“We estimate the valuation of the Jem office at $440 million to $470 million. Should it be divested by April FY2025, divestment proceeds could be used to pay down the $360 million loan maturing in April FY2025, which would otherwise be refinanced at higher rates,” write Ong and Lock.
CGS International’s (CGSI) Natalie Ong and Lock Mun Yee have kept their “add” call on Lendlease Global Commercial REIT (SGX:JYEU
) (LREIT) at a lowered target price of 71 cents from 74 cents previously.
The analysts write that at LREIT’s 6MFY2024 briefing, its management shared that it has received enquiries for the Jem office at Jurong East and provided viewings to 10 prospective buyers.
