The manager of Lendlease Global Commercial REIT (LREIT) says it has raised gross proceeds of $648.8 million from its equity fund raising.

Of the total amount, $248.8 million were raised through the preferential offering, where 345.58 million new units were issued at 72 cents apiece.

The preferential offering was 137.4% or about 1.4 times subscribed, which means no excess application was needed to be made by Lendlease GCR Investment Holding and the REIT manager.

The remaining $400.0 million were raised from the private placement, upsized from the initial tranche size of $325 million, says the REIT manager on April 14.

The private placement was 3.3 times subscribed, attracting strong demand from long-only institutional investors and real estate specialist funds.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='https://www.theedgesingapore.com/news/reits/lendlease-global-commercial-reit-raise-5738-mil-through-private-placement?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Lendlease Global Commercial REIT to raise $573.8 mil through private placement</a></b></span>

Following the completion of the preferential offering, the sponsor will have a total deemed interest in 407.87 million units, or 19.52% of the total number of 2.09 billion units in issue after the listing and quotation of the new units.

Together with the successful private placement, the issuance of the market’s first S-REIT perpetual securities and the largest sustainability-linked loan for an S-REIT, LREIT raised a total of more than $1.7 billion to fund the acquisition of Jem.

Kelvin Chow, CEO of the manager says “We are humbled by the tremendous support received in the preferential offering and the trust that our unitholders have in us and our portfolio. We are deeply grateful for their vote of confidence and would like to thank all new and existing investors on this journey with us as we continue on our growth path and making good on our promises to all stakeholders.”

Refunds for unsuccessful applications will be made within three business days after the commencement of the trading of the new units at 9am on April 21.

Units in LREIT closed 0.5 cent higher or 0.64% up at 79 cents on April 14.

Lendlease REIT raises $648.8 mil from equity fund raising; preferential offering 1.4 times subscribed

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Lendlease REIT raises $648.8 mil from equity fund raising; preferential offering 1.4 times subscribed

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