- Frasers Logistics & Commercial Trust (SGX:BUOU) achieved another quarter of solid rental reversions, which came in at 21.4% (based on average expiring rents to average signing rents) for its overall portfolio in 3QFY23 (Apr to Jun 2023).
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- Frasers Logistics & Commercial Trust’s rental reversions for its commercial portfolio stood at 14.1% for the quarter, with only Western Australia recording lower rental rates post renewal, although the magnitude was small at -0.6%.
Overall portfolio occupancy increased to 96.2% with encouraging enquiry levels in UK
- Frasers Logistics & Commercial Trust’s overall portfolio occupancy increased 0.3 percentage points (ppt) q-o-q to 96.2%. Its L&I portfolio remained fully occupied. For its Commercial portfolio, there was an increase of 0.8 ppt q-o-q to 90.6%, with a significant jump in occupancy at its Maxis Business Park property in the UK (+20.3 ppt q-o-q to 80.3%).
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- There was no update on the space that Google Asia Pacific Pte Ltd (Google) would be giving up in Feb 2024, but Frasers Logistics & Commercial Trust said that it will continue to source for larger occupiers to backfill the space to be vacated.
Aggregate leverage increased to 28.6% but still clearly a healthy level; 75.4% of debt hedged
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