Lendlease REIT’s portfolio occupancy rises to 89.5% on new leases

New leases secured at its Milan office building.

Lendlease Global Commercial REIT's portfolio occupancy rose to 89.5% in Q4 FY 2024 on new leases from Building 3 of Sky Complex in Milan, Italy.

As of 30 September, the committed occupancy rate for Sky Complex, a Grade A office building, improved to 75.0%.

"The Manager is in advanced negotiations with potential tenants as it continues to drive leasing of Building 3 at market rental," the REIT said.

Meanwhile, its retail portfolio's committed occupancy remained high at 99.9% with a positive rental reversion of 11.4% and a healthy tenant retention rate of 90.0%.

In Q3, the REIT also reported a long portfolio weighted average lease expiry (WALE) of approximately 7.4 years by net lettable area and 4.7 years by gross rental income.