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Lendlease Reit posts 12.2% retail rental reversion in Q3 as PLQ Mall acquisition lifts tenant sales
Portfolio occupancy is up at 95.3% from 94.9% a quarter earlier
[SINGAPORE] The manager of Lendlease Global Commercial Reit : JYEU 0% posted a positive retail rental reversion of 12.2 per cent for the third quarter ended Mar 31, it said in a filing on Monday (May 18).
The real estate investment trust (Reit) in March completed an acquisition of the remaining 30 per cent stake in PLQ Mall, achieving full control of the asset after initially acquiring the other 70 per cent in November 2025.
Incorporating four months of contribution from PLQ Mall, the Reit recorded year-to-date growth of 17.6 per cent in tenant sales and a rise in shopper visits by 13.7 per cent from a year earlier.
Excluding PLQ Mall on a like-for-like basis, tenant sales and shopper visits grew year on year by 2.5 per cent and 5.2 per cent, respectively.
Portfolio occupancy
The manager said that portfolio occupancy rose to 95.3 per cent from 94.9 per cent in the previous quarter.
Lendlease Reit&rsquo s retail portfolio achieved 99.7 per cent occupancy the manager attributed this to strong tenant demand for prime locations and differentiated retail identities.
The retail portfolio comprises the Singapore leasehold properties Jem, PLQ Mall and 313@somerset.
Meanwhile, the Milan office portfolio, which comprises freehold interest in three Grade A commercial buildings in the Italian city, had an occupancy rate of 89.1 per cent. Two of those buildings posted a positive rental uplift of 1.5 per cent, the manager said.
Capital management
As at Mar 31, Lendlease Reit&rsquo s gearing stood at 38.7 per cent, though tit would have been 37.5 per cent on a pro forma basis after the use of preferential offering proceeds for debt repayment.
Gross borrowings totalled S$1.74 billion, including the consolidated PLQ Mall loans.
The Reit&rsquo s weighted average cost of debt was stable at about 2.9 per cent per annum, with an interest coverage ratio of 1.8 times.
In April, the manager issued S$120 million in perpetual securities at 4.28 per cent per annum to partially refinance S$200 million of perpetual securities due in June.
It said that there are no debt refinancing risks in FY2026, with around S$611 million in debt facilities available.
Guy Cawthra, CEO of the manager, said it remains focused on portfolio optimisation and strengthening the Reit&rsquo s capital structure.
&ldquo Our portfolio remains resilient, underpinned by nearly 100 per cent occupancy in the Singapore retail malls, continued strong visitation, sales and rental reversions,&rdquo he added.
Units of Lendlease Reit closed unchanged at S$0.565 on Monday, before the announcement.
https://links.sgx.com/1.0.0/corporate-announcements/NRR79AD8UZ73WIAW/889306_3Q%20FY2026%20Business%20Update%20Press%20Release.pdf
JurongW ( Date: 17-Apr-2026 17:58) Posted:
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The business update of Lendlease REIT for the third quarter ended 31 March 2026 will be released on Monday, 18 May 2026, after market closes.
Lendlease Global Commercial Reit prices S$120 million perpetual securities at 4.28%
Net proceeds from the issue will be used to refinance existing borrowings
[SINGAPORE] has priced its S$120 million perpetual securities offering at 4.28 per cent.
This falls under the S$1 billion multi-currency debt issuance programme, the manager said in a bourse filing on Tuesday (Apr 14).
The perpetual securities will be issued in denominations of S$250,000 and will have no fixed final redemption date. They are expected to be issued on Apr 23, 2026.
Net proceeds from the issue of the perpetual securities, after deducting issue expenses, will be used to refinance existing borrowings &ndash including the S$200 million fixed rate subordinated perpetual securities.
DBS, OCBC and UOB have been appointed as the joint lead managers and bookrunners for the perpetual securities offering. DBS and OCBC are also the joint global coordinators.
The filing said the perpetual securities are expected to be listed on the Singapore Exchange on or around Apr 24, 2026.
Units of the real estate investment trust ended at S$0.575, up 0.9 per cent or S$0.005, before the announcement.
LREIT issues $120 mil worth of perpetual securities with 4.28% rate
The manager of Lendlease Global Commercial REIT (LREIT) has priced $120 million worth of perpetual securities (perps) with a fixed rate of 4.28% per annum.
The perps, issued under LREIT&rsquo s $1 billion multicurrency debt issuance programme, will be offered denominations of $250,000 or integral multiples thereof.
They have no fixed final redemption date.
The perps are expected to be issued on April 23, with the the first reset date falling six years thereafter. They are also expected to be listed on or around April 24.
DBS and Oversea-Chinese Banking Corporation (OCBC) are the joint global coordinators while DBS, OCBC and United Overseas Bank (UOB) are the joint lead managers and bookrunners.
Units in LREIT closed 0.5 cents higher or 0.88% up at 57.5 cents on April 14.
UOB Kay Hian - Maintaining Focus On Expansion In Singapore
Highlights
&bull The acquisition of the remaining 30% interest in PLQ Mall was marginally accretive, increasing pro forma FY25 DPU by only 0.2%, due to a non-renounceable 119-for-1,000 preferential offering to raise S$197m. Aggregate leverage was reduced from 38.1% to 37.6%
. &bull PLQ Mall provided positive rental reversion in the teens in 1HFY26. Management has commenced reconfiguration for NLA of 16,000sf at Levels 1 and 2, which would provide an uplift to rental rates.
&bull LREIT provides an attractive FY26 DPU yield of 7.0% (CICT: 5.1%, FCT: 5.5%, SGREIT: 7.0%).
Maintain BUY. Target price: S$0.78.
