An artist's impression of the event space at Grange Road that will be managed by Lendlease Global Commercial REIT. (Photo: Singapore Tourism Board)

Lendlease Global Commercial REIT’s (LREIT’s) preferential offering exercise was 1.4 times subscribed.

The REIT disclosed on 14 April that the allotment of 345,577,449 new units at an issue price of SGD0.72 each has raised approximately SGD249 million.

The preferential offering is part of an equity fundraising exercise, which included a private placement for selected investors.

The placement, which was concluded ahead of the preferential offering, was priced at the lowest end of an indicative range.

Related: Lendlease Global Commercial REIT prices placement at lowest end of indicative range

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.