Lendlease Global Commercial REIT (JYEU) said on Feb, 25 2026 that its trustee, DBS Trustee Limited, has agreed to buy the remaining 30% indirect stake in PLQ Mall for 885 million Singapore dollars, giving the trust full ownership of the suburban retail asset.

The transaction, struck at the same valuation used for the 70% stake purchased in Nov, 2025 and at a 2.2% discount to the appraised value of 905 million Singapore dollars, lifts Lendlease REIT’s total assets to 4.2 billion Singapore dollars, with about 90% of the portfolio now located in Singapore.

A concurrent non-renounceable preferential offering launched on the same day seeks to raise roughly 196.6 million Singapore dollars at 0.558 Singapore dollars per unit, a 6% discount to the previous day’s volume-weighted average price. Some 113.8 million Singapore dollars of the proceeds will fund the acquisition, while the balance will repay debt, keeping pro forma gearing around 37.6%.

The Manager expects annual interest cost savings of about 2 million Singapore dollars from refinancing asset-level borrowings. On a pro forma basis, the full 100% ownership of PLQ Mall is projected to lift distribution per unit by 2.1% and deliver a net property income yield of 4.5% for calendar 2026.

Following completion, suburban retail space will account for 65.2% of Lendlease REIT’s portfolio. Key tenants at the 317,350-sq-ft PLQ Mall include Haidilao, Uniqlo, Shaw Theatres and Starbucks Reserve, with committed occupancy at 99.4% and a weighted average lease expiry of 2.2 years.