The Singapore-listed Lendlease Global Commercial REIT (Lendlease REIT) has snapped up a 70% stake in Singapore’s $679 million Paya Lebar Quarter (PLQ) mall divested by the Abu Dhabi Investment Authority (ADIA).
The move, which will help expand its suburban retail portfolio in Singapore, will involve the acquisition of 70% of the total issued units in PLQM Trust, which holds an approximately 100% interest in the property, along with a share purchase agreement with ADIA.
Financial details of the sale have not been disclosed. Upon completion of the transaction, Lendlease REIT’s total asset value will increase to $3.9 billion Singapore dollars ($3 billion).
Lendlease REIT is managed by Lendlease Global Commercial Trust Management Pte. Ltd., an indirect wholly owned subsidiary of Lendlease Corporation.
The UAE wealth fund has significant investments in Singapore. In August, ADIA announced plans to invest up to $1.5 billion in the country’s global investment manager GLP to support its expansion.
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