Lendlease Global Commercial REIT - 1Q FY2021 Business Update 3 November 2020
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Lendlease Global Commercial REIT 1Q FY2021 Business Update 3 November 2020
Important Notice This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these risks, uncertainties and assumptions include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither Lendlease Global Commercial Trust Management Pte. Ltd. (the “Manager”) nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of Lendlease Global Commercial REIT (“LREIT”) is not indicative of future performance. The listing of the units in LREIT (“Units”) on Singapore Exchange Securities Trading Limited (the “SGX-ST”) does not guarantee a liquid market for the Units. The value of the Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units.
Contents
1. Key Event Highlight
2. Portfolio Update
3. Capital Management
4. Update on COVID-19
5. Appendix
KEY EVENT HIGHLIGHT
Lendlease Global Commercial REIT 1Q FY2021 Business Update 5
Key Event Highlight
Acquisition of a stake in Jem via 5% interest in Lendlease Asian Retail Investment Fund 3
• The investment provides LREIT with pre-emptive rights and opportunities to potentially increase its strategic
stake in the Fund (and indirect interest in Jem) over time
• The acquisition was funded fully with cash and is accretive (1) to its distribution per unit (“DPU”)
• Unitholders will benefit from greater income diversification based on the office (35% by NLA) and suburban
retail (65% by NLA) components of Jem
(1) Refer to LREIT’s announcement “Lendlease Global Commercial REIT acquires a stake in Jem via a 5% interest in Lendlease Asian Retail Investment Fund 3”
dated 1 October 2020 for the proforma DPU effect.
PORTFOLIO UPDATE
Lendlease Global Commercial REIT 1Q FY2021 Business Update 7
Portfolio Performance
• Maintained a healthy portfolio occupancy of 99.0%
• Only 3% (by NLA) and 12% (by GRI) of the leases will expire by FY2021
• Healthy tenant retention rate of 80.0%(1)
• Disciplined capital management with gearing ratio of 35.6% and interest coverage ratio of
9.2 times(2)
• No near-term refinancing until FY2023
Weighted Tenant
Portfolio Average Lease Retention
Key Portfolio Metrics Occupancy Expiry (by NLA)
(WALE)
99.0% 80.0%(1)
9.5 years
Gearing Weighted Interest
Capital Management Ratio Average Running Coverage Ratio
Cost of Debt
35.6% 9.2 times(2)
0.86%
(1) Refers to 313@somerset. Sky Complex is 100% leased till 2032, excluding tenant’s break option in 2026.
(2) The interest coverage ratio of 9.2 times is in accordance with requirements in its debt agreements, and 4.8 times in accordance with the Property Funds Appendix of the Code on Collective Schemes.
Lendlease Global Commercial REIT 1Q FY2021 Business Update 8
Portfolio Overview
As at 30 September 2020
Well-spread Lease Expiry Profile
WALE of 9.5 years (by NLA) and 4.9 years (by GRI)
78%
35%
20% 24%
12% 10%
3% 7% 6% 4%
FY 2021 FY 2022 FY 2023 FY 2024 Beyond FY2024
By NLA By GRI
Stable Occupancy Rate Diversified Tenant Base
% Others
99.8 99.8 99.5 99.0 Entertainment 11%
100 3%
Beauty & Health Broadcasting
90 32%
3%
80 IT &
Telecommunication
70 4%
60
Food &
50 Fashion & Beverages
As at Dec 2019 As at Mar 2020 As at Jun 2020 As at Sep 2020 Accessories 27%
19%
Lendlease Global Commercial REIT 1Q FY2021 Business Update 9
313@somerset, Retail Mall in Singapore
Atop Somerset MRT Station and spans across eight retail levels, comprising three basement
levels (B3 to B1) and five levels above ground (L1 to L5)
Key Statistics
(as at 30 September 2020)
Occupancy 95.6%(1)
1.6 years (by NLA)
WALE
1.7 years (by GRI)
Appraised value S$1,008 million
Valuation cap rate 4.25%
NLA 288,318 sq ft
100% (99-year
Ownership
leasehold)
(1) Since 30 September 2020, LREIT has secured a new tenant that would improve the occupancy at 313@somerset to 98.0%.
