You probably have heard about the Lendlease Commercial REIT Jem Acquisition. Lendlease Commercial REIT acquired a stake in Jem via a 5% interest in Lendlease Asian Retail Investment Fund 3, which holds a 75.0% indirect interest in Jem. The share purchase consideration was approximately S$45.0 million. Including the acquisition fee of S$0.4 million payable to the manager and other fees and expenses of S$0.9 million, the total cost of this acquisition is approximately S$46.3 million. Lendlease Commercial REIT was listed on 2nd October 2019. Its initial portfolio comprises a leasehold interest in, 313@somerset, a retail property located in Singapore and a freehold interest in Sky Complex, which comprises three office buildings located in Milan. The portfolio has a total net lettable area of approximately 1.3 million square feet, with an appraised value of S$1.4 billion as at 30 June 2020. What I didn’t like about Lendlease Commercial REIT was that 313@Somerset was its only retail property in Singapore....