Starhill Global REIT - RHB Invest 2024-03-22: Orchard Road Regaining Its Sheen Again; BUY

• Starhill Global REIT (SGX:P40U)’s operational performance has been on a steady uptrend, backed by healthy uplift at Singapore assets which achieved full occupancy as well as occupancy improvements across its overseas portfolios.
• - Read this at SGinvestors.io -
• The recent renewal of Toshin Development Singapore’s master leases has removed a key overhang and its balance sheet is in good shape.

Healthy recovery at Singapore assets

• Healthy recovery at Starhill Global REIT's Singapore assets, with both retail and office portfolios achieving full committed occupancies (since Jun 2023) despite ongoing renovation works.
  • Rent reversion for office leases is in double digits, with demand stemming from family offices, fashion brands, overseas F&B players, and the medical sector.
  • - Read this at SGinvestors.io -
• Ongoing asset enhancements at Wisma Atria are expected to be completed by this month, with the renovations of lobby, escalator, and portal entrances should further enhance the mall’s appeal.

Long Toshin master leases with room for upside.

• Read more at SGinvestors.io.

Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2024-03-22 SGinvestors.io

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