Lendlease Global Commercial REIT 1Q FY2021 Business Update 10
Tenant Sales and Visitation Continued to Show Signs
of Recovery
• Tenant sales and visitation recovered approximately 70% and 60%, respectively, compared with pre-
COVID-19 levels. Positive traction is expected to continue with the ease of restrictions by the authorities.
• With travel restrictions remain in place, tenant sales and visitation will continue to be supported by
domestic demand
• Rolled out more marketing campaigns through the Lendlease Plus App to improve sales performance
S$ in Tenant sales Number in
millions millions
Visitation
80
69.2 12.0 11.4
70
60 +3.5 times 10.0 +2.8 times
QoQ 8.6 QoQ
49.2
50 8.0
42.6
40 6.2
6.0
30
4.0
20
11.7 2.2
10 2.0
0 0.0
Oct-Dec 2019 Jan-Mar 2020 Apr-Jun 2020 Jul-Sep 2020 Oct-Dec 2019 Jan-Mar 2020 Apr-Jun 2020 Jul-Sep 2020Lendlease Global Commercial REIT 1Q FY2021 Business Update 11 Marketing and Digital Offering 313@somerset, prime retail mall in Singapore
Lendlease Global Commercial REIT 1Q FY2021 Business Update 12
Occupancy Rate Stayed Stable at 95%
• Tenant retention rate held steady at 80% during the quarter
• Leasing activities are expected to remain soft due to weak demand against COVID-19 headwinds
• Retail tenants are adopting a wait-and-see approach and are recalibrating their cost structures, which
may pose a challenge during lease renewal
Occupancy rate (%)
99.2 99.2 97.8
100 95.6(1)
90
80
70
60
50
As at Dec 2019 As at Mar 2020 As at Jun 2020 As at Sep 2020
(1) Since 30 September 2020, LREIT has secured a new tenant that would improve the occupancy at 313@somerset to 98.0%.Lendlease Global Commercial REIT 1Q FY2021 Business Update 13
Sky Complex, Grade-A Office in Milan
Comprises of three office buildings and has excellent accessibility via the public transport system.
Fully leased to Sky Italia, owned by Comcast Corporation(1).
Key Statistics
(as at 30 September 2020)
Occupancy 100%
11.6 years
WALE
(by NLA and GRI)
Appraised value S$444.5 million(2)
Valuation cap rate 5.25%
NLA 985,967 sq ft
Ownership 100% (freehold)
(1) Sky Italia is a subsidiary of Comcast Corporation company, a global media and technology company.
(2) Conversion of € to S$ is based on the FX rate of 1.601 as at 30 September 2020.Lendlease Global Commercial REIT 1Q FY2021 Business Update 14 Broadcasting Operations Continue to Remain Resilient • Safe distancing management continues at Sky Complex • To-date, Sky Italia has made all its rental payments in a timely manner with no rental waiver granted • Change of alternative investment fund manager to Lendlease Italy SGR S.p.A. to align its interest closely with LREIT’s unitholders
CAPITAL MANAGEMENT
Lendlease Global Commercial REIT 1Q FY2021 Business Update 16
Key Financial Indicators
Maintained stable liquidity position to meet financial obligations
As at 30 September 2020 As at 30 June 2020
Gross borrowings S$555.4 million S$545.3 million
Gearing ratio 35.6% 35.1%
Weighted average debt maturity 2.8 years 3.1 years
Weighted average running cost of debt(1) 0.86% p.a. 0.86% p.a.
Interest coverage(2) 9.2 times 9.0 times
(1) Based on drawn debt and excludes amortisation of debt-related transaction costs.
