Lendlease Seeks to Raise Up to $539 Million in Singapore IPO
- IPO for REIT set to be Singapore’s third-biggest this year
- Trusts taking advantage of higher stock prices to conduct IPOs
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Lendlease Global Commercial REIT, part of Australia’s Lendlease Group, is planning to raise as much as S$740 million ($539 million) in what would be Singapore’s third-largest initial public offering this year.
The real-estate investment trust aims to sell 841.3 million units at S$0.88 each, according to a preliminary prospectus filed Monday. The offer price represents a forecast annualized yield of 5.8% for the 2020 fiscal year and 6.01% for 2021, the company said in the prospectus. Lendlease will start taking investor orders as soon as Tuesday, said people familiar with the matter, asking not to be identified as the information is private.