On April 22, the manager of Lendlease Global Commercial REIT (LREIT) announced the completion of the REIT’s acquisition of Jem in Jurong Gateway, a transformational transaction which more than doubled the REIT’s assets under management to $3.6 billion.
Jem changes the entire complexion of LREIT but not just because of its size. Jem is largely a suburban mall with an office tower on longterm lease to the Ministry of National Development (MND). It also lengthens LREIT’s weighted average lease expiries (WALE).
In terms of assets, Singapore accounts for 88% of assets under management (AUM). Jem is LREIT’s largest asset followed by [email protected], last valued at $983 million, and Sky Complex in Milan valued at the equivalent of $411.1 million.