Lendlease Global Commercial REIT - DBS Research 2026-02-23: Reset And Reloaded – Purchase Of 70% Stake In PLQ Mall

• Lendlease REIT announced the proposed acquisition of a 70% stake in Paya Lebar Quarters (PLQ) Mall this morning at an agreed property value of S$ 885.0 m (100% basis), approximating ~2.1% below the asset’s independent valuation of S$ 904.0 mn.

An anchor mall located within the East part of Singapore

• - Read this at SGinvestors.io -
• It also stands to benefit from the broader precinct rejuvenation, including the relocation of Paya Lebar Air Base, which will unlock new residential and commercial demand in the area.

Enlarges portfolio AUM to ~S$ 3.9 bn

• - Read this at SGinvestors.io -
• Pro-forma accretion on a pro forma FY25 basis will come in at a decent 2.5%, assuming that JEM office has been divested and associated funds repaying debt.
• Funding structure ticks many boxes in our view, to maintain a sub-40% gearing, while delivering positive accretion, and retains headroom for further acquisitions – notably the remaining 30% stake that is currently held by sponsor.

Our thoughts.

A highly anticipated deal

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2026-02-15 Lendlease Global Commercial REIT - Emerging Singapore Retail Titan.

Price targets by 3 other brokers at Lendlease REIT Target Prices.

Listing of research reports at Lendlease REIT Analyst Reports.

Relevant links:
Lendlease REIT Share Price History,
Lendlease REIT Announcements,
Lendlease REIT Dividend Payout Dates & Corporate Actions,
Lendlease REIT News