- Frasers Logistics & Commercial Trust’s business update for 1QFY25 demonstrated continued strong positive rental reversion for logistics properties in Australia. It maintained full occupancy for its logistics properties in Australia, Europe and the UK. Services Australia renewed its lease for Caroline Chisholm Centre for 12 years.
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Strong leasing momentum for logistics properties in Australia.
- Frasers Logistics & Commercial Trust's logistics properties clocked positive rental reversion of 41.8% on an average vs average basis in 1QFY25 (incoming vs outgoing: 21.3%). The strong reversion was driven by Australia (Queensland: 47.3%, Victoria: 69.4%). Rental reversion was softer but nevertheless positive at 7.9% for logistics properties in Germany.
Logistics properties fully occupied except Singapore.
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- In Singapore, occupancy for the newly-acquired 2 Tuas South Link 1 was 89.3%.
- Occupancy for Maxis Business Park in the UK improved 6.7ppt q-o-q to 87.1%.
- Occupancy for 357 Collins Street in Melbourne slipped 19.9ppt q-o-q to 63% due to non-renewal by Service Stream.
- Services Australia, the government agency responsible for delivering welfare, health insurance and child support payments, has renewed lease for Caroline Chisholm Centre in Canberra, Australia for 12 years commencing from Jul 25.
Maintains guidance on cost of debt at mid-3% by 4QFY25.
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