SINGAPORE, Feb 28 (Bernama) -- Lendlease Global Commercial Trust Management Pte. Ltd. (the “Manager”), the manager of Lendlease Global Commercial REIT (“LREIT”), is pleased to share that it has secured approximately 13% increase over the prevailing base rent for Jem office for five years effective from 3 December 2024.
Jem office is fully leased to the Singapore’s Ministry of National Development (“MND”) until 2044 with a rental review provided for once every five years. By gross rental income (“GRI”), the MND is the top tenant contributing 11.2% to LREIT’s portfolio as at 30 June 2024. Following this rental review, GRI contribution from the MND is expected to increase to approximately 12% on a proforma basis as at 31 December 2024.
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