Sydney-headquartered Lendlease Group has lodged a prospectus to list a new Reit (real estate investment trust), Lendlease Global Commercial Reit, on the Singapore Exchange's (SGX) main board.

About 387.5 million units at $0.88 per unit will be offered under the initial public offering (IPO) and a placement tranche. The Reit's manager, Lendlease Global Commercial Trust Management Pte Ltd, intends to raise gross proceeds of about $1.03 billion, which will pay for the costs of the IPO, the acquisition of the properties and working capital.