- Frasers Logistics & Commercial Trust provided a business update for 1QFY25. The main positives came from continued robust rental reversions across its L&I and commercial properties.
1QFY25 portfolio rental reversions surged 37.4%.
- - Read this at SGinvestors.io -
- Collectively, Frasers Logistics & Commercial Trust’s overall portfolio rental reversion came in at 37.4% and this was for 22 leases and 174.7k sqm of lettable area signed.
Portfolio occupancy rate edged down 0.2 ppt q-o-q to 94.3% due to drag from its commercial portfolio.
- - Read this at SGinvestors.io -
- As for its commercial portfolio, occupancy declined from 87.5% in the preceding quarter to 85.5%. This was due largely to a sharp dip in occupancy by 19.9 ppt q-o-q for 357 Collins Street in Melbourne, Australia, which was in turn a result of the non-renewal of Service Stream which vacated in Dec 2024. Given the challenges still facing the Melbourne CBD office market, we believe it will be difficult to backfill the vacant space.
- One bright spot for Frasers Logistics & Commercial Trust’s commercial portfolio was the 6.7 ppt q-o-q jump in occupancy to 87.1% for its Maxi Business Park property in the UK.
Aggregate leverage ratio increased sequentially from 33.0% to 36.2%.
- Read more at SGinvestors.io.
