The manager of Lendlease Global Commercial REIT (LREIT) has appointed Lendlease Italy SGR S.p.A. to be the alternative investment fund manager for Lendlease Global Commercial Italy Fund.

The fund holds Sky Complex in Milan, Italy.

Lendlease SGR, which is a member of the Lendlease Group replaces REAM SGR S.p.A. from September 1.

Lendlease Global Commercial (IT), a wholly-owned subsidiary of LREIT, as the unitholder of the fund, has the right to replace REAM with another alternative investment fund manager following an initial lock-up period of six months from the drawdown date for the first acquisition of the fund.

That period has since expired.

The terms of the management regulations adopted by Lendlease SGR for the fund are materially the same as the existing management regulations of the fund.

Units in LREIT closed 0.5 cent lower, or 0.8% down, at 65.5 cents on September 1.