- Lendlease REIT (SGX:JYEU) has entered into purchase agreement to acquire a 70% indirect interest in PLQ Mall, a prominent suburban retail mall in Singapore, through the purchase of units in PLQM Trust. The agreed property value of S$885m reflects a 2.1% discount to the latest valuation.
- - Read this at SGinvestors.io -
Dominant suburban mall within a vibrant integrated development.
- PLQ Mall, opened in 2019, is part of the larger S$3.6b Paya Lebar Quarter development and features over 200 retail, dining and entertainment outlets. Its anchor tenants include FairPrice Finest, Kopitiam and Shaw Theatre. Besides PLQ Mall, Paya Lebar Quarter has three Grade A office towers PLQ 1, 2 & 3 with NLA of nearly 1m sf and Park Place Residences with 429 apartments.
- - Read this at SGinvestors.io -
Aligned with strategic focus on Singapore.
- The acquisition is aligned with Lendlease REIT’s strategic focus on Singapore, which expanded by 2ppt to 89% of total assets, enhancing income stability and resilience. The exposure to defensive suburban retail would expand from 55% to 63% of total assets. Essential services accounts for 60% of retail gross rental income.
Sewing up funding for the acquisition.
- Read more at SGinvestors.io.
