Lendlease Global Commercial REIT ("Lendlease REIT") announced that its placement tranche was 9.9x subscribed while its IPO was 14.5x subscribed. There was strong demand from over 100 institutional and corporate investors.
Investors who applied 50,000 units has 60% chance of being allotted 5,200 units. This is actually quite pathetic but you can see that the Issuer favoured "smaller applicants" whereby the more you apply, the lower the chances. 😀
Mr Kelvin Chow (周颂业), Chief Executive Officer of the Manager, said, "The strong
support from Cornerstone, Institutional and retail investors underscores the strength
of our high quality portfolio of stable cash flow generating commercial assets
strategically located in two gateway cities with attractive retail and office markets."
"This resilient portfolio checks all the right boxes necessary to generate long-term
stable distributions for our Unitholders with visible organic growth potential through
built-in rental escalations and positive market dynamics, as well as inorganic growth
from the support of our strong Sponsor's established platform whose development
pipeline is approaching A$100 billion," he added
Trading will start tomorrow at 2pm.
Congrats to those who were successfully allotted. Mr. IPO applied for 50,000 but did not manage to get any!
Happy Lendleasing
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