Jem’s Office Component Fully Leased
SINGAPORE – Lendlease Global Commercial REIT (LREIT) revealed that the Grade A office component of the Jem shopping mall in Jurong remains fully leased, according to its latest business update that was published on the local bourse on Monday morning (7 November, SGT).
“Jem continues to be well-placed to tap the upcoming transformation of Jurong Gateway and the
surrounding manufacturing and industrial landscape as part of the government’s decentralisation
efforts,” said LREIT’s manager in a Singapore Exchange (SGX) filing.
Notably, the mixed-use development’s “grade A office building is leased to the Ministry of National Development till 2044 with a rental review every five years.”
In addition, the manager said the Singapore-listed REIT’s office portfolio has a long weighted average lease expiry (WALE) of 12.7 years by net leasable area (NLA) and 15.5 years by gross rental income (GRI). These exemplary figures will ensure a stable income stream for the trust’s unitholders.
Aside from that, LREIT’s office rental escalation rose by about 4 percent thanks to its Sky Complex office property in Milan, Italy.
Interestingly, the Milano Santa Giulia business district, where Sky Complex is situated, was awarded LEED Neighbourhood Development Gold rating. The certification is a globally-recognised a benchmark for sustainability and quality of life.