Lendlease Global Commercial REIT

What Lendlease Global Commercial REIT does

Lendlease Global Commercial REIT is a Singapore-listed real estate investment trust (SGX: JYEU) established in 2019 with the principal strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing real estate assets used primarily for retail and/or office purposes. The REIT is managed by Lendlease Global Commercial Trust Management Pte. Ltd., a wholly-owned subsidiary of its sponsor Lendlease Corporation Limited, which holds approximately 27.81% of units, providing meaningful sponsor alignment. Income distribution is the REIT's product, generated through leasing and asset management activities rather than technology development. The REIT serves income-focused Singapore retail investors, regional and international investors, and CPF/SRS investors seeking tax-efficient distribution income from commercial real estate exposure.

Its portfolio comprises leasehold interest in three Singapore retail properties (Jem with 893,279 sqft NLA and 250+ tenants, 313@somerset with 288,956 sqft NLA on Orchard Road, and PLQ Mall with 317,350 sqft NLA at the Paya Lebar MRT interchange), freehold interest in three Grade A LEED Gold-certified office buildings in Milan's Sky Complex (79,373 sqm NLA, with Buildings 1 and 2 fully leased to Sky Italia and Building 3 being repositioned to multi-tenancy), a 10% stake in Parkway Parade, and a 48,200 sq ft multifunctional event space under development adjacent to 313@somerset. Total appraised portfolio value is S$4.2 billion as of 31 March 2026 with approximately 90% concentration in Singapore following the divestment of the Jem office component and full acquisition of PLQ Mall.

The revenue model is anchored on rental income from leasing retail and office space, supplemented by manager fees (base 0.3%, performance 5.0%, acquisition 1.0%, divestment 0.5%) and property management fees. Distribution per unit was 1.85 cents in H1 FY2026 (up 3.1% YoY) with distributable income of S$48.6 million (up 11.7% YoY). The REIT operates a semi-annual distribution model available through DBS, OCBC, and UOB including CPFIS and SRS channels, with a Distribution Reinvestment Plan (DRP) optionality. Capital structure metrics include a 38.4% gearing ratio, 2.90% weighted average cost of debt, and S$611 million of available debt facilities. Distribution coverage is supported by operational KPIs of 95.3% portfolio occupancy, 4.7-year weighted average lease expiry, 12.2% positive retail rental reversion, 17.6% year-to-date tenant sales growth, and 13.7% year-on-year shopper visits growth.

Name

Lendlease Global Commercial REIT

Legal name

Lendlease Global Commercial REIT

Website

https://lendleaseglobalcommercialreit.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Lendlease Global Commercial REIT is a Singapore-listed REIT investing in stabilised retail and office real estate across Singapore and Milan, serving income-focused investors with semi-annual unit distributions from a S$4.2 billion portfolio spanning suburban malls and Grade A offices.

Ownership category

akta.pro rank

Product category

Commercial REIT

NAICS

Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Commercial REIT
• Retail property investment
• Singapore real estate
• Suburban retail assets
• Grade A office space

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rental Income from Properties: Primary revenue stream from leasing retail and office spaces across the portfolio. Properties include Jem, 313@somerset, PLQ Mall in Singapore, and Sky Complex in Milan. Income is generated through tenant rentals with positive rental reversion (12.2% in Q3 FY2026) and strong occupancy rates (95.3%).
2. Distribution Per Unit: The REIT makes semi-annual distributions to unitholders. Distribution per unit increased 3.1% year-on-year to 1.85 cents in 1H FY2026. Distributable income grew 11.7% to S$48.6 million driven by resilient Singapore mall performance and lower interest expenses.
3. Manager Fees: Manager earns base fee (0.3% per annum of deposited property value), performance fee (5.0% per annum of net property income), acquisition fee (1.0% of acquisition price), and divestment fee (0.5% of sale price). Property management fees include 2.0% per annum of gross revenue and 2.0% per annum of net property income for Singapore properties.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Lendlease Global Commercial REIT is a Singapore-listed real estate investment trust that invests in a diversified portfolio of retail and office properties across Singapore. Its core offering consists of income-producing commercial real estate assets leased to corporate and retail tenants, with rental income distributed to unitholders. The REIT is managed by Lendlease Commercial Asset Management Pte. Ltd. and is supported by global sponsor Lendlease Corporation.

Product overview

Lendlease Global Commercial REIT is a Singapore real estate investment trust (REIT) established to invest in stabilised income-producing commercial real estate assets used primarily for retail and/or office purposes. The REIT operates as a single unified investment vehicle, with its portfolio consisting of four core property holdings: three Singapore retail properties (Jem, 313@somerset, and PLQ Mall) and one office complex (Sky Complex in Milan). Additionally, the REIT holds a 10% stake in Parkway Parade and is developing a multifunctional event space adjacent to 313@somerset. The REIT distributes income to unitholders on a semi-annual basis.

