Singapore-listed Lendlease Global Commercial REIT (LREIT) has purchased a 10% interest in Parkway Parade Partnership, which indirectly holds 77.09% of the share value in Parkway Parade, a retail and office complex in Singapore鈥檚 East.
The stake was acquired from Lendlease Asia Investments for approximately S$88.9m (鈧�61.5m), based on a valuation of S$1.38bn for the asset.
Kelvin Chow, CEO of Lendlease Global Commercial Trust Management, LREIT鈥檚 manager, said: 鈥淧arkway Parade is a strategic fit with our existing portfolio as we continue to drive sustainable returns for LREIT鈥檚 unitholders with the seamless connection from the upcoming Marine Parade MRT station and Marine Parade Central.鈥�
Chow said the integrated asset was expected to improve LREIT鈥檚 earnings and distributions moving forward.
Listed in October 2019, LREIT鈥檚 current portfolio comprises two leasehold properties in Singapore - Jem (an office and retail property) and 313@somerset (a prime retail property). It also owns a freehold interest in Sky Complex (three grade-A office buildings) in Milan.
Other LREIT investments include a multifunctional event space project on a site adjacent to 313@somerset.
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