- Frasers Logistics & Commercial Trust (FLCT, SGX:BUOU) reported overall portfolio occupancy of 96.2% as at end-3QFY23 (vs. 95.9% at end-2QFY23). The improvement in occupancy came from higher take-up of 80.3% at Maxis Business Park, which boosted FLCT’s overall commercial portfolio take-up rate to 90.6% vs 89.8% in 2QFY23.
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Achieving robust positive rental reversion
- FLCT renewed five logistics & industrial (L&I) leases totalling 61.7k sq m in 3QFY23 in Australia and Europe, with lease terms in the range of 3-7 years and average rental reversions of +24.3%. In 3QFY23, 13 commercial leases were re-contracted at an average rental uplift of 14.1%, mainly in the UK and Singapore.
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- Management of FLCT indicated that while there has been some leasing interest, current market demand is largely for smaller spaces from companies in the pharma, life sciences and tech robotics sectors.
FLCT remains one of the lowest-geared amongst S-REITs
- Read more at SGinvestors.io.
