Broker Name: UOB Kay Hian
Date of Report: Thursday, 19 February 2026
Excerpt from UOB Kay Hian report.
Report Summary
- Lendlease Global Commercial REIT (LREIT) reported strong 1HFY26 results, with a positive rental reversion of 10.9% and nearly full occupancy at its key Singapore retail assets. Tenant sales grew 1.1% year-on-year on a same-store basis, supported by healthy tenant retention and new tenants.
- LREIT is focused on expanding its Singapore footprint, potentially acquiring the remaining 30% stake in PLQ Mall and considering the divestment of Building 3 at Sky Complex, Milan. Financial performance is robust with an attractive FY26 DPU yield of 5.9%, lower finance costs, and improved interest coverage ratio. The REIT is also set to benefit from lower electricity tariffs and ongoing asset enhancements.
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