FLCT overseas vacancy rates remain tight in Q1 2022

Logistics properties in the UK, Europe, and AU remain at 100% occupancy.

Frasers Logistics & Commercial Trust's (FLCT) business update for the first quarter of 2022 indicated stability, according to UOB Kay Hian.

FLCT has completed 20 new/renewed leases for 69,274 sqm of space in the first quarter. In Australia, vacancy rates remain tight at 0.4% in Sydney, 1.3% in Melbourne and 2.3% in Brisbane as of December 2021. Rents for logistics space in Sydney, Melbourne and Brisbane increased 5.5%, 9.6% and 4.3% YoY respectively. Rents in Germany and the Netherlands are €90 and €85 per sqm per year respectively and there is upward pressure due to strong take-up and limited supply.

Moreover, logistics properties in Australia, Europe and the UK maintained full occupancy of 100% as of December 2021. Occupancy for commercial properties was stable at 91%. Occupancy at Farnborough Business Park in the UK improved 2 percentage points QoQ to 87.2% due to backfilling of space vacated by Fluor. occupancy for Alexandra Technopark in Singapore eased 1.7 percentage points QoQ to 94.8%.

In the long term, FLCT said it aims to achieve sustainable DPU growth via proactive leasing, pursue strategic acquisitions, optimise capital mix and prudent capital management, and develop properties complementary to existing portfolios.

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