Latest news with #LReit
New Paper
08-05-2025
- Business
- New Paper
Shaw Theatres to take over Cathay cineplex at Jem mall
Shaw Theatres is set to take over the 47,000 sq ft cinema space previously occupied by Cathay Cineplexes at Jem shopping centre in Jurong East. "Jem is a fantastic mall and we will be working on a set of offerings that we hope our patrons will find exciting," a Shaw Theatres spokesperson told The Straits Times, adding that the official opening date has yet to be confirmed. This new cinema will mark Shaw Theatres' eighth outlet in Singapore. It closed its Seletar Mall outlet in December 2024 after the mall's management opted to repurpose the space. In August 2023, its JCube outlet in Jurong East also shuttered when the mall closed. "We look forward to serving Jurong East and the surrounding districts once again," the spokesperson added. The move came after Lendlease Global Commercial Real Estate Investment Trust (LReit) - the landlord of Jem - terminated its lease with Cathay Cineplexes and repossessed the cinema space on March 27. Cathay Cineplexes, owned and operated by mainboard-listed mm2 Asia, had fallen behind on rent, and LReit is seeking to recoup about $4.3 million in rental arrears, among other things. In a business update for its third quarter ended March 31, LReit said it is in talks with Cathay Cineplexes to recover the outstanding amount owed and "will provide an update at an appropriate juncture". In the same update released after trading hours on May 7, LReit announced its new lease with Shaw Theatres without specifying the lease duration. It also announced the onboarding of new tenants, including Chinese tea chain Chagee, Canadian activewear brand Lululemon and Japanese thrift store chain 2nd Street, which opened its doors on April 29 at 313@somerset, another mall under LReit's retail portfolio. For the quarter ended March 31, LReit's retail portfolio achieved a strong occupancy rate of 99.5 per cent, with a positive rental reversion of 10.4 per cent - indicating higher rental rates for its new or renewed leases. However, it saw a slight drop of 0.2 per cent in visitation while tenant sales fell by 5.1 per cent year-to-date. LReit said this is due to a softer retail landscape, increased outbound tourism and weaker performance in categories like shoes and bags, fashion and accessories, and sporting goods and apparel. "Singapore retail sales remain under pressure as retailers navigate rising costs and e-commerce competition. Nevertheless, the outlook for 2025 remains optimistic, supported by easing inflation and a rebound in tourism," LReit said. For its office portfolio, LReit reported a positive rental uplift, with occupancy rate at 86.6 per cent as at March 31. LReit also has freehold interest in Sky Complex, which comprises three Grade A commercial buildings in Milan, Italy. Asset enhancement works at the lobby of Building 3 was completed, with occupancy at 31 per cent as at the end of the quarter, it said.
Straits Times
08-05-2025
- Business
- Straits Times
Shaw Theatres to take over Cathay cinema at Jem shopping mall
Shaw Theatres will take over the cinema space vacated by Cathay Cineplexes at Jem shopping mall. PHOTO: LIANHE ZAOBAO Shaw Theatres to take over Cathay cinema at Jem shopping mall SINGAPORE - Shaw Theatres is set to take over the 47,000 sq ft cinema space previously occupied by Cathay Cineplexes at Jem shopping mall in Jurong East. 'Jem is a fantastic mall and we will be working on a set of offerings that we hope our patrons will find exciting,' a Shaw Theatres spokesperson told The Straits Times, adding that the official opening date has yet to be confirmed. This new cinema will mark Shaw Theatres' eighth outlet in Singapore. It closed its Seletar Mall outlet in December 2024 after the mall's management opted to repurpose the space. In August 2023, its JCube outlet in Jurong East also shuttered when the mall closed. 'We look forward to serving Jurong East and the surrounding districts once again,' the spokesperson added. The move came after Lendlease Global Commercial Real Estate Investment Trust (LReit) – the landlord of Jem – terminated its lease with Cathay Cineplexes and repossessed the cinema space on March 27. Cathay Cineplexes, owned and operated by mainboard-listed mm2 Asia, had fallen behind on rent, and LReit is seeking to recoup about $4.3 million in rental arrears, among other things. In a business update for its third quarter ended March 31, LReit said it is in talks with Cathay Cineplexes to recover the outstanding amount owed and 'will provide an update at an appropriate juncture'. In the same update released after trading hours on May 7, LReit announced its new lease with Shaw Theatres without specifying the lease duration. It also announced the onboarding of new tenants including Chinese tea chain Chagee, Canadian activewear brand Lululemon and Japanese thrift store chain 2nd Street, which opened its doors on April 29 at 313@somerset, another shopping mall under LReit's retail portfolio. For the quarter ended March 31, LReit's retail portfolio achieved a strong occupancy rate of 99.5 per cent, with a positive rental reversion of 10.4 per cent — indicating higher rental rates for its new or renewed leases. However, it saw a slight drop of 0.2 per cent in visitation while tenant sales fell by 5.1 per cent year-to-date. LReit said this is due to a softer retail landscape, increased outbound tourism and weaker performance in categories like shoes and bags, fashion and accessories, and sporting goods and apparel. 'Singapore retail sales remain under pressure as retailers navigate rising costs and e-commerce competition. Nevertheless, the outlook for 2025 remains optimistic, supported by easing inflation and a rebound in tourism,' LReit said. For its office portfolio in Singapore, LReit reported a positive rental uplift, with occupancy rate at 86.6 per cent as at March 31. LReit also has freehold interest in Sky Complex, which comprises three Grade A commercial buildings in Milan, Italy. Asset enhancement works at the lobby of Building 3 was completed, with occupancy at 31 per cent as of the end of the quarter, it said. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
