Lendlease Global REIT Takes Minority Stake in Parkway Parade

News about Lendlease Global Commercial REIT

Lendlease Global Commercial REIT is acquiring a 10% stake in the Parkway Parade Partnership (PPP) for about S$88.9 million:

PPP indirectly holds 77.09% of the share value in Parkway Parade, an integrated office and retail asset located in Marine Parade.

The purchase consideration is based on PPP’s net asset value (NAV), which takes into account the agreed market value of Parkway Parade, which is around $1.38 billion.

Lendlease Global Commercial REIT
Price0.560 SGD
NAV0.770 SGD
Yield (4 quarters)7.77%
Gearing41.0%