(2) The interest coverage ratio of 9.2 times is in accordance with requirements in its debt agreements, and 4.8 times in accordance with the Property Funds
Appendix of the Code on Collective Schemes.Lendlease Global Commercial REIT 1Q FY2021 Business Update 17
Debt Facilities and Maturity Profile
No refinancing till FY2023
Prudent capital structure
Debt Facilities Loan Amount Remaining Loan Tenor • Balance sheet flexibility with 100%
of unsecured debt
Singapore dollar • Interest rate risk 100% hedged to
S$99.3 million 2 years
term loan facility fixed rate debt through interest
S$456.1 million rate swaps and options
Euro term loan facility 3 years •
(€285.0 million) Euro natural hedge for Sky
Complex via Euro term loan
Singapore dollar
S$50.0 million 4 years • Diversity of debt funding across a
revolving credit facility
syndicate of lenders
• S$148 million(1) of undrawn debt
Debt maturity profile facilities.
S$m
500 456.1
400
300
200
99.3
100 50.0
0
FY2021 FY2022 FY2023 FY2024 FY2025
S$ Term Loan Facility € Term Loan Facility S$ Revolving Credit Facility
(1) Uncommitted undrawn debt facilities comprise of S$50 million and €30 million. Committed undrawn multi-currency revolving credit facility of S$50 million.UPDATE ON COVID-19
Lendlease Global Commercial REIT 1Q FY2021 Business Update 19
COVID-19: Singapore to resume more activities safely
313@somerset, prime retail mall in Singapore
• Operations:
– Continue to remain focused on the health and well-being of LREIT’s tenants and customers
– Maintain its hygiene standards to ensure that 313@somerset provides a safe environment for people
to work, shop and play.
– Footfall and tenant sales are expected to gain positive traction with more people allowed to return to
workplace and the Singapore government opening its borders to tourists from Hong Kong
• Revenue:
– The COVID-19 (Temporary Measures) Act to allow tenants to seek temporary relief from paying rent
and other obligations under their leases from April 2020 to October 2020, has been extended to 19
November 2020.
– While the support from the Singapore government and LREIT have helped to ease immediate
cashflow pressure on its tenants over the last six months, the overall retail sector and leasing
demand remains subdued. These could potentially impact rental during lease renewals and when
entering into new leases.Lendlease Global Commercial REIT 1Q FY2021 Business Update 20
Key Focus in the Near Term
Prudent capital Manage operating Enhance portfolio
management expenses attractiveness
• Maintain a strong • Adopt disciplined • Capitalise on the strategic
balance sheet through approach to reduce costs location of 313@somerset
liquidity and capital to improve visitation and
management strategies • Defer non-essential sales performance
capital expenditure to
• Adopt appropriate risk conserve cash • Solidify the position of
management strategies 313@somerset as the
to mitigate market heart of the Somerset
uncertainties youth precinct through the
redevelopment of the
Grange Road car park site
into a new lifestyle
destination313@SOMERSET, SINGAPORE SKY COMPLEX, MILAN
Thank You
For enquiries, please contact Ling Bee Lin, Manager Investor Relations
Tel: (65) 6671 7374 / Email: enquiry@lendleaseglobalcommercialreit.comAPPENDIX
Lendlease Global Commercial REIT 1Q FY2021 Business Update 23
Recap: Financial Performance for Q4 FY2020 and
FY2020
DPU of 1.76 cents declared for 2H FY2020
4Q FY2020 FY2020
Actual Forecast(1) Actual Forecast(1)
Variance Variance
(S$’000) (S$’000) (S$’000) (S$’000)
Gross revenue 12,466 21,514 42.1% 55,536 63,910 13.1%
Net property income 7,514 16,092 53.3% 40,289 47,722 15.6%
Distributable income 5,693 15,078 62.2% 35,672 44,671 20.1%
DPU (cents) 0.48 1.28 62.7% 3.05(2) 3.80 19.7%
(1) The Manager had, in the interest of good corporate governance, made announcements on 9 April and 20 April 2020 respectively, with regard to the IPO profit and
distribution forecast for the financial year ending 30 June 2020 (“FY2020”) and the profit and distribution projection for the financial year ending 30 June 2021
(“FY2021”), as it may no longer be a fair basis against which the actual performance of LREIT could be compared given current circumstances. For transparency, the
Manager will still provide year-on-year comparisons of LREIT’s financial results for FY2020 against the profit forecast for FY2020 disclosed in LREIT’s prospectus
and FY2021 against LREIT’s financial results for FY2020, in the announcements of LREIT’s full year financial results for FY2020 and FY2021 respectively.
