BlackRock tops up Lendlease Global Commercial REIT stake

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 topped up its stake in Lendlease Global Commercial REIT, becoming a substantial unitholder again, the asset manager said in a filing to SGX Friday.

The deemed interest BlackRock holds in the REIT rose to 5 percent from 4.95 percent previously, the filing said.

That was after the acquisition of 588,000 units in the market for S$542,724 on Wednesday, 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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