- No financials were provided for 3Q24. Portfolio committed occupancy plunged 11% y-o-y to 88.8% in the face of the departure of the anchor tenant of Sky Complex, which returned one-third of the space. However, on a q-o-q basis, it improved by 0.9% due to the backfilling of Sky Complex by 8.1%.
- - Read this at SGinvestors.io -
- We reiterate our BUY recommendation on Lendlease Global Commercial REIT (SGX:JYEU) with an unchanged DDM-TP of S$0.83 and FY24e- 25e DPU forecast of 4.16-4.59 Singapore cents.
- We expect potential upside from the high rental reversion upon the successful backfilling of Building 3 Sky Complex Milan and the completion of Live Nation in Grange Road.
The Positives
Robust retail rental reversion of 15.3% with 313 achieving ~20% and Jem delivering resilient performance of ~10%.
- - Read this at SGinvestors.io -
- We expect rental reversion for the whole year FY24e to be ~15% (FY23: 4.8%).
Potential rental uplift from Jem and Sky Complex.
- Read more at SGinvestors.io.
