Lendlease Global Commercial REIT (SGX:JYEU) is targeting to raise around SG$196.6 million through an underwritten non-renounceable preferential offering of around 352.4 million new units at SG$0.558 apiece, according to a Tuesday filing with the Singapore Exchange.

Under the offering, 119 units will be issued for every 1,000 existing units.

DBS Bank, Oversea-Chinese Banking Corp. or OCBC (SGX:O39) and United Overseas Bank(SGX:U11) were appointed as joint underwriters of the offering.

Proceeds from the offering will be used to finance the acquisition of the remaining 30% stakes in PLQ Mall and its trustee-manager. Meanwhile, around 6.6% of the gross proceeds will be used to pay costs linked with the acquisitions.

The remaining proceeds will be used to pare down existing debt.