RBC I&TS delivers trustee services to Lendlease Global Commercial REIT to support its SGX listing

This is not for distribution or publication in the United States or in any other jurisdiction outside Singapore and Australia

Singapore, 24 October 2019 RBC Investor & Treasury Services (I&TS), part of Royal Bank of Canada (RY on TSX and NYSE), provided trustee services to support the recent successful listing of Lendlease Global Commercial REIT on the Singapore Stock Exchange.

The Lendlease Global Commercial REIT invests in commercial assets around the world. Its current investments include 313@somerset on Singapore’s Orchard Road and the Sky Complex in Milan, Italy. The total value of its assets is S$1.4 billion.

RBC I&TS is a trustee provider, servicing clients across Asia. Its dedicated team in Singapore deliver high quality trustee services, fund administration and custodian services for asset managers in support of their funds, REITs and trusts offerings.

Hong Paterson, Singapore Country Head for RBC Investor & Treasury Services said, “The S-REIT market has enjoyed stable returns and continues to attract interest from a wide range of institutional and retail investors. We have been supporting this sector through trusteeship services for more than a decade. We are confident of its growth potential. S-REITs have become one of the region’s largest REIT markets, just after Japan.”

Lendlease Global Commercial REIT CEO and manager, Kelvin Chow, said, “RBC I&TS has been a strong partner and we valued their fast and responsive approach as we worked towards our listing on the SGX. The team’s commitment to delivering high quality trustee services in a timely manner was exemplary.”

Lendlease is a leading international property and infrastructure group with operations in Australia, Asia, Europe and the Americas. Headquartered in Sydney, Australia, and listed on the Australian Securities Exchange, Lendlease has approximately 13,000 employees internationally.

Both Lendlease and RBC (through its Global Asset Management) are signatories to the Principles for Responsible Investment and promote the practice of responsible investment as part of their ESG (environmental, social and governance) commitments.


About RBC Investor & Treasury Services

RBC Investor & Treasury Services (RBC I&TS) is a specialist provider of asset services, custody, payments and treasury and market services for financial and other institutional investors worldwide, with over 4,500 employees in 17 countries across North America, Europe, Asia and Australia. We deliver services which safeguard client assets, underpinned by client-centric digital solutions which continue to be enhanced and evolved in line with our clients’ changing needs. Trusted with CAD 4.2 trillion in client assets under administration(1), RBC I&TS has been rated by our clients as the #1 global custodian for eight consecutive years(2) and is a financially strong partner with among the highest credit ratings globally(3). Learn more at rbcits.com

(1) RBC quarterly results released August 21, 2019

(2) Global Custody Survey, Global Investor ISF, 2011 to 2018, unweighted

(3) Standard & Poor’s (AA-) and Moody’s (Aa2) legacy senior long-term debt ratings of Royal Bank of Canada at May 22, 2019

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 84,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to more than 16 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-sustainability.

For more information, please contact:

Anthea Cudworth
+614 1998 9232


Neither this news release nor any copy or portion of it may be sent or taken, transmitted or distributed, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction outside of Singapore and Australia. The units listed by Lendlease Global Commercial REIT on the Singapore Stock Exchange (the “Units”) have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “Securities Act”), or the securities laws of any state of the United States and the Units may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. This news release does not constitute or form a part of an offer for sale of, or solicitation to purchase or subscribe for, securities in the United States. Lendlease Global Commercial REIT does not intend to conduct a public offering of the Units in the United States.