From GlobeNewswire: 2025-02-03 05:36:00

Lendlease Global Commercial Trust Management Pte. Ltd. reports a high portfolio occupancy of 99.9% for retail and 86.6% for offices in Q1 FY2025. Despite lower revenue and NPI due to the absence of Supplementary Rent, adjustments show a slight revenue increase and NPI decrease. The company secured sustainability-linked loan facilities for debt refinancing in 2025 and began construction on a multifunctional event space adjacent to 313@somerset.

Financial results for Lendlease Global Commercial REIT showed a 13.6% decrease in gross revenue and a 19.8% decrease in NPI in 1H FY2025 compared to the previous year. Property expenses increased, leading to a lower distributable income and distribution per unit. The company obtained sustainability-linked loan facilities to refinance loans maturing in 2025.

The company’s retail portfolio maintained high occupancy at 99.9% with a positive rental reversion of 10.7%. Tenant retention rate was 86.1%, but tenant sales and visitation saw a slight decrease in the first six months of FY2025. New leases were committed at Sky Complex Building 3, improving occupancy to approximately 31%.

Lendlease Global Commercial REIT’s office tenants represent about 21% of the portfolio GRI with a long WALE. Successful leasing at Sky Complex Building 3 increased committed occupancy to 31%. The Manager noted healthy leasing inquiries and aims to continue positive leasing momentum. Rental review for Jem office is ongoing and expected to conclude by end-February 2025.

Construction has begun on a multifunctional event space adjacent to 313@somerset, expected to be completed in 2H 2026. The space will feature a music hall with a seating capacity of 3,000, designed to host international tours and local artists. Retail portfolio occupancy remained high at 99.9% with positive rental reversion. The company looks forward to continued leasing momentum and proactive asset management.



Read more at GlobeNewswire:: Lendlease Global Commercial REIT Achieves 10.7%(1) Retail