COMPLETION OF ACQUISITION OF 30% STAKE IN PLQ MALL
https://links.sgx.com/1.0.0/corporate-announcements/TRCSIM05GT6ZCC2Y/880645_Completion%20of%20Acquisition%20of%2030%20Percent%20Interest%20in%20PLQ%20Mall.pdf
Lendlease Reit preferential offering undersubscribed with 62.2% take-up
Underwriters DBS, OCBC, UOB to absorb around S$74.3 million worth of stock
[SINGAPORE] A recent preferential offering for Lendlease Global Commercial Reit : JYEU -3.48%, to raise S$196.6 million to pay for its PLQ Mall stake buy, was only 62.2 per cent subscribed in what is a rare undersubscription.
At the issue price of S$0.558 per unit, the joint underwriters &ndash DBS, OCBC and UOB &ndash will have to procure subscribers for S$74.3 million worth of stock or take up the 133.2 million unsubscribed units themselves.
The real estate investment trust (Reit) is using the proceeds from the offering to take control of its remaining 30 per cent stake in PLQ Mall, giving it full ownership and operational control of the asset. The remaining funds are earmarked to cover related transaction costs and pare down existing debt.
A total of 352.4 million new units were on offer, with 53.1 per cent of valid acceptances and 9.1 per cent in excess applications, the Reit&rsquo s manager said on Monday (Mar 23). The preferential offering closed on Mar 18.
Meanwhile, Lendlease Corporation, the Reit&rsquo s sponsor, fulfilled its undertaking by accepting its full provisional allotment of 73.7 million units, which accounts for about 20.9 per cent of the total offering.
The new units are expected to start trading on the Singapore Exchange at 9 am on Thursday.
2 Independent non-executive directors did not subscribe to the rights issue:
https://links.sgx.com/1.0.0/corporate-announcements/3INNZSB6PPPYLXMB/880143__eForm1V2%20-%20SP.pdf
https://links.sgx.com/1.0.0/corporate-announcements/TQS9VY48M3L48MCY/880141__eForm1V2%20-%20LAM.pdf
62.19% of the new units were subscribed, includsive of excess applications
STATUS OF THE NEW UNITS
The New Units are expected to commence trading on the Main Board of the SGX-ST on 26 March 2026 at 9.00 a.m.. The New Units will, upon issue and allotment, rank pari passu in all respects with the Units in issue on the day immediately prior to the date on which the New Units are issued, including the right to Lendlease REIT&rsquo s distributable income from 1 January 2026 to 30 June 2026 as well as all distributions thereafter.
https://links.sgx.com/1.0.0/corporate-announcements/1KS3V3L7LE2Y0V50/880048_Results%20of%20Preferential%20Offering_Final.pdf
Lendlease Global Commercial Reit advances preferential offering process
On Mar 10, Lendlease Global Commercial Reit : JYEU -0.89% dispatched an instruction booklet to entitled unitholders in connection with its underwritten, non-renounceable preferential offering to raise S$196.6 million.
This marked the formal commencement of the offering, enabling unitholders to accept their provisional allotments and apply for excess new units by Mar 18.
The preferential offering will be used to fund a 30 per cent acquisition in PLQ Mall and repay debt at the Lendlease Reit level, with the combined transaction expected to be distribution per unit-accretive while keeping pro forma aggregate leverage at around 38 per cent.
Shareholders applying for rights issue - Pls note the following schedule
If shareholders do not subscribe then the underwriters subscribe instead, in which case they will be sitting on a mark to market loss if the reason for the lack of take up by shareholders is that the market price is below the subscription price.
This would then create a share overhang potentially putting further downward pressure on the share price because the market knows the underwriters are sitting on shares they want to get rid of. The underwriters would have to decide whether to sit on the shares hoping they will rebound allowing them to get out whole or whether to just dump their shares to avoid futher losses.
So the REIT will always get the money from the share raise, but who ends up buying the shares is important.
This would then create a share overhang potentially putting further downward pressure on the share price because the market knows the underwriters are sitting on shares they want to get rid of. The underwriters would have to decide whether to sit on the shares hoping they will rebound allowing them to get out whole or whether to just dump their shares to avoid futher losses.
So the REIT will always get the money from the share raise, but who ends up buying the shares is important.
Investors may apply for the excess rights to partially offset the underscription, or alloted to the underwriters (DBS, UOB, OCBC)
chuchu ( Date: 06-Mar-2026 09:11) Posted:
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I see. what happens if they are not able to raise sufficient funds from the voluntary rights issue? They will have to take on more debt to proceed?
No need to subscribe for the rights if you can buy at a lower price from the open market.
chuchu ( Date: 05-Mar-2026 16:57) Posted:
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I just bought some shares last week 
what happens if market continues to trend downwards and price falls below the rights issue price of $0.558? you are still forced to pick up at that price?
what happens if market continues to trend downwards and price falls below the rights issue price of $0.558? you are still forced to pick up at that price?
today lowest 57. I think XR date maybe another chance to see 57 and hopefully 56
JurongW ( Date: 25-Feb-2026 19:04) Posted:
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Lendlease REIT to acquire remaining 30% of PLQ Mall launches $196.6 mil rights issue priced at 55.8 cents each
Lendlease Global Commercial REIT is acquiring the remaining 30% interest in PLQ Mall for $885 million, funded by a $196.6 million rights issue. This acquisition, combined with a previous 70% stake purchase, will increase the REIT&rsquo s total asset value to $4.2 billion and boost its Singapore portfolio to 90%.
Good observation. Opportunity for new investors to buy at lower prices.
luckyguy3 ( Date: 25-Feb-2026 18:55) Posted:
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