Lendlease REIT Completes Full Acquisition Of PLQ Mall, Posts Positive Rental Reversion

KUALA LUMPUR, May 19 (Bernama) -- Lendlease Global Commercial REIT (Lendlease REIT) completed the acquisition of the remaining 30 per cent interest in PLQ Mall on March 26, 2026, achieving full ownership of the Singapore retail asset as it undertakes enhancement works aimed at improving space utilisation and rental income.

The REIT’s manager, Lendlease Global Commercial Trust Management Pte Ltd said enhancement works are underway and targeted for completion by end-2026 to optimise space utilisation and improve tenant mix, with the reconfigured spaces expected to support higher rental rates and strengthen income contribution.

Following the acquisition, the manager refinanced PLQ Mall loans, securing about SG$2 million in annual all-in debt cost savings, according to the REIT in a statement. (SG$1 = RM3.10)

Chief Executive Officer of the REIT’s manager, Guy Cawthra said the REIT continued to focus on portfolio optimisation and strengthening its capital structure, supported by resilient performance from its Singapore retail assets.

As of March 31, 2026, the REIT’s portfolio committed occupancy improved to 95.3 per cent, while its retail portfolio maintained occupancy of 99.7 per cent. The Milan office portfolio recorded occupancy of 89.1 per cent.

The retail portfolio achieved a positive rental reversion of 12.2 per cent in the third quarter of financial year 2026, supported by continued leasing demand across its properties.

Year-to-date tenant sales and shopper traffic rose 17.6 per cent and 13.7 per cent year-on-year respectively, including contributions from PLQ Mall.

Tenant retention for the retail portfolio stood at 62.5 per cent as of March 31, 2026, mainly due to the exit of Cathay Cineplexes. The space has since been replaced by Shaw Theatres.

-- BERNAMA