Lendlease Global Commercial REIT Portfolio Occupancy Stood At 99% In End-September 2020
November 4, 2020 – Lendlease Global Commercial Trust Management Pte. Ltd., the manager of Lendlease Global Commercial REIT (LREIT), provided its first quarter FY2021 operations update for the period 1 July 2020 to 30 September 2020.
LREIT has adopted half‐yearly announcement of financial statements with effect from 13 July 2020.
LREIT’s portfolio occupancy stood at 99.0% as at 30 September 2020, with a long Weighted average lease expiry (WALE) of 9.5 years by net lettable area (NLA) and 4.9 years by gross rental income (GRI).
Approximately 78% of its leases by NLA will expire only beyond FY2024. Tenant sales and footfall at 313@somerset continue to show signs of recovery. During the quarter, tenant sales and footfall recovered approximately 70% and 60% respectively, compared to pre-COVID-19 levels. As at 30 September 2020, 313@somerset had maintained a healthy occupancy rate of approximately 96% and tenant retention rate of 80%. More recently, LREIT has secured a new tenant that would improve the occupancy to 98.0%.
In the coming quarters, the Manager will focus on capitalising the strategic location of 313@somerset to improve visitation and sales performance. It also aims to solidify the position of 313@somerset as the heart of the Somerset youth precinct through the redevelopment of the Grange Road car park into a new lifestyle destination. The authorities have ceased operations at the car park in preparation for the targeted handover of the site to LREIT by December 2020. Redevelopment works are expected to commence soon after LREIT takes over the site.
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