Analysts from CGS-CIMB Research and PhillipCapital have kept their “add” and “accumulate” calls on Lendlease Global Commercial REIT (LREIT) with unchanged target prices of 85.8 cents and 82 cents respectively following the REIT’s 3QFY2021 update on May 7.

The continued development of the precinct surrounding LREIT’s Italian property Sky Complex, which is set to transform the area into one of Milan’s key decentralised office and mixed-use destinations, should raise the overall attractiveness of LREIT’s properties, according to CGS-CIMB analysts Eing Kar Mei and Darren Ong.

The REIT also remains well capitalised with gearing at 35.4% and interest coverage at 7.7 times. In addition, the REIT does not face refinancing risks until FY2023.


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