Lendlease Corporation, part of the Australian-based Lendlease Group, is spinning off a REIT with two of its properties. Called the Lendlease Global Commercial REIT (the REIT), it will start off with 313@Somerset in Singapore and Sky Complex in Milan, Italy. So let us take a rough look. Quick numbers from the prospectus (with page number in brackets for reference): Initial public offering (IPO) price: S$0.88 (p46) Net Asset Value (NAV): S$0.8134 (p55) Aggregate Leverage: 36.4% (p97-98) Projected dividend yield: 5.8% (annualized) for 2020, 6.01% for 2021 (p57-58) Weighted Average Lease Expiry (WALE): 4.9 years by Gross Rental Income (GRI), 10.4 years by leased Net Lettable Area (NLA) as at June 2019 (p8) Committed Occupancy Rate: 99.9% as at 30 June 2019 (p8)
The Properties, Tenants And Rentals The REIT will have two properties, namely the leasehold retail 313@Somerset which almost all of us are familiar with, and the freehold...