Lendlease Global Commercial REIT said on May, 18 2026 that it achieved a 12.2% retail rental reversion for the third quarter of FY2026 and completed the purchase of the remaining 30% stake in PLQ Mall on Mar, 26 2026, giving the trust full ownership of the Singapore asset.

Portfolio occupancy improved to 95.3% as of Mar, 31 2026, up from 94.9% three months earlier. The retail component was 99.7% occupied, while the Milan office buildings were 89.1% let. Year-to-date tenant sales rose 17.6% year on year and, on a like-for-like basis excluding PLQ Mall, grew 2.5%.

Following the acquisition, the manager refinanced PLQ Mall’s loans, securing about 2 million Singapore dollars in annual all-in debt cost savings. Gross borrowings totalled roughly 1.74 billion Singapore dollars at end-March, representing a gearing ratio of 38.7%. After applying 82.8 million Singapore dollars from a preferential offering to repay debt, pro-forma gearing stood at 37.5%.

The trust’s weighted average cost of debt was approximately 2.9% per annum, with an interest coverage ratio of 1.8 times based on results to Dec, 31 2025. On Apr, 14 2026, the manager issued 120 million Singapore dollars of perpetual securities at 4.28% per annum to partly refinance a 200 million Singapore dollars perpetual due in Jun, 2026.

Electricity tariffs have been fixed through FY2028, and targeted enhancement works at PLQ Mall are scheduled for completion by end-2026 to support higher rental rates from 2027.