The manager of Lendlease Global Commercial REIT (LREIT) says that the portfolio “continues to remain resilient” in its 3QFY2021 ended March business update.

Portfolio occupancy stood at 99.7% as at March 31, with a weighted average lease expiry of 9 years by net lettable area (NLA) and 4.6 years by gross rental income (GRI). The manager has completed renewals for approximately 98% (by NLA) and 97% (by GRI) of the expiring leases in FY2021.

Occupancy at 313 @Somerset stood at 98.6%, with tenant retention rate at 62%. The manager notes that tenant sales continue to recover faster than visitation.Tenant sales for the quarter were $46 million, a 94% recovery compared to last year. In contrast, visitation came in a 6.6 million, or about 77% compared to the previous year.

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