Kuala lumpur: Lendlease Global Commercial Trust Management Pte. Ltd. (the 'Manager'), the manager of Lendlease Global Commercial REIT ('Lendlease REIT'), has announced that DBS Trustee Limited, acting as trustee of Lendlease REIT, has entered into agreements to acquire a 70% indirect interest in PLQ Mall. This acquisition is facilitated through a unit purchase agreement with an unrelated third party, allowing Lendlease REIT to obtain 70% of the total issued units in PLQM Trust, which holds full interest in the property. Additionally, a share purchase agreement with the same third party will provide Lendlease REIT a 70% stake in the trustee-manager of PLQM Trust.

According to BERNAMA News Agency, the completion of this transaction will elevate Lendlease REIT's total asset value to S$3.9 billion, contingent on the completion of the Jem Office Divestment by November 12, 2025. Singapore will then comprise 89% of the portfolio, underscoring Lendlease REIT's commitment to its growth strategy focused on the Singapore market. This acquisition aligns with Lendlease REIT's objective to secure assets that offer higher yields and long-term income growth potential.