(2) Distribution of 1.29 cents per unit was paid on 16 March 2020.Lendlease Global Commercial REIT 1Q FY2021 Business Update 24
Recap: Gross Revenue and Net Property Income
• Stable revenue from Sky Complex helps to protect income during COVID-19, which has affected the retail
sector in 4Q FY2020
• Rent waivers of up to two months were provided to retail tenants in 4Q FY2020
Gross Revenue Sky Complex
313@somerset
S$ million
25 21.7
21.4
20
6.1 6.3
15 12.5
10 6.3
15.3 15.4
5
6.2
0
2Q FY2020 3Q FY2020 4Q FY2020
Net Property Income
S$ million
20
16.2 16.6
15
5.5 5.7
10 7.5
5 10.7 10.9 5.7
0 1.8
2Q FY2020 3Q FY2020 4Q FY2020Lendlease Global Commercial REIT 1Q FY2021 Business Update 25
Recap: Balance Sheet as at 30 June 2020
NAV per unit increased to $0.85
As at 30 June 2020 As at 31 March 2020
Total assets
1,555,498 1,518,802
S$(’000)
Gross borrowings
545,319 545,227
S$(’000)
Total liabilities
563,248 562,553
S$(’000)
Net assets attributable to unitholders
992,250 956,249
S$(’000)
Units in issue 1,171,795,224 1,169,480,379
NAV per unit
0.85 0.82
(S$)Lendlease Global Commercial REIT Poised to
Recover Post Circuit-Breaker
• Portfolio occupancy stood at 99.0%
• Weighted average lease expiry (“WALE”) of 9.5 years by net lettable area (“NLA”)
and 4.9 years by gross rental income (“GRI”)
• Approximately 78% of the leases (by NLA) will expire only beyond FY2024
• Gearing ratio of 35.6% with average running cost of debt of 0.86% p.a.
• Weighted interest coverage ratio of 9.2 times1
• Sky Complex continues to remain resilient. Its tenant’s broadcasting business
continues to take place with safe management measures in place.
• Strategic acquisition of a stake in Jem provides income diversification as the office
component is fully leased on a long lease term to the Ministry of National
Development (MND) of Singapore
DBS Bank Ltd. is the Sole Financial Adviser and Issue Manager for the initial public offering of
Lendlease Global Commercial REIT (the “Offering”). DBS Bank Ltd. and Citigroup Global
Markets Singapore Pte. Ltd. were the joint global coordinators, bookrunners and underwriters for
the Offering.
Singapore, 3 November 2020 - Lendlease Global Commercial Trust Management Pte. Ltd. (the
“Manager”), the manager of Lendlease Global Commercial REIT (“LREIT”), today provides its
first quarter FY2021 operations update for the period 1 July 2020 to 30 September 2020. LREIT
has adopted half‐yearly announcement of financial statements with effect from 13 July 2020.
Operations Update
LREIT’s portfolio occupancy stood at 99.0% as at 30 September 2020, with a long WALE of 9.5
years2 by NLA and 4.9 years2 by GRI. Approximately 78% of its leases by NLA will expire only
beyond FY2024.
Tenant sales and footfall at 313@somerset continue to show signs of recovery. During the
quarter, tenant sales and footfall recovered approximately 70% and 60% respectively, compared
to pre-COVID-19 levels. As at 30 September 2020, 313@somerset had maintained a healthy
1
The interest coverage ratio of 9.2 times is in accordance with requirements in its debt agreements and 4.8 times in
accordance with the Property Funds Appendix of the Code on Collective Schemes.
2
Assumes that Sky Italia does not exercise its break option in 2026.
