The Singapore trust, to be named Lendlease Global Commercial REIT, could be seeded with shopping centre assets worth A$1 billion ($948 million).
Listed on the Australia stock exchange (ASX), Lendlease is a integrated construction, engineering and property company.
Singaporeans may also be familiar with Lendlease given the company partly owns local malls JEM, 313@somerset and Parkway Parade. The group is also involved with the construction of Paya Lebar Quarter.
According to Investmentmoats.com , the REIT’s initial IPO property portfolio could include some of its Australian shopping centres, 313@somerset and Sky HQ office building at Milano Santa Giulia in Milan, Italy.
In future, the REIT could also tap on Lendlease’s A$28 billion pipeline of commercial properties.
Lendlease’s potential listing comes after the recent IPO of ARA Hospitality Trust with Eagle US Hospitality Trust likely to follow next.
The launch comes at a critical time for Lendlease, says The Australian.
Lendlease has been threatened with a potential class-action lawsuit alleging it breached continuous disclosure laws as it tries to push ahead with the sale of its troubled engineering business.
From a recent high of A$17.32 on Nov 7, 2018, the stock has fallen 16.8% to A$14.41 as of 10.21am on Thursday.
