BlackRock’s stake in Lendlease Global Commercial REIT falls

An advertisement for the Lendlease Global Commercial REIT IPO at the Paya Lebar Quarter Mall, which was developed by Lendlease.An advertisement for the Lendlease Global Commercial REIT IPO at the Paya Lebar Quarter Mall, which was developed by Lendlease.

BlackRock ceased to be a substantial unitholder of Lendlease Global Commercial REIT, with its deemed interest falling to 4.97 percent from 5.07 previously, the asset manager said in a filing to SGX Thursday.

The decline was after the sale of 1.24 million units for S$1.16 million in a market transaction, 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.