Despite the recent curbs on socialising implemented on Sept 27, Jem, which is adjacent to Jurong MRT interchange, continues to be a crowded mall at weekends. As one of the more successful suburban malls, Jem is likely to be a desirable addition to the portfolio of Lendlease Global Commercial REIT (LREIT).

As it stands, LREIT’s manager says through various announcements that LREIT now holds 28.05% of Jem for $337.3 millioin which it acquired through equity stakes in Lendlease Jem Partners Fund (LLJP) and Lendlease Asian Retail Investment Fund 3 (ARIF3) for $153.1 million and $178.2 million respectively.

“The manager intends to finance approximately 40% of the total acquisition cost (excluding the acquisition fee units) through debt facilities and the remaining funding through its existing cash balance, including the proceeds from issuance of perpetual securities and/or such other methods of financing as the manager may determine,” a circular in July, ahead of an EGM, stated.

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