Lendlease Global Commercial REIT reports 10.4% rental reversion in Q3 2025

Tenant retention rate was at 87.9%.

Lendlease Global Commercial REIT (LREIT) posted a 99.5% occupancy on its retail portfolio with a positive rental reversion of 10.4% as of 31 March 2025.

LREIT’s portfolio committed occupancy remained at 92.1% in Q3. The lease expiry profile remained well-spread with only 1.2% by net lettable area (NLA) and 2.4% by gross rental income (GRI) due for renewal in FY2025. LREIT continued to maintain a long portfolio weighted average
lease expiry (WALE) of approximately 7.3 years (by NLA) and 4.9 years (by GRI) respectively

Visitation registered a decline of 0.2% and tenant sales declined 5.1%, impacted by a softer retail landscape, outbound tourism and weakness in specific trade sectors like shoes & bags, fashion & accessories, and sporting goods & apparel.

LREIT was awarded the tender to redevelop the 48,200 square feet 5 car park at Grange Road. The manager of the REIT said the site, which will be redeveloped into a multifunctional event space, will maximise the REIT’s full potential and create synergy with the Discovery Walk, which is linked to 313@somerset. Construction of the space is progressing well with piling works scheduled to be completed by end-2025.

Meanwhile, during the quarter, the manager signed a lease agreement with Shaw Theatres as a new tenant, taking over the space previously occupied by Cathay Cineplex.

It is currently in talks with Cathay Cineplex to recover the outstanding amount owed and will provide an update at an appropriate juncture. Additional new tenants brought onboard include lululemon, a Canadian athletic apparel brand; Chagee, a modern tea brand offering handcrafted beverages; and 2nd Street, new-tomarket Japanese thrift store chain specialising in pre-loved luxury and streetwear.

As part of the manager’s active asset enhancement strategy, the team has commenced refurbishment works to upgrade restrooms facilities at Jem. The upgraded facilities, scheduled for phased completion by 1Q 2026, will elevate the overall amenities and shoppers’ comfort.