1occupancy rate of approximately 96% and tenant retention rate of 80%. More recently, LREIT has
secured a new tenant that would improve the occupancy to 98.0%.
In the coming quarters, the Manager will focus on capitalising the strategic location of
313@somerset to improve visitation and sales performance. It also aims to solidify the position of
313@somerset as the heart of the Somerset youth precinct through the redevelopment of the
Grange Road car park into a new lifestyle destination. The authorities have ceased operations at
the car park in preparation for the targeted handover of the site to LREIT by December 2020.
Redevelopment works are expected to commence soon after LREIT takes over the site.
On Sky Complex, LREIT’s office asset in Milan, its tenant’s broadcasting business continued to
remain resilient with safe management measures in place. Sky Complex is fully leased to Sky
Italia, an international high-quality tenant, on a long lease term until 20322. The Manager had, on
1 September 2020, appointed Lendlease Italy SGR S.p.A. as the alternative investment fund
manager for Lendlease Global Commercial Italy Fund, which holds Sky Complex, to align its
interest closely with LREIT’s Unitholders.
Milano Santa Giulia district, where Sky Complex is located, has been gaining positive traction and
is an emerging key office location in the Milan Periphery submarket in recent years. The district
is conceived as an area where various facilities, services and land-uses would integrate, connect
and create synergies and as a place where people interact and engage with each other. The
recent developments adjacent to Sky Complex - two grade-A office buildings are about 80% pre-
let to a global engineering company - and infrastructure development of a new metro line that
connects to Linate airport, have contributed to the positive office investment interest in the Milano
Santa Giulia district.
Mr Kelvin Chow, Chief Executive Officer of the Manager, said, “We are fortunate to have fully
leased our three freehold Grade A office buildings, Sky Complex in Milan, with a long lease term
till 2032. Sky Complex is expected to be income resilience and mitigate downside risks during
COVID-19.”
Commenting on LREIT’s prime retail asset in Singapore, Mr Chow added, “The safety of our
shoppers, tenants and employees remains a top priority at Lendlease. The Singapore
government’s move towards allowing more people to return to work and increasing the capacity
for events and dining, will definitely be positive for malls as travelling overseas is still not readily
allowed. We stand ready to work in accordance with local guidelines to drive visitation to
313@somerset. We will also focus on retaining and engaging our tenants as we continue to build
on our healthy and long-lease expiry profile to provide Unitholders with regular and stable returns.”
Strategic acquisition of a stake in Jem, an integrated office and retail development
The acquisition of a stake in Jem through a 5% interest in Lendlease Asian Retail Investment
Fund 3 (the “Fund”) has provided pre-emptive rights and opportunities for LREIT to potentially
increase its strategic stake in the Fund (and indirect interest in Jem) over time.
2The transaction was completed on 1 October 2020, fully funded with cash and is accretive3 to
LREIT’s distribution per unit (“DPU”). LREIT and its Unitholders will also benefit from further
income diversification based on the office and suburban retail components of Jem. Its office
component, accounts for approximately 35% by NLA, is fully leased to the Ministry of National
Development (MND) of Singapore.
Capital Management
As at 30 September 2020, the Group and LREIT have an uncommitted undrawn debt facility of
S$50 million and €30 million to fund its working capital. As at the date of this announcement,
LREIT has committed undrawn multi-currency revolving credit facility of S$50 million.
Gross borrowings stood at S$555.4 million as at 30 September 2020, equating to a gearing ratio
of 35.6%. The weighted average running cost of debt was 0.86% per annum. LREIT’s weighted
average debt maturity was 2.8 years.
LREIT’s interest coverage ratio was 9.2 times in accordance with requirements in its debt
agreements, and 4.8 times in accordance with the Property Funds Appendix of the Code on
Collective Schemes. The current levels of the interest rate coverage ratios provide ample buffer
from the debt covenant of 2.0 times and minimum regulatory requirement of 2.5 times. The
Manager will continue to be vigilant in maintaining a strong balance sheet and prudent cashflow
management.
