September 25, 2019 / 10:58 AM / 25 days ago

Property firm Lendlease launches REIT on Singapore exchange

Sept 25 (Reuters) - Australian property firm Lendlease launched a real estate investment trust on the Singapore stock exchange as part of an offering which aims to raise gross proceeds of S$1.03 billion ($748 million).

The offering was priced at 88 Singapore cents per unit, Lendlease Global Commercial REIT said on Wednesday in a prospectus.

Some 33.2% of a total of 1.17 billion units will be offered to public and institutional investors, with the IPO set to open at 1300 GMT on Wednesday.

Thirteen cornerstone investors have separately signed up to invest about S$400 million and Lendlease SREIT Pty will take 318.1 million units.

$1 = 1.3774 Singapore dollars Reporting by Devika Syamnath in Bengaluru; editing by Jason Neely

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