Broker Name: UOB Kay Hian
Date of Report: Friday, 27 March 2026

Excerpt from UOB Kay Hian report.

Report Summary

• Lendlease Global Commercial REIT (LREIT) acquired the remaining 30% of PLQ Mall, gaining full ownership and management control. The acquisition was funded by a S\$197m preferential offering, resulting in a slight DPU increase and reduced leverage.
• PLQ Mall’s acquisition was priced attractively versus comparable deals, with a 4.5% NPI yield and lower valuation per square foot. LREIT’s portfolio is now 90% Singapore-based, focusing on defensive suburban malls and benefiting from strong domestic consumption and a robust sponsor pipeline.
• Cost efficiencies, interest expense savings, and asset enhancement initiatives (such as tenant mix reconfiguration at PLQ Mall) are expected to support further rental growth and earnings. Potential divestment opportunities in Milan also provide flexibility for capital recycling.
• LREIT offers an attractive FY26 DPU yield of 7.0%. The broker maintains a BUY rating with a target price of S\$0.78, citing quality assets, resilient earnings, and a strong Singapore focus.

Above is an excerpt from a report by UOB Kay Hian. Clients of UOB Kay Hian can be the first to access the full report from the UOB Kay Hian website: https://www.uobkayhian.com