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Lendlease Global REIT
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Joelton
Supreme |
23-Mar-2022 10:41
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Lendlease Reit to raise at least S$573.8m to fund Jem acquisition
THE manager of Lendlease Global Commercial Reit (Lendlease Reit) is proposing to raise at least S$573.8 million to partly finance the real estate investment trust' s (Reit) acquisition of the remaining interest in Jem mall.
The fundraising exercise comprises a private placement of at least 448.3 million new units, subject to an upsize option, and a non-renounceable preferential offering of around 345.6 million new units, the manager said in a bourse filing on Tuesday (Mar 22).
The private placement' s issue price will be between S$0.725 and S$0.74. The upsize portion will be for 103.4 million additional units to raise additional gross proceeds of up to S$75 million.
The issue price range for the private placement represents a discount of between 7.1 per cent and 9 per cent to the Reit' s volume-weighted average price (VWAP) of S$0.7964 per unit on Mar 21 - the last market day before the underwriting agreement was signed.
Meanwhile, the preferential offering, which aims to raise about S$248.8 million from existing eligible unitholders, will be priced at S$0.72 per new unit on the basis of 29 new units for every 100 existing units. This represents a discount of about 9.6 per cent to the Mar 21 VWAP.
Reit sponsor Lendlease Corporation has given an irrevocable undertaking to, through its relevant entities, accept, subscribe and pay in full its total provisional allotment of preferential offering units. It will also subscribe up to S$117.8 million worth of excess preferential offering units which are not taken up by other unitholders.
About S$564.9 million of total gross proceeds will be used to part-finance the total acquisition cost of Lendlease Reit' s Jem acquisition. The rest will be used to pay the estimated professional and other fees and expenses incurred by the equity fundraising.
The Reit currently holds an indirect 31.8 per cent stake in the prime Jurong East shopping mall. In February, the manager proposed to acquire the remaining interest at an agreed property value of S$2.1 billion.
If the deal goes through, Jem will bump Lendlease Reit' s total portfolio net lettable area up by a substantial 70 per cent, to around 2.2 million square feet. The transaction is also expected to provide a 10.5 per cent distribution per unit accretion, based on H1 2022 pro-forma estimates.
Citigroup Global Markets Singapore, DBS, OCBC and UOB have been appointed joint bookrunners for the equity fundraising.
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whisng
Veteran |
23-Mar-2022 10:20
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This indicated institutional and accredited investors were bullish on Lendlease Reit. Lendlease Global Commercial REIT Private Placement 3.3 times subscribed by new and existing institutional and other accredited investors &bull Due to overwhelming demand, the transaction was upsized to S$400 million from the initial size of S$325 million &bull The unified confidence from unitholders is testament of LREIT&rsquo s commitment to deliver stable, long-term returns Singapore, 23 March 2022 &ndash Lendlease Global Commercial Trust Management Pte. Ltd., the manager (&ldquo Manager&rdquo ) of Lendlease Global Commercial REIT (&ldquo LREIT&rdquo ) is pleased to announce the successful completion of the Private Placement launched on 22 March 2022. The Private Placement was 3.3 times subscribed and drew strong demand from long-only institutional investors and real estate specialist funds, which account for more than 80% of the total proceeds. Due to overwhelming responses from the investors, full upsize option of S$75 million was exercised. With the exercise of the upsize option, a total of 551.7 million New Units will be issued pursuant to the Private Placement, increasing the aggregate gross proceeds raised to approximately S$400 million. The unified confidence from LREIT&rsquo s unitholders at the extraordinary general meeting with over 99% voted in favour of Jem acquisition is testament of its commitment to deliver stable, long-term returns. These votes accounted for approximately 50% of our share register (excluding LREIT Sponsor&rsquo s holding of approximately 26%). The high percentage of approval and strong participation was a fantastic outcome and milestone achieved for LREIT. Mr Kelvin Chow, Chief Executive Officer of the Manager, said, &ldquo We are delighted with the excellent outcome of this Private Placement and thank all our unitholders and investors for their strong support and confidence in us. This is an important leap for us in delivering steady growing DPU and LREIT&rsquo s growth strategy.&rdquo The Private Placement issue price was S$0.725 compared with the adjusted volume-weighted average price of S$0.7854 per Unit. The gross proceeds from the Private Placement will be used to finance the acquisition of the remaining interest in Jem announced on 14 February 2022. This press release is to be read in conjunction with the announcement dated 23 March 2022 &ldquo Results of the Private Placement (" PP" ) & Pricing of New Units under the PP & Preferential Offering&rdquo . |
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whisng
Veteran |
23-Mar-2022 10:10
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Yupz, there will be a temporary drop in price due to the new shares issued and will stablilize after that (likely now those on leverage or those without extra cash and don' t want to let the shares be dilluted are selling...most probably at a loss). Depends on how you see it, cause before the discounted shares, the share price is already at Price to book of 0.8 something, thus now even more discounted with issue of the new shares. As for whether to subscribe, you have to do your own dilligence and see whether you wanna subcribe to all or some or maybe excess of your allocation. For every 100 shares, we can buy 29 shares of the discounted. I will be subscribing to all the rights as I feel that this Lendlease is growing and thus the share price now is pretty good for me. Huat to all real investors of Lendlease Reit!! |
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Ciaton02
Member |
23-Mar-2022 10:00
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Hi. I?m new to Rights. But wouldn?t the new placement dilute the shares and cause a price drop? So the discounted shares are not really discounted isn?t it.
