Lendlease REIT

Pocoyoz

Pocoyoz

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Lendlease Global Commercial REIT acquires a
stake in Jem via a 5 per cent interest in
Lendlease Asian Retail Investment Fund 3

Singapore, 1 October 2020 – Lendlease Global Commercial Trust Management Pte. Ltd. (the “Manager”), the manager of Lendlease Global Commercial REIT (“LREIT”), is pleased to announce that LREIT has acquired a 5.0% equity stake in Lendlease Asian Retail Investment Fund 3 Limited (the “Fund”), which indirectly holds a 75.0% interest in Jem, from Lendlease International Pty Limited (the “Vendor”) at a purchase consideration of approximately S$45.0 million. Jem is an integrated office and retail development located in Jurong Gateway, the commercial hub of the Jurong Lake District – Singapore’s second central business district.
A key benefit of the investment is to provide LREIT with pre-emptive rights, which all existing investors have in the Fund. This may provide opportunities for LREIT to potentially increase its strategic stake in the Fund (and indirect interest in Jem) over time if other investors divest their interests in the Fund. The Manager has financed the acquisition through internal resources and debt facilities. The pro forma gearing of LREIT post the acquisition is 36.9% as at 30 June 2020.
Mr Kelvin Chow, Chief Executive Officer of the Manager, said, “Jem is strategically located in Singapore’s second central business district and has direct access to the MRT interchange and other transport amenities. The acquisition of the 5.0% equity stake in the Fund aims to benefit
LREIT and its Unitholders through further income diversification based on the office and suburban retail components of Jem.”

The acquisition is accretive to LREIT’s distribution per unit based on the assumption that the acquisition had been effected on 2 October 2019, and LREIT held and operated Jem through 30 June 2020, and other assumptions as set out in LREIT’s announcement dated 1 October 2020 titled “Acquisition of Stake in Jem via 5.0% of the Shares in Lendlease Asian Retail Investment Fund 3 Limited” (“Announcement”)
 
reddevil0728

reddevil0728

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****zbuster said:
Lendlease Global Commercial REIT acquires a
stake in Jem via a 5 per cent interest in
Lendlease Asian Retail Investment Fund 3

Singapore, 1 October 2020 – Lendlease Global Commercial Trust Management Pte. Ltd. (the “Manager”), the manager of Lendlease Global Commercial REIT (“LREIT”), is pleased to announce that LREIT has acquired a 5.0% equity stake in Lendlease Asian Retail Investment Fund 3 Limited (the “Fund”), which indirectly holds a 75.0% interest in Jem, from Lendlease International Pty Limited (the “Vendor”) at a purchase consideration of approximately S$45.0 million. Jem is an integrated office and retail development located in Jurong Gateway, the commercial hub of the Jurong Lake District – Singapore’s second central business district.
A key benefit of the investment is to provide LREIT with pre-emptive rights, which all existing investors have in the Fund. This may provide opportunities for LREIT to potentially increase its strategic stake in the Fund (and indirect interest in Jem) over time if other investors divest their interests in the Fund. The Manager has financed the acquisition through internal resources and debt facilities. The pro forma gearing of LREIT post the acquisition is 36.9% as at 30 June 2020.
Mr Kelvin Chow, Chief Executive Officer of the Manager, said, “Jem is strategically located in Singapore’s second central business district and has direct access to the MRT interchange and other transport amenities. The acquisition of the 5.0% equity stake in the Fund aims to benefit
LREIT and its Unitholders through further income diversification based on the office and suburban retail components of Jem.”

The acquisition is accretive to LREIT’s distribution per unit based on the assumption that the acquisition had been effected on 2 October 2019, and LREIT held and operated Jem through 30 June 2020, and other assumptions as set out in LREIT’s announcement dated 1 October 2020 titled “Acquisition of Stake in Jem via 5.0% of the Shares in Lendlease Asian Retail Investment Fund 3 Limited” (“Announcement”)
Click to expand...
got link to sauce????
 
R

Raynon

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****zbuster said:
Lendlease Global Commercial REIT acquires a
stake in Jem via a 5 per cent interest in
Lendlease Asian Retail Investment Fund 3

Singapore, 1 October 2020 – Lendlease Global Commercial Trust Management Pte. Ltd. (the “Manager”), the manager of Lendlease Global Commercial REIT (“LREIT”), is pleased to announce that LREIT has acquired a 5.0% equity stake in Lendlease Asian Retail Investment Fund 3 Limited (the “Fund”), which indirectly holds a 75.0% interest in Jem, from Lendlease International Pty Limited (the “Vendor”) at a purchase consideration of approximately S$45.0 million. Jem is an integrated office and retail development located in Jurong Gateway, the commercial hub of the Jurong Lake District – Singapore’s second central business district.
A key benefit of the investment is to provide LREIT with pre-emptive rights, which all existing investors have in the Fund. This may provide opportunities for LREIT to potentially increase its strategic stake in the Fund (and indirect interest in Jem) over time if other investors divest their interests in the Fund. The Manager has financed the acquisition through internal resources and debt facilities. The pro forma gearing of LREIT post the acquisition is 36.9% as at 30 June 2020.
Mr Kelvin Chow, Chief Executive Officer of the Manager, said, “Jem is strategically located in Singapore’s second central business district and has direct access to the MRT interchange and other transport amenities. The acquisition of the 5.0% equity stake in the Fund aims to benefit
LREIT and its Unitholders through further income diversification based on the office and suburban retail components of Jem.”

The acquisition is accretive to LREIT’s distribution per unit based on the assumption that the acquisition had been effected on 2 October 2019, and LREIT held and operated Jem through 30 June 2020, and other assumptions as set out in LREIT’s announcement dated 1 October 2020 titled “Acquisition of Stake in Jem via 5.0% of the Shares in Lendlease Asian Retail Investment Fund 3 Limited” (“Announcement”)
Click to expand...

How they fund the acquisition?
 
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