- Lendlease Global Commercial REIT (SGX:JYEU)’s 1QFY24 business update confirms steady operations. Highlights were positive mid-teen rental reversion led by 313@somerset, an Orchard Road mall, while portfolio occupancy was stable.
- - Read this at SGinvestors.io -
- All in, a stable set of business updates.
Healthy portfolio statistics
- Portfolio occupancy was at a high of 99.9%, unchanged from last quarter. Occupancy for Singapore retail was high at 99.7%, again unchanged from last quarter.
- Retail reversion stood at 16.3% driven by leases at 313@somerset, while retail leases at Jem generated mid-single digit reversion. Outlook is for positive reversion to sustain albeit at a lower level led by 313@somerset.
- - Read this at SGinvestors.io -
- Bonus GFA of ~10k sqft at 313@somerset is likely to be commissioned by end-Jun-24.
- Timeline for redevelopment of Grange Road carpark has been pushed back to FY25 with the possibility of renegotiating the lease term.
Active capital management to manage gearing
- Read more at SGinvestors.io.
