Broker Name: Maybank Research Pte Ltd
Date of Report: November 3, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Lendlease Global Comm REIT (LREIT) is actively optimizing its portfolio, focusing on improving debt metrics, asset recycling, and emphasizing growth in Singapore.
- Portfolio occupancy increased to 95%, driven by proactive leasing in Milan and nearly full occupancy in Singapore malls, with stable operating trends and resilient retail rental reversions.
- The upcoming divestment of the Jem office will reduce gearing to approximately 35% and improve debt costs, supported by a conducive macro environment with lower interest rates.
- LREIT continues to demonstrate strong ESG leadership, maintaining net-zero carbon status and high governance standards, while trading at a discount to book value and offering an attractive yield.
- Main risks include slower-than-expected retail sales growth, high gearing, and potential dilutive transactions.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : www.maybank.com/investment-banking
