SINGAPORE - Australia-listed developer Lendlease Group is planning to list its retail assets in a real estate investment trust (Reit) on the Singapore Exchange, according to a report.

The report, which cited Thomson Reuters' IFR Asia, said that Lendlease could raise up to US$500 million (S$676.3 million) from the listing.

In response to a query from The Business Times, a spokesman for the company said: "Lendlease doesn't comment on market rumour or speculation. The company manages more than A$34 billion of funds globally across wholesale property and infrastructure funds and separate managed investment mandates. We regularly assess new capital initiatives across the regions in which we operate."

Lendlease's retail projects in Singapore include Parkway Parade in the East, 313@somerset and retail and commercial development Jem mall in Jurong East.

It is also developing mixed-use development Paya Lebar Quarter, which has an end development value of an estimated $3.325 billion. According to its website, Paya Lebar Quarter will feature three Grade A office towers with close to one million square feet of Grade A prime office space and amenities, a retail mall which spans over 340,000 square feet and three residential towers comprising 429 apartments. The office towers have achieved TOP and PLQ Mall is in the final stages of construction.