Singapore: Lendlease Global Commercial REIT (Lendlease REIT) has successfully completed the acquisition of the remaining 30 percent interest in PLQ Mall, marking full ownership of the Singapore retail asset. This strategic move comes as the REIT embarks on enhancement projects aimed at improving space utilisation and boosting rental income.

According to BERNAMA News Agency, the manager of Lendlease REIT, Lendlease Global Commercial Trust Management Pte Ltd, announced that enhancement works are currently in progress and are expected to be completed by the end of 2026. These works aim to optimise space utilisation and improve the tenant mix, with anticipated benefits of higher rental rates and increased income contribution.

Following this acquisition, the manager has successfully refinanced the loans for PLQ Mall, achieving approximately SG$2 million in annual all-in debt cost savings. This financial strategy was disclosed in a statement by the REIT, highlighting the focus on portfolio optimisation and strengthening the capital structure, as stated by Chief Executive Officer Guy Cawthra.

As of March 31, 2026, Lendlease REIT reported an improvement in its portfolio committed occupancy, reaching 95.3 percent. The retail portfolio maintained a high occupancy rate of 99.7 percent, while the Milan office portfolio reported an occupancy rate of 89.1 percent.

The retail portfolio experienced a positive rental reversion of 12.2 percent in the third quarter of the financial year 2026, driven by continued leasing demand across its properties. Moreover, year-to-date tenant sales and shopper traffic witnessed increases of 17.6 percent and 13.7 percent respectively, including contributions from PLQ Mall.

Tenant retention within the retail portfolio was recorded at 62.5 percent as of March 31, 2026. This was primarily impacted by the exit of Cathay Cineplexes, which has since been replaced by Shaw Theatres.