Lend Lease announced the launch of Lend Lease Jem Partners Fund (the Fund) that will help strengthen the company across its integrated property spectrum.
The Fund will buy Lend Lease’s 25 per cent interest in Jem, a Singaporean suburban retail and office asset, which is worth approximately AUD $189 million. As a result, Lend Lease will remain property manager of Jem but not a co-investor in the new fund. It will also continue to hold an interest in Jem via its co-investment in the Lend Lease Asia Retail Investment Fund, which owns the remaining 75 per cent of Jem.
“We are pleased to have received strong interest from investors, a vote of confidence in the quality asset and our investment and asset management business in Asia,” Lend Lease chief executive officer for Asia, Rod Leaver, said.
Over the last three years, Lend Lease has developed Singapore’s third largest suburban mall located in Jurong East and achieved 100 per cent leased status for its 241 shops 10 weeks ahead of its opening on the 15 of June 2013.
The 76,000 square metre mall boasts a line-up of fashion, beauty, food & beverage and lifestyle tenants which have chosen to locate their outlet in Jem. These include international and homegrown brands such as Robinsons, H&M, UNIQLO, Victoria’s Secret, Shu Uemura, Paris Baguette, Marché Bar & Bistro, Spageddies, Shin Kushiya and Books Kinokuniya. The office component is 100 per cent leased on a long-term lease to the Ministry of National Development, the Agri-Food & Veterinary Authority and the Building and Construction Authority of Singapore and is scheduled for completion later this year.