>

>

LREIT prices $200 mil of perpetual securities at 4.20% per annum

By Felicia Tan

/ The Edge Singapore |

May 28, 2021 4:46 PM SGT

Join our Telegram channel and follow our Facebook for the latest update.

SINGAPORE (EDGEPROP) - The manager of Lendlease Global Commercial Trust REIT (LREIT) has successfully priced $200 million of perpetual securities on May 27. (See: Lendlease to commit to net zero carbon emissions by 2025)

The securities will be issued under LREIT’s $1 billion multicurrency debt issuance programme and will bear an initial rate of 4.20% per annum for the first five years. The first reset of the distribution rate will be on June 4, 2026, with subsequent resets occurring every five years thereafter.

The securities have attracted “strong demand” and were oversubscribed based on the initial target size of $150 million, which enabled the REIT to upsize the transaction to $200 million. The coupon of 4.20% was tightened from the initial guidance of 4.35%.

“We are very pleased to see the high level of institutional and retail investor confidence in LREIT’s stable financial profile and resilient portfolio as well as the strong market response to our inaugural perpetual securities. We thank investors for their strong support,” says Kelvin Chow, CEO of the manager.

Net proceeds of the securities will go towards financing potential acquisitions and investment opportunities within the group. LREIT’s aggregate leverage ratio is expected to improve from 35.4% as at March 31 to 31.3%. DBS Bank and Oversea-Chinese Banking Corporation (OCBC) were appointed joint lead managers.

Units in LREIT closed 0.5 cent higher or 0.7% up at 76 cents on May 27.

This article first appeared on The Edge Singapore.

Tags:

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Sapphire Windows’ Liews: Beyond providing a room with a view

2

Keeping cool in an east-west-facing house with modern glass windows

3

Far East Shopping Centre’s $908 mil en bloc deal aborted

4

World’s largest Mercure Hotel opens on Club Street

5

Luxury living in the new heart of Bukit Timah

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00