Link REIT Says It Is “Well-Positioned” to Capture Continued Growth
June 2, 2022 – Link Asset Management Limited, (Link) the manager of Link Real Estate Investment Trust, (Link REIT) has announced results for the year ended March 31, 2022.
Link reported that its Hong Kong portfolio showed encouraging results early in the year with the COVID recovery well underway. Retail revenue and car park and related business revenue improved by 2.7% and 13.2% year-on-year, respectively.
Link’s healthy long standing relationships with its tenants and shoppers and active asset management helped maintain the overall rental collection rate at a strong level of 98% for the reporting year. As at the financial year end, retail occupancy reached a high level of 97.7%, even under the fifth wave of COVID. Despite the challenges in lease negotiations, over 660 new leases were signed during the year. Hong Kong overall average reversion rate edged up to 4.8%. Average unit rent improved slightly to $62.7 per square foot (psf).
George Hongchoy, Chief Executive Officer, said:
“We always actively manage our portfolio and assets and the pandemic has not hindered our approach. From April last year to May 2022, approximately $15 billion worth of real estate investment was completed and another $11 billion of investment was announced, consisting of 17 quality assets spanning across different geographies and asset classes. With our solid business foundation, we continuously evaluate organic and inorganic growth opportunities. We are also strengthening our team capability to ensure we are well positioned to capture new opportunities.”
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