LREIT hedged 100.0% of its floating rate debt to fixed rate through interest rate swaps and
options. To mitigate foreign currency risks, it has substantially hedged its projected Euro-
denominated income for FY2021. LREIT has achieved natural hedge against its Euro capital
investment in Sky Complex via a Euro term loan. It has diverse sources of funding from a lending
group of well-rated financial institutions. All of LREIT’s debt is unsecured debt, ensuring that it
has balance sheet flexibility.
COVID-19 Update
The Singapore government had in October 2020 extended the relief period under COVID-19
(Temporary Measures) Act (the “COVID-19 Act”) till 19 November 2020. Under the COVID-19
Act, tenants are able to seek temporary relief from paying rent and other obligations under their
leases from April 2020.
For LREIT’s retail tenants at 313@somerset, the Manager has been engaging with them actively
since the onset of the COVID-19 pandemic. Up to two months of rental relief were provided to
eligible tenants and full savings from property tax rebate were also passed through to eligible
tenants to help them tide over this period. While the support has helped to ease immediate
3
Refer to LREIT’s announcement “Lendlease Global Commercial REIT acquires a stake in Jem via a 5% interest in
Lendlease Asian Retail Investment Fund 3” dated 1 October 2020 for the proforma DPU effect.
3cashflow pressure on LREIT’s tenants over the last six months, the overall retail sector and
leasing demand remains subdued. Retailers remain cautious as they adopt a wait-and-see
approach and are recalibrating their cost structures. Leasing activities are expected to remain
challenging due to the soft demand against COVID-19 headwinds.
In the coming quarters, the Manager expects this cautious stance to put pressure on occupancy
and rental reversion for 313@somerset. It remains committed to provide appropriate assistance
to ensure business continuity of its retail tenants.
On Sky Complex, no rental waiver is granted to Sky Italia and to-date, it has made all its rental
payments in a timely manner.
Market Outlook
Singapore Retail Industry
Based on advance estimates by the Ministry of Trade and Industry, the Singapore economy
contracted by 7.0%4 year-on-year (“YoY”) in the third quarter of 2020, an improvement from the
13.3% contraction in the second quarter. The improved performance came on the back of the
phased re-opening of the economy following the Circuit-Breaker that was implemented between
7 April and 1 June 2020.
Retail sales index continued to decline for six consecutive months in August to 5.7% 5 YoY.
However, this was an improvement from the 8.5% YoY decline recorded in July.
Announcements from the Singapore government to move towards Phase Three safe re-opening
in a calibrated and cautious manner have been encouraging. More activities could be anticipated
with further easing of restrictions over the next few months. In addition, the air travel bubble
announced by the Singapore and Hong Kong authorities in October marks a significant positive
development in reopening the borders.
While these are positive signs of recovery, the pace of recovery may not be uniform across the
sectors. Consumer-facing sectors such as tourism and hospitality as well as retail may continue
to remain subdued in the near term. Nevertheless, the retail space market fundamentals continue
to look encouraging with little supply expected in the Orchard Road micro-market over the next
four years6. This will lend support to modest leasing activities in the medium term.
Milan Office Industry
According to the latest research report by CBRE in 2Q 2020, the Milan office market has a total
investment of €1.27 billion in the first half of 2020, accounting for approximately 70% of the entire
4
Ministry of Trade and Industry Singapore’s GDP Contracted by 7.0 Per Cent in the Third Quarter of 2020, 14
October 2020
5
Statistics Singapore, Retail Sales Index and Food & Beverage Services Index – August 2020
6
REALIS / Colliers International Singapore Research
4office market in Italy. Office vacancy rates in Milan remained stable at 9.9% in 1H 2020, an
improvement of 0.4 percentage points YoY. Prime office rental rate in Milan climbed 3.4% to €600
per square metre per annum.
In the near term, assets such as Sky Complex, LREIT’s office in Milan, let on long leases to high
quality tenants will continue to remain resilient. Sky Complex is fully leased to Sky Italia on a long
lease term till 20322.
