Google to give up part of premises leased at FLCT’s Alexandra Technopark from Feb 2024
GOOGLE Asia-Pacific will give up part of the space it leases at Frasers Logistics & Commercial Trust’s (FLCT) Alexandra Technopark property from Feb 20, 2024, the real estate investment trust (Reit) manager said in a filing on Wednesday (Feb 22).
The manager said the tech giant has exercised its contractual right to surrender a portion of its premises that it leases.
The premises to be surrendered constitutes approximately 1.7 per cent of FLCT’s gross rental income (GRI) for the month ended Dec 31, 2022.
According to its latest business update for the quarter ended December, Google is FLCT’s second-largest portfolio tenant, accounting for 4.1 per cent of the Reit’s total GRI.
Alexandra Technopark accounted for 9.8 per cent of FLCT’s portfolio value as at end December.
Occupancy at Alexandra Technopark had risen to 94.1 per cent as at end December, from 93.4 per cent as at end September.
The Reit manager said it will continue to carry out proactive leasing initiatives and asset management strategies for the commercial property.
It added that Google’s partial exit from Alexandra Technopark in February 2024 is not expected to have an impact on FLCT’s distribution per unit for the financial year ending Sep 30, 2023.
Units of FLCT fell 0.8 per cent or S$0.01 to S$1.24 on Wednesday, before the announcement.
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