With Lendlease REIT shareholder unfriendly action to dilute existing unitholders at approx. 13.5% discount to finance a purchase, I have pared down my stake Thought of Lendlease REIT   While Lendlease REIT is pivoting to be a full Singapore REIT, the way it has resolved to do it is to purchase more shopping malls from the parent. Looking back Fraser Centrepoint Trust has done the same thing, but its share placements have always been only done at 1 times book value; and unitholders were given the opportunity to partake in it. Lendlease REIT in its anxious state to grow big has severely diluted existing unitholders and not offer a chance to existing unitholders to join the discount. Further, its purchase was fully financed by share placement. What this means is leverage will lower; but existing unitholders are diluted. The placement price was not good too and the banks supporting it wanted to earn the easy money out by not placing it...