Lendlease Global Commercial Trust Management Pte. Ltd. expects the divestment of the Jem office to be completed by 12 November 2025, resulting in a gain of approximately S$8.9 million for distribution to Unitholders. The retail portfolio achieved an 8.9% positive rental reversion, with a portfolio occupancy rate of 95.0% driven by active leasing efforts in Milan.

The weighted average cost of debt for Lendlease REIT improved to 3.09% p.a. as of 30 September 2025, with inclusion in the iEdge Singapore Next 50 Index enhancing global visibility and investor recognition. The REIT was awarded the Regional Sector Leader (Retail Asia Listed) in the GRESB 2025 assessment, maintaining a 5 Star rating.

Jem office divestment is nearing completion, with net sales proceeds primarily used to repay borrowings and lower aggregate leverage to approximately 35%. Portfolio occupancy reached 95.0%, with retail portfolio occupancy exceeding 99% and Milan office portfolio occupancy increasing to 88.5% due to active leasing efforts.

Lendlease REIT’s retail portfolio achieved a positive rental reversion of 8.9% as of 30 September 2025, with tenant retention at 52.2% and visitation increasing by 7.7% year-on-year. The REIT’s unit price has increased by approximately 14% year-to-date from January 2025.

Approximately S$115.5 million of loans were refinanced during the quarter, with a weighted average debt maturity of 2.6 years and approximately 68% of borrowings hedged to fixed rates. The interest coverage ratio was reported at 1.6 times based on the last financial results as of 30 June 2025.

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