Lendlease Global Commercial REIT joins the exchange on 2 October.
Lendlease said there would be a cornerstone offering of 453.8m units at the offer price to 13 investors to raise about S$399.3m. The cornerstone investors would include BlackRock, AEW Asia and Nikko Asset Management Asia.
Separately, Lendlease SREIT, as trustee of the vehicle, would subscribe for 318.1m units, for about S$280m.
Proceeds from the raisings would be used to pay for the seed portfolio valued at S$1.4bn.
Lendlease would sell 313@somerset, a retail asset located in Singapore’s tourist thoroughfare, Orchard Road, and Sky Complex, a freehold office property which comprises three office buildings in Milan, Italy.
It has also been reported that the new fund will have access to the Sydney-based developer’s global A$96.1bn development pipeline.