Lendlease Reit declares advanced distribution of S$0.011371 per unit

Vivienne Tay

Published Thu, Mar 31, 2022 · 09:06 AM

THE manager of Lendlease Global Commercial Reit (JYEU) on Thursday (Mar 31) declared that the amount of advance distribution to be paid in connection with the real estate investment trust's (Reit) private placement will be S$0.011371 per unit.

This amount comprises a taxable income of S$0.00804 and tax exempt income of S$0.003331, applicable for the period Jan 1 to Mar 30. This means holders of Lendlease Reit units as at 5 pm on Mar 30 are entitled to the advanced distribution.

Last week, the manager announced a S$648.8 million equity fundraising exercise to help finance Lendlease Reit's S$2.1 billion acquisition of the remaining stake in Jem mall that it does not already own. The fundraising consists of a private placement and preferential offering.

As part of the private placement, the manager said at the time it plans to declare an advanced distribution of between S$0.01 and S$0.012 for the period from Jan 1 to the day before the new private placement units are issued - estimated to be Mar 31.

Holders of the new units issued as part of the private placement will not be entitled to the advanced distribution. They are also not eligible to participate in the preferential offering.

The counter closed 2.5 per cent or S$0.02 lower at S$0.77 on Wednesday.