Lendlease Global Set to Gain From Rent Review, New Electricity Tariff Contracts -- Market Talk

Dow Jones05-10

0142 GMT - Lendlease Global Commercial REIT stands to benefit from a rent review and new electricity tariff contracts, UOB Kay Hian analyst Jonathan Koh says in a research note as the brokerage raises the REIT's target price to S$0.96 from S$0.93 with an unchanged buy rating. Its lease with Singapore's Ministry of National Development, which fully occupies Jem mall's office block, is slated for rent review at end-2024, and management sees potential for rents to be raised by 20% versus levels five years earlier, the analyst notes. Management has also secured a two-year electricity tariff contract for its Jem and 313@Somerset malls at a lower rate, which reduces utility expenses by 30%, the analyst adds. Units are 0.9% higher at S$0.55. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

May 09, 2024 21:42 ET (01:42 GMT)

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