Excerpts from UOB KayHian report
Lendlease Global Commercial REIT (SGX: JYEU)
- Lendlease Reit 313@Somerset maintained positive rent reversion at mid single-digit and high occupancy of 99.4% in 3QFY22.
- Sky Complex will enjoy rental escalation of 4.68% starting May 22 based on the 6.24% increase in ISTAT CPI in Apr 22.
- LREIT benefits from full contribution and tax transparency from Jem in FY23 as the acquisition of the remaining 68.2% stake was completed in Apr 22.
- LREIT provides an attractive FY23 distribution yield of 7%.
Maintain BUY. Target price: S$1.05.
Lendlease REIT (LREIT) provided a business update for 3QFY22
313@Somerset maintained positive reversion. Portfolio occupancy was stable at 99.9% in 3QFY22. Occupancy at 313@Somerset eased slightly by 0.3ppt qoq to 99.4%.
The downtown mall maintained positive rent reversion at mid single-digit.
Strengthened tenant mix with refreshed offerings.
New tenants at 313@Somerset include kskin (express beauty care from South Korea), Chinese Tofu Magician (chewy mochi drink from Hunan, China), Sukiya (authentic beef bowl from Japan) and Fjallraven (outdoor apparel from Sweden)....