What?s the advice on the rights? To subscribe? |
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whisng
Veteran |
23-Mar-2022 09:22
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Now is cum adv distribution of at least 1 cent and also can buy discounted units at 0,72, good oppurtunity to add as Lendlease reit is still growing from infant stage. | ||||
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whisng
Veteran |
23-Mar-2022 09:18
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Dropped liao, lowest at 0.755, managed to get some at 0.765. Wonder why people so stupid sell so low? | ||||
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huatgirl
Member |
23-Mar-2022 08:45
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Thank you @philiptan for the detailed reply and thanks nott1965 for the answer! :) I'll wait for the letter! | ||||
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PhillipTan
Supreme |
23-Mar-2022 01:25
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https://links.sgx.com/1.0.0/corporate-announcements/DBHU0T9TBEZNU271/c36428f881054600b7e720f5c8e7db557127531cbd8c96f20c617eabed74fd82 The link below doesn' t seem to be working, how about this?
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PhillipTan
Supreme |
23-Mar-2022 01:23
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https://links.sgx.com/FileOpen/Launch%20Announcement.ashx?App=Announcement& FileID=707870 Can go to the link above to get the full picture |
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PhillipTan
Supreme |
23-Mar-2022 01:11
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Depends whether you are investing through custodian accounts or CDP CDP SGX should be sending you a letter to inform you how many rights you been issued once finalised The number of rights indicated is your entitlement The company (Lendlease) will also send you a paper mail listing out all the terms and conditions etc, how much rights you are entitled, important dates etc. You can apply up to your entitlement and guarantee you will get the rights shares You can apply for excess beyond your entitlement and whether you get them, will be up to balloting, something like lucky draw choose and see who gets how many I heard there are several ways to pay for the shares, such as ATM and ibanking, and people usually just go to to the ATM to apply Custodian Custodian brokers will notify you through various channels that they usually communicate to you with Eg. Email, SMS, App In-box message etc Same with regards to your entitlement and application of excess rights You will have to deposit funds to your custodian account based on how much you wish to apply Custodian broker will make application on your behalf and then later inform you how much many rights shares you have been issued For excess rights shares applied and paid, if you didn' t get them, you will be refunded the balance Ie.. Refunded back into your bank or to your cash account inside your custodian broker
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PhillipTan
Supreme |
23-Mar-2022 00:41
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1. INTRODUCTION Lendlease Global Commercial Trust Management Pte. Ltd., in its capacity as manager of Lendlease Global Commercial REIT (" LREIT" , and as the manager of LREIT, the " Manager" ), is proposing an equity fund raising of new units in LREIT (the " New Units" ) to raise gross proceeds of no less than approximately S$573.8 million (subject to the Upsize Option (as defined below)) by way of: (a) a private placement (the " Private Placement" ) of up to approximately 448.3 million New Units at an issue price of between S$0.7250 and S$0.7400 per New Unit (the " Private Placement Issue Price Range" ), to raise gross proceeds of approximately S$325.0 million, subject to an upsize option (the " Upsize Option" ) being exercised to issue up to approximately 103.4 million additional New Units to raise additional gross proceeds of up to approximately S$75.0 million and (b) a non-renounceable preferential offering of 345,577,449 New Units (the " Preferential Offering Units" ) to existing Eligible Unitholders (as described in paragraph 9 below) on the basis of 29 New Units for every 100 Existing Units (as defined below) in LREIT at an issue price of S$0.7200 per New Unit (the " Preferential Offering Issue Price" ) (fractions of a New Unit to be disregarded), to raise gross proceeds of approximately S$248.8 million (the " Preferential Offering" ), (together, the " Equity Fund Raising" ).
