Lendlease Global Commercial REIT - Maybank Research 2026-03-15: PLQ Fully Online; Shifting Focus Back To SG

• Lendlease REIT announced the acquisition of a 100% stake in PLQ Mall (70% completed in Nov-25 + 30% to be completed in Mar-26), a premium suburban mall within an integrated development comprising three Grade A office towers, for S$885m.
• - Read this at SGinvestors.io -

DPU accretive with above average NPI yield

• The acquisition of 100% of PLQ Mall is based on a 2.2% discount to an independent valuation of ~S$904.0m, with an attractive 4.5% NPI yield after factoring in rental uplift post-AEI and tax transparency benefits (Clementi Mall: 4.1% NPI yield). The transaction increases portfolio AUM from ~S$3.3b to ~S$4.2b, while lifting Singapore exposure to 90%.
• - Read this at SGinvestors.io -
• With full ownership, Lendlease REIT can refinance at a lower rate, translating to ~40bps interest savings and a projected cost of debt of ~2.5% in FY26E.

Deepening suburban footprint

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2026-02-16 Lendlease Global Commercial REIT - DPU Bottomed Out.

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