Lendlease Global Commercial Reit (LReit), which currently indirectly holds a 31.8 per cent stake in Jem mall, has proposed to acquire the remaining interest in the prime Jurong property at an agreed property value of S$2.079 billion.

If the deal goes through, the real estate investment trust (Reit) will come to own a direct 100 per cent stake in Jem, which will, in turn, bump its total portfolio net lettable area up by a substantial 70 per cent, to around 2.2 million square feet.