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PhillipTan
Supreme |
23-Mar-2022 00:38
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Cool... Always invest up to your capability, not beyond hahaha
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nott1965
Veteran |
22-Mar-2022 22:21
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Wait for letter for you to go atm machine to apply
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huatgirl
Member |
22-Mar-2022 21:43
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Can anyone please advice how should I go about applying for these preferential shares? I hold lendlease stocks currently but I am new to trading and have not done such subscriptions before. Will a letter be sent to me? When would the preferential share offering be issued? Thanks so much in advance!! | ||||
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john_ric
Supreme |
22-Mar-2022 20:06
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wonder how much will be for the privte placement. |
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whereru
Senior |
22-Mar-2022 17:44
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Ok understood... I will just subscribe up to 1000 shares which is $720...within my budget.
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PhillipTan
Supreme |
22-Mar-2022 17:25
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yes, both rights issue and private placement, already announced $0.72 for rights issue, and 29 non-renouncement rights for every 100 shares meaning you cannot sell the rights like sembmarine rights, either you exercise it or you don' t and eligible shareholders can subscribe for excess rights shares
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PhillipTan
Supreme |
22-Mar-2022 17:20
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another way to look at things, another alternative approach at viewing such things borrowing is the same as taking future money for investment if you wait until you have the money, the chance have already long passed, can you still buy so cheap after half a year or a year later? most likely not unless market crash and markets don' t keep crashing all the time The most important thing is, need to have the means to pay back and not borrowing beyond your ability to repay Eg. If you can save up comfortably 700 dollars a month, you can easily take up a loan that requires you to pay back 400 or 500 dollars a month But if you take up a loan that requires you to pay back 900 a month, then it is clearly beyond your means of repaying and not advisable since it is taking future money, if you forfeit your dividends to pay on the interest looking at it from another way, since it is future money, will you be expecting future money to start earning money for you now? if it does, it is an added bonus sometimes banks or credit card companies offer very low rates even as little as 3.5% and reit dividends can easily go higher than 3.5% if so, it will become added bonus where your future money is already starting to earn money for you this is usually not recommeneded but for reits, it is something that can be considered because reits are mandated to pay 90% of its profits and reits are low risk investments for higher risk investments such as growth stocks and companies that pay little to no dividends, borrowing money for investment may not be a good choice then because you will need to pay the interest yourself and that becomes additional costs which if computed may make the share price become even higher I am not encouraging people to borrow money to invest Just listing borrowing money as a possible option, since bro whereru said no more funds available And if this is viewed as a good investment, this is something that can be considered I have also mentioned options such as company loans which usually is zero interest and this won' t add to the cost of investment and also making min credit card payments to defer the bulk of the payments at zero interest good money management has to be in place before considering end of the day 1) if want to borrow, always know what you are getting yourself into, your ability to repay and whether doing is wise or not 2) control your greed, don' t borrow or buy beyond your means, greed kills 3) know what you are investing in and whether the risk is worth taking 4) if really borrowed money, do actual buys instead of margin or contra trading never do trades like shorting, margin or contra trading, as these are not investments, these are gambling 5) always DYODD before making any decisions to trade, everyone is personally reponsible for their trades
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pasttime
Supreme |
22-Mar-2022 16:15
Yells: "gold silver are real money. not others iou." |
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to borrow or not to borrow. first. investment rarely make one rich. getting rich out of investment is a rare triats of very few people. wise investment can gather good returns. to borrow money to invest is to increase cost of investment so return must be higher to offset cost. to borrow money to speculate unfortunately most of the time is lose game. everyone has a reason and abilities to do things. so judge your own abilities before getting yourself into trouble of debt that one cannot pay. invest for better return. speculate for even better return if abilities allows it. gamble for huge return most of the time results in losses. dyodd |
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HVRRVH
Elite |
22-Mar-2022 12:55
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Yes. They term it preferential offer usually for reit. There is another component in the current fund raising by lendreit where there will also place certain shares to institution investors.
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