SINGAPORE (Oct 2): Units of Lendlease Global Commercial REIT opened 6.3% higher on its debut on the Singapore Exchange on Wednesday.

The REIT, which is a unit of Australia's property developer Lendlease Group, opened at 93.5 cents per unit versus with the initial public offer (IPO) price of 88 cents.

See: Lendlease struts from Milan to Orchard with new REIT on the block (subscriber login needed)

As at 2.33pm, the REIT was trading at 93 cents with 30.6 million units traded.

Lendlease Global REIT's portfolio currently comprises the 313 @ Somerset mall in Singapore and Sky Complex, a Grade-A office development in Milan, Italy

The company raised a total of $1.03 billion in gross proceeds and attracted several cornerstone investors including BlackRock Inc, Japan's Nikko Asset Management Asia and Singapore's Fullerton Fund Management ahead of the IPO.

Lendlease announced on Tuesday night its public offering in Singapore was 14.5 times while the placement tranche to international investors was 9.9 times subscribed.

See: Lendlease Global Commercial REIT public tranche 14.5 times subscribed – highest for S-REIT in 5 years

Lendlease is forecasting a dividend yield of 5.8% for next year and 6.0% in 2021.