From GlobeNewswire: 2025-05-07 08:39:00

Lendlease Global Commercial REIT reported a positive rental reversion of 10.4% in its retail portfolio, with a healthy tenant retention rate of 87.9%. Visitation and tenant sales declined due to a softer retail landscape. Refinanced S$200 million perpetual securities at a lower coupon rate. Shaw Theatres signed as a new tenant at Jem.

The portfolio occupancy for LREIT remained stable at 92.1% with a long average lease expiry of 7.3 years. Redevelopment of a car park into a multifunctional event space is in progress. The office portfolio achieved a positive rental uplift of approximately 13%. Refurbishment works at Jem are underway to enhance shopper comfort.

LREIT’s retail portfolio saw occupancy reach 99.5% with a positive rental reversion of 10.4%. New tenants like lululemon and Chagee were added. The office portfolio had an occupancy of 86.6% with a long lease term. Building 3 in Milan saw an occupancy rate of approximately 31%.

Capital management included issuing S$120 million perpetual securities to refinance existing debt. Gross borrowings stood at S$1,451.7 million with a weighted average debt maturity of 1.8 years. The interest coverage ratio was 1.5 times. Mr. Guy Cawthra highlighted the strong rental growth and capital management strategy moving forward.

LREIT, managed by Lendlease Global Commercial Trust Management, focuses on investing in retail and office properties globally. Key properties include Jem, 313@somerset, and Sky Complex in Milan. The Manager remains committed to sustainable financing and asset enhancement strategies. For more information, contact Investor Relations at [email protected] or +65 6671 7374.



Read more at GlobeNewswire:: Lendlease Global Commercial REIT’s Singapore Portfolio