Lendlease floats tenant support package

It includes up to 0.2 months rent abatement per month for April and May.

Lendlease Global Commercial REIT (LREIT) has rolled out its tenant support package for eligible retailers of 313@Somerset, an SGX filing revealed.

The package includes up to 0.2 months rent abatement per month for April and May 2020, flexible rental payment scheme, conversion of cash security deposits into banker’s guarantee and an option to take up the atrium and advertising spaces on a complimentary basis.

 In addition, full savings from the 15% property tax rebate for qualifying commercial properties, as part of the Singapore Budget 2020, will be passed on to its tenants.

Tenants are also given the flexibility to operate shorter store hours even as 313@Somerset continues its standard operating hours to support stores that prefer to operate the usual hours. Additional marketing initiatives have been launched to encourage higher visitation and tenant sales, which include free parking for shoppers and up to triple bonus points for Lendlease Plus members.

DBS Bank is appointed as the sole financial adviser and issue manager for the offering. The bank and Citigroup Global Markets Singapore are the joint global coordinators, bookrunners and underwriters.