Mainly because of a tenant vacating DC 2.
CIMB has reported that CACHE's portfolio occupancy rate went down by 0.7% qoq, because of a tenant that used to occupy half of Changi Districentre 2.
Rental reversion for 4Q17 declined by 3.7%, excluding multi-tenanted building (MTB) conversions.
CIMB believes there is a looming NPI margin pressure if the property is converted into a MTB.
Further, 19.3% of gross rental income (GRI) is open for renewal in FY18F, with approximately 12% caused by leases expiring in April at the CWT Commodity Hub.
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