Distribution Policy
LREIT intends to make distributions to Unitholders semi-annually and will distribute at least 90.0%
of its adjusted net cashflow from operations for each financial year. The actual level of distribution
will be determined at the Manager’s discretion. LREIT intends to distribute 100.0% of its adjusted
net cashflow from operations for the period from the Listing Date to the end of 30 June 2021.
ENDS
About Lendlease Global Commercial REIT
Listed on 2 October 2019, Lendlease Global Commercial REIT (“LREIT”) is established with the principal
investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing
real estate assets located globally, which are used primarily for retail and/or office purposes.
Its initial portfolio comprised a leasehold interest in, 313@somerset, a retail property located in Singapore
and a freehold interest in Sky Complex, which comprises three office buildings located in Milan. The
portfolio has a total net lettable area of approximately 1.3 million square feet, with an appraised value of
S$1.4 billion as at 30 June 2020.
LREIT is managed by Lendlease Global Commercial Trust Management Pte. Ltd., an indirect wholly-owned
subsidiary of Lendlease. Its key objectives are to provide Unitholders with regular and stable distributions,
achieve long-term growth in distribution per unit and net asset value per unit, and maintain an appropriate
capital structure.
5About the Sponsor - Lendlease Corporation Limited
The Sponsor, Lendlease Corporation Limited, is part of the Lendlease Group7, an international property
and infrastructure group with core expertise in shaping cities and creating strong and connected
communities, with operations in Australia, Asia, Europe and the Americas.
Headquartered in Sydney and established in 1958, the Lendlease Group’s vision is to create the best places
by striving for world leading standards for safety, innovation and sustainability.
The Lendlease Group’s approach is to maintain a portfolio of operations that deliver diversification of
earnings by segment and region, providing a mitigant to property cycles. This approach means that through
cycles the composition of earning from each segment or region may vary.
The Lendlease Group has a development pipeline value of approximately A$113 billion8, core construction
backlog of A$14 billion8 and funds under management of A$36 billion8. The Lendlease Group is a trusted
investment manager to over 150 key capital partners in property and infrastructure investments.
For more information, please contact Investor Relations:
Lendlease Global Commercial Trust Management Pte. Ltd.
Ling Bee Lin
enquiry@lendleaseglobalcommercialreit.com
Tel: +65 6671 7374
7
Lendlease Group comprises the Sponsor, Lendlease Trust and their subsidiaries.
8
As at 30 June 2020.
6Important Notice
This press release is for information purposes only and does not constitute or form part of an offer, invitation
or solicitation of any offer to purchase or subscribe for any securities of Lendlease Global Commercial REIT
(“LREIT”) in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied
upon in connection with, any contract or commitment whatsoever.
The value of units in LREIT (the “Units”) and the income derived from them may fall as well as rise. Units
are not obligations of, deposits in, or guaranteed by Lendlease Global Commercial Trust Management Pte.
Ltd. (the “Manager”), RBC Investor Services Trust Singapore Limited (as trustee of LREIT) or any of their
affiliates.
This press release may contain forward-looking statements that involve risks and uncertainties. Actual
future performance, outcomes and results may differ materially from those expressed in forward-looking
statements as a result of a number of risks, uncertainties and assumptions. Representative examples of
these factors include (without limitation) general industry and economic conditions, interest rate trends, cost
of capital and capital availability, competition from similar developments, shifts in expected levels of
property rental income, changes in operating expenses, (including employee wages, benefits and training
costs), property expenses and governmental and public policy changes and the continued availability of
financing in the amounts and the terms necessary to support future business.
An investment in Units is subject to investment risks, including the possible loss of the principal amount
invested. Holders of Units (“Unitholder”) have no right to request the Manager to redeem or purchase
their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through
trading on Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing of the Units on SGX-ST
does not guarantee a liquid market for the Units.
This press release is not to be distributed or circulated outside of Singapore. Any failure to comply with this
restriction may constitute a violation of United State securities laws or the laws of any other jurisdiction.
The past performance of LREIT is not necessarily indicative of its future performance.
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