Differentiator

Problem solved

Functional benefit

Products and services

• Jem A major suburban retail mall located in Jurong East, Singapore, serving as a key retail and dining destination for shoppers in the western region of Singapore. The mall is leased to a mix of retail tenants including F&B, fashion, and lifestyle brands.
• 313@somerset A retail mall located on Orchard Road, Singapore, offering shopping, dining, and lifestyle experiences to urban shoppers and office workers in the Orchard commercial district.
• PLQ Mall A retail mall located at Paya Lebar Quarter in Paya Lebar, Singapore, providing retail, dining, and entertainment offerings to office workers and residents in the eastern part of Singapore.
• Sky Complex A Grade A office complex located in Singapore, comprising three office buildings providing premium office space to multinational corporate tenants.
• Parkway Parade A suburban retail mall located in Marine Parade, Singapore, offering shopping, dining, and essential services to residents in the eastern residential catchment area.
• Multifunctional Event Space Event and co-working spaces available within the REIT's retail properties, providing flexible usage areas for tenants, community events, and short-term occupiers.

Quantifiable outcome

• 12.2% positive retail rental reversion in Q3 FY2026
• +6 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• Live NationminorStrategic or Co-development Partner · 8 May 2026Lendlease Global Commercial REIT partnered with Live Nation for the development of Grange Road Events Venue adjacent to 313@somerset. The combined NLA with 313@somerset of approximately 330,000 sq ft will enlarge and strengthen the REIT's retail presence in the Somerset youth precinct. The space is envisioned as an experiential innovative lifestyle destination.
• Singapore Tourism Board (STB)coreStrategic or Co-development Partner · 8 May 2026Singapore Tourism Board launched the Orchard Road Rejuvenation Initiative in mid-2026, providing funding support for eligible pilot events including building facade enhancements, experiential concepts, artwork installations, and night-time initiatives. Lendlease REIT is involved in the Grange Road Events Venue project as part of broader plans to transform Orchard Road into a premier lifestyle destination.
• Lendlease Asia Investments Pty LimitedcoreStrategic or Co-development PartnerLendlease REIT acquired a 10.0% interest in Parkway Parade Partnership Pte Ltd from Lendlease Asia Investments Pty Limited in June 2023. The partnership indirectly holds 77.09% of the share value in Parkway Parade, a 520,000 sq ft mixed-use asset in Singapore's eastern region.

Scale indicators22 records

Recent moves7 records

Expansion highlights5 records

Regional players

• Vicinity Centres: Australian-listed retail REIT operating a portfolio of suburban and regional shopping centres across Australia. Comparable as a retail REIT with focus on necessity-based suburban malls, though operates in Australia rather than Singapore.
• Link REIT: Hong Kong-listed retail-focused REIT (now Link REIT) with portfolio of shopping malls across Hong Kong, China, Australia, and the UK. Comparable as a dominant retail REIT serving Asian gateway cities with suburban mall focus, though listed in Hong Kong rather than Singapore.

Direct peers

• CapitaLand Integrated Commercial Trust: Singapore's largest REIT with a diversified portfolio of retail (including Raffles City Singapore) and Grade A office properties across Singapore. Direct comparable in retail and office commercial focus, listed on SGX, and serves similar investor base seeking Singapore-listed REIT exposure with stable distributions.
• Keppel REIT: Singapore-listed REIT with a portfolio predominantly of Grade A office assets in Singapore and Australia. Compares to Lendlease REIT's office exposure (Sky Complex Milan) and serves similar institutional investors looking for Singapore-listed commercial REIT exposure.
• Mapletree Pan Asia Commercial Trust: Singapore-listed REIT (formerly Mapletree Commercial Trust) that owns and operates VivoCity and Mapletree Business City, providing direct exposure to Singapore suburban retail and Grade A office. Closest peer given similar retail-office mix and Singapore-centric portfolio strategy post the MPACT merger.
• Suntec REIT: Suntec REIT owns Suntec City and other major commercial properties in Singapore and Australia (including stake in Southbank in Melbourne). Directly comparable as a Singapore commercial REIT with both retail and office assets targeting similar yield-focused investors.
• Starhill Global REIT: Singapore-listed REIT focused on retail real estate (including Ngee Ann City in Singapore) with international exposure. Directly comparable in retail-centric commercial REIT structure, Singapore primary listing, and similar yield-oriented investor base.
• Frasers Commercial Trust: Singapore-listed REIT backed by Frasers Property with a portfolio of office and commercial properties in Singapore, Australia, and the UK. Comparable in Singapore commercial REIT structure with international office exposure similar to Lendlease REIT's Sky Complex Milan.
• OUE Commercial REIT: Singapore-listed REIT (now part of OUE REIT) with a portfolio of commercial properties including OUE Bayfront and Lippo Plaza in Shanghai. Directly comparable as a Singapore commercial REIT with both office and retail/commercial assets across gateway cities.

Broad incumbents

• Cromwell Property Group: Australian-listed diversified REIT and fund manager with direct property and real estate fund management business. Comparable as a broader commercial real estate investment platform spanning multiple geographies, though larger and more diversified than Lendlease REIT's focused portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lendlease Global Commercial REIT