Lendlease Global Commercial REIT (SGX:JYEU) completed the acquisition of a 70% stake in PLQ Mall through the acquisition of units in PLQM Trust and 70% of its trustee-manager, according to a Thursday filing with the Singapore Exchange.

The acquisition was partly financed with proceeds from an SG$280 million private placement, of which approximately SG$234.5 million has been used.

Lendlease said it will use the remaining proceeds of about SG$45.5 million to pay professional and other fees related to the acquisition and private placement, as well as to reduce existing debt.

Shares of the REIT were up nearly 2% in Thursday trading.