Lendlease Global Commercial REIT property, 313@Somerset. (Photo: Lendlease Global Commercial REIT)Lendlease Global Commercial REIT property, 313@Somerset. (Photo: Lendlease Global Commercial REIT)

Data from Lendlease Global Commercial REIT’s latest disclosure has been incorporated into the Singapore REITs table.

Lendlease Global Commercial REIT’s (LREIT’s) tenants on Orchard Road have reported better sales in the first nine months of 2021, despite tighter COVID-19 restrictions.

The REIT disclosed on 5 November that tenant sales at 313@Somerset improved by 14.1% year-on-year to SGD118.1 million over the period.

Accordingly, occupancy at the asset was at 98.9% with a high tenant retention rate of 90% as at 30 September 2021, said the REIT.

LREIT has attributed this performance to its proactive leasing strategy, which has brought in new tenants including Marks & Spencer, Miniso, Playmade, and Super Coconut.

The REIT has also attracted new tenants at Jem, in which it now has a 31.8% stake in.

Meanwhile, the REIT’s sole tenant at Sky Complex, Sky Italia, has been making timely rental payments and there are no rental arrears to-date, the REIT added.

Overall, LREIT’s portfolio occupancy was at 99.8% as at 30 September 2021, with a WALE of 8.5 years by net lettable area and 4.4 years by rental income.

LREIT was last done on the SGX at SGD0.88, which presently implies a distribution yield of 5.32% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.