October 3, 2019

Lendlease Global REIT had a strong headstart with an opening price and intra-day high of S$0.935 and S$0.945 per unit, respectively, which are 6.3% and 7.4% higher than the IPO Offering Price of S$0.88 per unit. With approximately 74.6 million units traded today, Lendlease Global REIT emerged as the top-traded REIT by both volume and value on the SGX for 2 October 2019. The closing price of S$0.92 per unit was 4.5% higher than the IPO Offering Price.

Lendlease Global REIT’s Initial Public Offering of 387,474,987 units comprised an international placement of 364,747,987 units to investors[1], including institutional and other investors in Singapore (Placement Tranche) of which 13,000,000 units were reserved for subscription by the directors, management, employees and business associates of the Sponsor and its subsidiaries; and an offering of 22,727,000 units to the public in Singapore (Public Offering).

Based on valid applications received for the Public Offering and indications of interest received for the Placement Tranche, the Public Offering was 14.5 times subscribed, the highest in five years[2], while the Placement Tranche was 9.9 times subscribed. The Offering received an overall total subscription valued at approximately S$3,353.7 million and was 9.8 times subscribed.

Lendlease Global REIT also received strong support from over 100 institutional and corporate investors, including commitments from 13 cornerstone investors, namely, AEW Asia Pte Ltd, Asdew Acquisitions Pte Ltd, BlackRock, Inc., DBS Bank Ltd. (on behalf of certain wealth management clients), DBS Vickers Securities (Singapore) Pte. Ltd. (on behalf of certain corporate clients), Fullerton Fund Management Company Ltd., Lion Global Investors Limited, Moon Capital Partners Master Fund Ltd. and Moon Capital Performance Plus Master Fund Ltd., Nikko Asset Management Asia Limited, Principal Asset Management (S) Pte Ltd (formerly known as CIMB-Principal Asset Management), Soon Lee Land Pte. Ltd., The Segantii Asia- Pacific Equity Multi-Strategy Fund and TMB Asset Management Co., Ltd. (collectively, the Cornerstone Investors).

Concurrently with, but separate from the Offering, the Cornerstone Investors subscribed for an aggregate of 453,785,013 units representing a 38.9% stake in Lendlease Global REIT.

In addition, concurrently with but separate from the Offering, Lendlease SREIT Pty Limited, as the trustee of LLT Sub-Trust, has entered into a subscription agreement to subscribe for an aggregate of 318,137,997 units, representing approximately 27.2% stake in Lendlease Global REIT, demonstrating the strong commitment and alignment of interest between Lendlease Global REIT, its unitholders and its sponsor.

DBS Bank Ltd. and Citigroup Global Markets Singapore Pte. Ltd. are the joint global coordinators, bookrunners and underwriters for the Offering.

[1] Other than Lendlease SREIT Pty Limited, in its capacity as trustee of Lendlease SREIT Sub Trust (LLT Sub-Trust) and the Cornerstone Investors.

[2] Based on public information relating to the public offer retail tranche subscription rates for the initial public offerings of REITs and stapled trusts comprising REITs listed on the Main Board of the SGX-ST in the preceding five years from the date of this media release.