Lendlease Global Commercial REIT’s Assets Nearly Fully Occupied
SINGAPORE – Lendlease Global Commercial REIT has recorded a high portfolio occupancy of 99.8 percent for the quarter ended 30 September 2021 (Q1 FY2022), according to its latest business update published on Friday evening (5 November, SGT).
The Singapore-listed real estate investment trust’s (REIT) assets also secured a long weighted average lease expiry (WALE) of 8.5 years by net leasable area (NLA) or 4.4 years by gross rental income (GRI).
“Within the first three months of FY2022, the manager had substantially de-risked leases expiring for the year to 4 percent and 11 percent by NLA and GRI respectively,” it stated in Singapore Exchange (SGX) filings.
During the period under review, Lendlease Global Commercial REIT also closed the S$45 million purchase of an additional interest in Jem, a suburban shopping complex with office space in Jurong East. Upon completion of the acquisition, the trust now holds a 31.8 percent stake in the mixed-use development.
“The acquisition has increased its exposure in the resilient suburban retail segment and is expected to bring stable income to Lendlease Global REIT unitholders,” said its manager, Lendlease Global Commercial Trust Management Pte. Ltd.
Directly linked to Jurong East MRT station, Jem houses a 6-storey mall and 12 floors of office space across 892,148 sq ft of NLA and 1,164,336 sq ft of gross floor area (GFA). Its office space is anchored by Singapore’s Ministry of National Development (MND).
“We are confident that Lendlease Global REIT’s portfolio is well-positioned to navigate through COVID-19 challenges anchored through its high occupancy, long WALE and minimal expiries in FY2022,” added Kelvin Chow, CEO of the REIT’s manager.
