Starhill Global REIT's Ngee Ann City asset. Photo by REITsWeek.

Starhill Global REIT has renewed its current master lease for Toshin Development Singapore Pte Ltd that is due to expire in June 2025.

The new master lease agreement dated 30 November 2023 is for an initial term of 12 years commencing from 8 June 2025 and will expire on 7 June 2037.

This lease may be further renewed at the option of either party for a further 6 years, and thereafter at the option of Toshin for a further 3 years.

This renewal will extend the REIT’s portfolio weighted average lease expiry (WALE) to 8.1 years from 6.3 years by net lettable area and to 8.4 years from 4.2 years by gross rent as at 30 September 2023.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.