Perpetual securities, or perps as they are often called, are in the news again, but in a positive way. Lendlease Global Commercial REIT (LREIT) announced that it plans to increase its interest in Jem to as much as 31.8%, for up to $337 million. This will enlarge its portfolio to around $1.8 billion. The agreed property value for Jem would be $2.08 billion and the acquisition is subject to an EGM. With the acquisition, LREIT’s DPU could rise by 3.8% while its gearing ratio would fall to 33.8% from 35.1% as at end December 2020.

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