Lendlease Global Commercial REIT (LREIT) has plans to acquire the remaining interests in the property known as Jem, located at 50 and 52 Jurong Gateway Road, Singapore, for $1.54 billion, according to an announcement.
The sellers and owners are funds controlled by its sponsor, Australian developer Lendlease, which holds a 75 percent indirect interest in the property.
The property is an integrated office and retail asset located in Jurong Gateway, the
commercial hub of the Jurong Lake District. It is situated next to the Jurong East Mass Rapid Transit (MRT) station and bus interchange. It is one of the largest suburban malls in Singapore, with retail space across six levels. It also comprises 12 levels of office space, which has been fully leased to the Ministry of National Development of Singapore.
