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Lendlease Reit could divest Jem office tower but still ride Jurong growth story with mall

Kalpana Rashiwala

Kalpana Rashiwala

Published Tue, May 21, 2024 · 06:00 PM
    • Jem, a retail and office development, is next to the Jurong East MRT station and bus interchange. The office tower accounts for around 311,000 sq ft of the total net lettable area of 893,000 sq ft for the complex.
    • Jem, a retail and office development, is next to the Jurong East MRT station and bus interchange. The office tower accounts for around 311,000 sq ft of the total net lettable area of 893,000 sq ft for the complex. PHOTO: GOOGLE MAPS

    LIKE some of its real estate investment trust (Reit) peers listed in Singapore, the manager of Lendlease Global Commercial Reit (LReit) could be looking to pare down some debt amid the higher-for-longer interest rate environment.

    But with its portfolio mainly comprising just three properties, the Reit manager would have to carefully consider the merits of a divestment to raise cash against the pressure of losing one of its prized assets.

    As at end-June 2023, LReit’s property portfolio was valued at S$3.65 billion, with 88 per cent of it in Singapore.

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