BlackRock ceases to be substantial Lendlease Global Commercial REIT unitholder

Exterior of 313@Somerset, a retail property located on Singapore's Orchard Road shopping belt. It is part of the Lendlease Global Commercial REIT portfolio. Credit: Lendlease Global Commercial Trust ManagementExterior of 313@Somerset, a retail property located on Singapore's Orchard Road shopping belt. It is part of the Lendlease Global Commercial REIT portfolio. Credit: Lendlease Global Commercial Trust Management

BlackRock has ceased to be a substantial unitholder of Lendlease Global Commercial REIT, the asset manager said in a filing to SGX Thursday.

The deemed interest in the REIT fell to 4.94 percent from 5.01 percent, the filing said.

That was after the disposal of 789,500 Lendlease Global Commercial REIT units in a market transaction for S$722,393, BlackRock said.

BlackRock holds a deemed interest because it has indirect control of the entity holding the direct interest, the filing said.

PNC Financial is also deemed interested in the Lendlease Global Commercial REIT units because it has a more than 20 percent stake in BlackRock, the filing said.

The REIT listed on SGX in October, and the offering had 1.17 billion units, raising gross proceeds of around S$1.03 billion.

The REIT’s initial portfolio includes 313@Somerset, which is a retail property located on Singapore’s tony Orchard Road shopping belt and Sky Complex, which is three Grade-A office buildings in Milan. The properties were appraised at a total S$1.4 billion as of end-July.

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