Lendlease Global Reit Reports 99.8% Committed Portfolio Occupancy for Q3

The Business Times2023-05-09

Lendlease Global Commercial Reit (Lendlease Global Reit) on Tuesday (May 9) reported a committed portfolio occupancy of 99.8 percent for the third quarter ended Mar 31, 2023, unchanged from the ...

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Ahvi
2023-05-09
Ahvi
Amazing. But how will the further rate hikes and recession (if any) affect the retail ppty market?

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While visitation increased 2.7 times year on year.It added that Singapore retail sales, excluding motor vehicles, rose 11.7 percent in February 2023 on the back of rising demand for food and alcohol, apparel and footwear.Despite ongoing costs and operational challenges, retailers remain optimistic about tourism recovery and consumer spending, said the manager.As at end-March, tenant retention rate stood at 79.5 percent for the Reit’s retail portfolio, based on year to date completed lease renewal by NLA.Lendlease Global Reit’s Grade-A office in Milan, Sky Complex, remains 100 percent leased to Sky Italia, a subsidiary of Comcast Corp.The manager noted that Sky Complex’s positive office rental escalation of about 4 percent, and long office WALE of 12.2 years by NLA and 15 years by GRI will continue to provide a stable income stream for the Reit’s unitholders.Kelvin Chow, chief executive of the manager, said: “Our assets continued to perform well, underpinned by a high portfolio occupancy with a long WALE of 5.3 years by GRI, which will ensure long-term cashflow stability.”“With refinancing out of the way, we plan to focus on organic growth through proactive asset management and managing our leases,” he added.Units of Lendlease Global Reit were trading flat at S$0.685 as at 9.12 am on Tuesday.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9947780214,"gmtCreate":1683603970938,"gmtModify":1683603975148,"author":{"id":"3574166160473753","authorId":"3574166160473753","name":"Ahvi","avatar":"https://static.tigerbbs.com/bd216b3fbf19641a7fe648254585ce79","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3574166160473753","authorIdStr":"3574166160473753"},"htmlText":"Amazing. But how will the further rate hikes and recession (if any) affect the retail&nbsp;ppty market?","listText":"Amazing. But how will the further rate hikes and recession (if any) affect the retail&nbsp;ppty market?","text":"Amazing. 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