Lendlease Global Commercial REIT has announced its acquisition of a 70% stake in PLQ Mall, a key retail hub in Singapore, as part of its strategy to expand its suburban retail portfolio. The acquisition, valued at S$885m, represents a 21% discount on the mall’s latest valuation and is expected to increase the REIT’s total asset value to S$3.9b by 12 November 2025.
Located in the heart of Paya Lebar, PLQ Mall is a vibrant urban lifestyle destination featuring over 200 retail, dining, and entertainment outlets. The mall’s prime location, with excellent connectivity via the Paya Lebar MRT interchange and major expressways, supports its long-term income growth potential. The acquisition is expected to enhance Lendlease REIT’s income stability and portfolio resilience, with Singapore now representing 89% of its portfolio.
The acquisition will be financed through a private placement offering of no less than S$270m. The transaction is not subject to unitholders’ approval under the Listing Manual. Guy Cawthra, CEO of the Manager, stated, “This acquisition marks a strategic step forward in strengthening our resilient suburban retail portfolio in Singapore. It offers immediate DPU accretion for Lendlease REIT’s unitholders underpinned by an attractive entry valuation.”
The move aligns with Lendlease REIT’s focus on acquiring higher-yielding assets with long-term growth potential. The suburban retail component of the portfolio will expand to 62.7%, supported by consumer demand for essential services. The acquisition is expected to deliver consistent growth, with the proportion of essential services rising from 57.7% to 59.9% of the retail gross rental income.
