Lendlease REIT

[Paul Lee]

Respectfully, I disagree. Having a globally diversified portfolio is important in a REIT, especially when it comes to a risky industry (in my opinion) such as mall rental and property management. If you have noticed in the past few years, even Capitaland's listed REIT vehicles are looking overseas for acquisitions now rather than just Singapore only.

Diversification is fine when your portfolio is a few billion dollars and you have a dozen or more assets.

They are starting with 2 properties. So I rather have 100% Singapore retail mall to start with rather than have an unknown Italian office block added into the portfolio.

The inclusion of the office block smells of the parent company trying to dump asset into the REIT. Of cos, Frasers, Capitaland, OUE does it too and as long as the asset is good and the REIT does not overpay for it, that's fine.

Based on the currently available information, the REIT is not compelling enough. Hopefully, they will re-jig it before launching the IPO.

 

[Paul Lee]

Looks like Landlease will stick to their guns with the initial assets for their Lendlease Global Commercial Reit.

SOURCE: Lendlease Group seeks to list Reit on SGX to raise S$1.03b

Preliminary Prospectus: HERE

Take a look and see if there are compelling reasons for you to invest.

The public offer opens on Sept 25 at 9pm and closes on Sept 30 at 12pm. The minimum initial subscription for applications is 1,000 units.

Can Mod or OP change the title to 'Lendlease Global Commercial REIT' to reflect the name of the REIT?

 

[NewInvestor]

Looks like Landlease will stick to their guns with the initial assets for their Lendlease Global Commercial Reit.

SOURCE: Lendlease Group seeks to list Reit on SGX to raise S$1.03b

Preliminary Prospectus: HERE

Take a look and see if there are compelling reasons for you to invest.

The public offer opens on Sept 25 at 9pm and closes on Sept 30 at 12pm. The minimum initial subscription for applications is 1,000 units.

Can Mod or OP change the title to 'Lendlease Global Commercial REIT' to reflect the name of the REIT?

Italian office block. Does that sound interesting?

 

[Paul Lee]

Italian office block. Does that sound interesting?

Freehold 100% leased to Sky Italia expiring 2032 with built-in rental escalation?

No, it does not sound interesting. In fact, it's boring like hell. But sometimes in investing, boring is not necessarily bad.

 

[JustTrade]

Not sure what you guys think. But the projected yield of 5.8% seems Low.

 

[foolosophy]

How come so few properties and so expensive?

 

[Pocoyoz]

How many shares for public?

Sent from Amazon using GAGT

 

[limster]

How come so few properties and so expensive?

Not sure what you guys think. But the projected yield of 5.8% seems Low.

The objective of an IPO is for the company to raise as much funds as possible while at the same time ensuring that its subscription is at least 1.0x.

The question to ask is how come last time, all those REITS IPOS were 10x, 20x oversubscribed, is it because the IPO price was TOO LOW? The company probably fired their financial advisors because they had a chance to price the IPO higher to make more money

Now all those IPO advisors know that SG investors are desperate for yield (eg: Hyflux perps also want to buy), so 5.8% people sure press, especially when one of the properties is a highly visible 313 Somerset.

if the REIT managers add Jem to the portfolio later, they can charge 1% of JEM's price as acquisition fees. If Jem is included in the portfolio, they can't charge you 1%?

 

[JustTrade]

That is what I suspected. With the economy in uncertainty, people are chasing after higher yield assets. I will be sitting this one out, and see how it performs on debut and decide then.

 

[foolosophy]

Should I buy the new iPhone or subscribe to this REIT?

 

[Paul Lee]

Should I buy the new iPhone or subscribe to this REIT?

It depends on whether your current phone is dire need of replacement and on the verge of expiration. If that is the case, then you really got no choice but to buy a replacement phone.

If the answer is no, then it should be a no-brainer. If you buy this REIT and keep it long enough, it will eventually turn into a new iPhone. Maybe the iPhone XXX or something.

 

[foolosophy]

I like your confidence!

It depends on whether your current phone is dire need of replacement and on the verge of expiration. If that is the case, then you really got no choice but to buy a replacement phone.

If the answer is no, then it should be a no-brainer. If you buy this REIT and keep it long enough, it will eventually turn into a new iPhone. Maybe the iPhone XXX or something.

 

[addict951]

Paul, you nv tell him how nong you've been holding Suntec?

 

[addict951]

Btw, Paul, are you pressing this reit?

 

[Paul Lee]

Paul, you nv tell him how nong you've been holding Suntec?

Not very long what. Just 15 years. Almost 'freehold' status liao.

Btw, Paul, are you pressing this reit?

Still sitting on the fence and assessing.

Portfolio wise OK lah. My biggest concern is the REIT manager.

I mean if it was one of the branded REIT managers, then I think no need to think. This is Landlease first REIT, so not sure how investor-friendly they will be.

Spore has its share of lousy and incompetent REIT manager that makes dubious decisions, over-paid for assets, make reckless acquisitions or borrow excessively.

 

[Raynon]

Not very long what. Just 15 years. Almost 'freehold' status liao.



Still sitting on the fence and assessing.

Portfolio wise OK lah. My biggest concern is the REIT manager.

I mean if it was one of the branded REIT managers, then I think no need to think. This is Landlease first REIT, so not sure how investor-friendly they will be.

Spore has its share of lousy and incompetent REIT manager that makes dubious decisions, over-paid for assets, make reckless acquisitions or borrow excessively.

Whats the ipo price fir this?

 

[foolosophy]

Isn’t it $0.88

 

[Pocoyoz]

milan office only hab one tenant

 

[Merg91]

No buy but bye for ssi warriors as usual ?

 

[Paul Lee]

Whats the ipo price fir this?

Isn’t it $0.88

That's just the indicative price but high chance it would be the price becos of the auspicious sounding nature of the price.

Interesting that even a foreign company is picking up on what is essentially an Asian quirk. Probably DBS doing.