See also: Lendlease Global Commercial REIT posts 3Q DPU of 1.28 cents, 0.7% above forecast.
SINGAPORE (May 8): Despite commercial real estate investment trusts (REITs) taking a beating from Covid-19 circuit breaker measures, DBS Group Research has maintained its “buy” call on Lendlease Global Commercial REIT (LREIT) as one of its “top sector picks” on grounds of a strong value proposition and resilient asset structure.
While it has been given a global investment mandate, 71.5% of LREIT’s estimated value of $1.4 billion is rooted in Singapore, where it fully owns a 99-year leasehold interest in prime shopping mall 313@somerset. LLGCR also fully owns the Sky Complex, which comprises three commercial office buildings, in Milan, Italy, which constitutes 28.5% of its value. Portfolio occupancy remains steady at 99.8%, with 313@somerset and Sky Complex recording a 99.2% and 100% occupancy rate respectively.
