Lendlease REIT (SGX: JYEU) just announced a lease restructuring with Sky Italia, the current tenant of Lendlease REIT’s Sky Complex right before FY2023 closes. This sudden lease restructuring has definitely surprised investors but in a good way. Let’s dive into the details and analyze if this is a good time to invest in Lendlease REIT. Original Lease Lendlease Global Commercial Italy Fund, a wholly-owned fund of Lendlease REIT, is the landlord of Sky Complex. The original lease with Sky Italia was due to expire in May 2032 with an option held by the tenant to terminate its lease early in 2026. Of course, it is unlikely that the tenant will terminate the lease early, but there is still some uncertainty lingering around. On top of this, the annual rental was reviewed based on 75% of the ISTAT (Italian National Institute of Statistics) consumer price index variation. It is also important to note that Sky Complex contains 3 office buildings,...