Not sure whether it is an inauspicious start for Lendlease REIT IPO but one of its top 10 tenants, Forever 21's US Headoffice just filed for Chapter 11 bankruptcy protection in US. Luckily it made up only 1.6% of gross rental income but nevertheless, this is still a possible doubtful debt case for 313@Somerset. Hopefully, the rental deposit will be enough to offset any potential default.
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| Top 10 Tenants For Lendlease Commercial Global REIT |
IPO results are informally out although CDP account has not reflected it, one can check their bank account for the refund of application money to know whether they have been allotted any units. I applied for 5,000 units and only received 2,000 units. My other half applied for 25,000 units and got a weird 4,100 units allotment. Perhaps the issuance manager decided to allocate units to all retail subscribers but gave out a smaller slice to each individual. The formal publication of results later will shed some more light on their allocation method and the demand for Lendlease REIT.
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