Singapore-listed Lendlease Global Commercial REIT has acquired a 70% interest in an S$885m (€589m) suburban mixed used building from Abu Dhabi Investment Authority (ADIA).
The company said the agreed value for the Paya Lebar Quarter (PLQ) represented a discount of approximately 2.1%, based on the appraised value as at 31 October 2025.
The trust conducted a private placement, raising S$280m to help fund the acquisition.
Upon completion of the transaction, Lendlease REIT’s total asset value will increase to S$3.9bn, with Singapore representing 89% of the portfolio.
ADIA invested in a vehicle, set up in 2019 to undertake the development of PLQ in a 70-30 joint venture with Australian real estate company Lendlease.
Lendlease REIT said the transaction was being conducted through the acquisition of 70% of the total issued units in PLQM Trust, which holds 100% interest in the property. Lendlease retains the remaining 30%.
Guy Cawthra, CEO of Lendlease Global Commercial Trust Management, Lendlease REIT’s manager, said the PLQ acquisition marked a strategic step forward in strengthening the REIT’s resilient suburban retail portfolio in Singapore.
“It offers immediate DPU accretion for Lendlease REIT’s unitholders, underpinned by an attractive entry valuation. With gearing expected to be approximately 38%, we continue to deliver sustainable growth while maintaining financial prudence.”
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