PhillipCapital is initiating its “accumulate” recommendation on Lendlease Global Commercial REIT (LREIT) with a target price of 78 cents.

The REIT’s portfolio comprises a leasehold interest in [email protected] (313), a retail mall in the heart of Singapore, and a freehold interest in Sky Complex (SC), a Grade A office asset in Milan. Its portfolio has an appraised value of $1.4 billion.

In Oct this year, LREIT acquired an effective 3.75% stake in Jem for $45 million, a shopping mall in Jurong.

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