Lendlease Global Commercial REIT Reports 10.4% Rental Reversion in Q3 FY2025

Lendlease Global Commercial REIT (LREIT) reported positive rental reversions of 10.4% for its retail portfolio and 13% for its office portfolio in the third quarter of FY2025, despite a softer retail landscape that caused a slight decline in visitation and tenant sales. The retail portfolio maintained a high occupancy rate of 99.5%, with tenant retention improving to 87.9%, while overall portfolio occupancy remained stable at 92.1%. LREIT secured new tenants including Shaw Theatres, lululemon, Chagee, and 2nd Street, and is actively pursuing asset enhancement projects such as refurbishing restrooms at Jem and redeveloping a car park at Grange Road into a multifunctional event space expected to be completed by mid-2026. The trust successfully refinanced S$200 million in perpetual securities at a lower coupon rate, improving its gearing ratio and financial flexibility. LREIT’s lease expiry profile remains well-managed, with low renewal exposure in FY2025 and ongoing early negotiations for FY2026 leases, and the trust benefits from a long weighted average lease expiry across its portfolio. Additionally, Guy Cawthra was appointed as the new CEO, bringing extensive real estate investment management experience to the company.