Lendlease logs almost 100% occupancy due to high quality tenants

It also reported a healthy retention rate of 71.1%.

Real estate investment trust firm, Lendlease, maintained a high portfolio occupancy, with 99.9% rate in the fourth quarter of fiscal year 2022.

In an announcement, its manager also noted that it had a healthy tenant retention rate of 71.1%.

It also revealed the completed acquisition of 100% direct interest in Jem, a lifestyle hub in Singapore. The hub has tenants such as the Ministry of National Development, IKEA, and NTUC Fairprice Xtra which gives strong and stable cash flow for unitholders.

With active tenancy management and tenant-mixing strategies, Jem retained its high occupancy of more than 99% for retail with tenant sales reverting to pre-COVID-19 levels.

Lendlease Global Commercial Trust Management Pte. Ltd CEO Kelvin Chow dubbed the first few months of 2022 as a “transformational year” for the company.

“We successfully raised S$1.7 billion to acquire 100% of Jem, which strengthens LREIT’s position amongst its peers, setting the stage for an exciting phase of growth. Moving forward, we are focused on active capital management to manage cost and gearing as well as executing our strategies to drive LREIT’s growth and to optimise returns to our unitholders,” said Chow.

Shopping mall, 313@somerset, one of Lendlease’s properties, also maintained its high occupancy rate of 99.4% with a healthy tenant retention rate of 71.1%.

The high occupancy stemmed from leasing momentum and the Lendlease manager’s leasing strategy which focuses on strengthening the tenancy mix.

The property’s tenant sales year-to-date have also recovered close to fiscal year 2022 levels.