Lendlease Global Commercial REIT portfolio occupancy stays strong at 99.8%

LREIT also recorded a 90% tenant retention rate for the mall.

Lendlease Global Commercial REIT (LREIT) observed a portfolio occupancy of 99.8%, according to a press release by its manager, Lendlease Global Commercial Trust Management Pte. Ltd. 

This was bolstered by an occupancy rate of 99.8% in 313@somerset and a high tenant retention rate of 90% for the mall. Tenant sales also continued to improve at 14.1% year-on-year to $118.1m in the first nine months of 2021.

A weighted average lease expiry (WALE) of 8.51 years by NLA and 4.41 yers by GRI was also recorded. 

LREIT also completed the acquisition of an additional stake in Jem, increasing its exposure to the suburban retail segment. This puts the group’s indirect interest at 31.8%.

In terms of office portfolio, Sky Complex has shown stable income, with its tenant, Sky Italia making timely rental payments. 

Gross borrowings of the company stood at $677.7m as of 30 September, with a gearing ratio of 34.3%. Debt facilities of $137.2 have been undrawn to fund its working capital. 

The weighted average debt maturity was also 2.3 years with a weighted average running cost of debt of 0.9% per annum.