07-05-2025
- Business
- Business Times
Lendlease Global Commercial Reit posts 10.4% retail rental reversion for Q3 FY2025
[SINGAPORE] Lendlease Global Commercial Real Estate Investment Trust (LReit) on Wednesday (May 7) posted a positive retail rental reversion of 10.4 per cent for the third quarter ended Mar 31, 2025, despite a 'softer' retail landscape. The performance came even as it recorded a 0.2 per cent decline in visitation and a 5.1 per cent drop in tenant sales year-to-date. Both were affected by softer retail conditions, outbound tourism and weakness in sectors including shoes and bags, and fashion and accessories. However, LReit's retail portfolio achieved a strong occupancy rate of 99.5 per cent and a healthy tenant retention rate by net lettable area (NLA) of 87.9 per cent, the manager said in a business update for Q3 FY2025. During the quarter, the manager also signed a lease agreement with Shaw Theatres, welcoming the cinema chain as a new tenant to take over the space previously occupied by Cathay Cineplex. It is currently in talks with Cathay Cineplex to recover the outstanding amount owed and will provide an update at an appropriate juncture, the manager said. Additionally, the manager announced the onboarding of several new tenants, including Canadian athletic apparel brand lululemon, modern tea brand Chagee and Japanese thrift store chain 2nd Street. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Office portfolio LReit also achieved a positive rental uplift for its office portfolio, with occupancy in the office segment coming in at 86.6 per cent as at Mar 31, 2025. By portfolio gross rental income (GRI), these tenants account for about 22 per cent, with a long portfolio weighted average lease expiry (Wale) of 11.4 years by NLA and 14.1 years by GRI. The manager said that the trust also concluded a rent review for its Jem office in February, resulting in a positive uplift of about 13 per cent over the prevailing base rent. The new rent will take effect for a five-year term beginning Dec 3, 2024. The office is fully leased to the Ministry of National Development until 2044. In addition, the Reit completed asset enhancement works at the ground floor lobby of Building 3 at its Sky Complex property in Milan, Italy. The property had an occupancy rate of nearly 31 per cent as at Mar 31, 2025. Overall performance LReit's portfolio committed occupancy remained stable at 92.1 per cent as at Mar 31, 2025, its manager said. Its lease expiry profile remained well-spread, with only 1.2 per cent by NLA and 2.4 per cent by GRI due for renewal in FY2025. The trust continued to maintain a long Wale of about 7.3 and 4.9 years by NLA and GRI, respectively. In terms of capital management, it successfully refinanced S$200 million of 5.25 per cent perpetual securities during the quarter. This was achieved through a new issuance at a reduced coupon rate of 4.75 per cent, coupled with new loans at more favourable funding costs. Managing the trust's capital position is a priority, noted Guy Cawthra, who joined the manager as chief executive officer effective Apr 1. He added that the Singapore portfolio, which comprises about 90 per cent of the total portfolio by valuation, has continued to see strong rental growth. He noted: 'Looking ahead, despite uncertain capital markets, we shall pursue options for asset recycling, with the objective of reducing our gearing. We will also assess our strategy and formulate a strategic growth plan for communication to the investment community.' Units of Lendlease Global Commercial Reit closed unchanged at S$0.515 on Wednesday, before the release of the business update.
Business Times
07-05-2025
- Business
- Business Times
Lendlease Global Commercial Reit posts 10.4% retail rental aversion for Q3 FY2025
[SINGAPORE] Lendlease Global Commercial Real Estate Investment Trust (LReit) on Wednesday (May 7) posted a positive retail rental reversion of 10.4 per cent for the third quarter ended Mar 31, 2025, despite a 'softer' retail landscape. The performance came even as it recorded a 0.2 per cent decline in visitation and a 5.1 per cent drop in tenant sales year-to-date. Both were affected by softer retail conditions, outbound tourism and weakness in sectors including shoes and bags, and fashion and accessories. However, LReit's retail portfolio achieved a strong occupancy rate of 99.5 per cent and a healthy tenant retention rate by net lettable area (NLA) of 87.9 per cent, the manager said in a business update for Q3 FY2025. During the quarter, the manager also signed a lease agreement with Shaw Theatres, welcoming the cinema chain as a new tenant to take over the space previously occupied by Cathay Cineplex. It is currently in talks with Cathay Cineplex to recover the outstanding amount owed and will provide an update at an appropriate juncture, the manager said. Additionally, the manager announced the onboarding of several new tenants, including Canadian athletic apparel brand lululemon, modern tea brand Chagee and Japanese thrift store chain 2nd Street. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Office portfolio LReit also achieved a positive rental uplift for its office portfolio, with occupancy in the office segment coming in at 86.6 per cent as at Mar 31, 2025. By portfolio gross rental income (GRI), these tenants account for about 22 per cent, with a long portfolio weighted average lease expiry (Wale) of 11.4 years by NLA and 14.1 years by GRI. The manager said that the trust also concluded a rent review for its Jem office in February, resulting in a positive uplift of about 13 per cent over the prevailing base rent. The new rent will take effect for a five-year term beginning Dec 3, 2024. The office is fully leased to the Ministry of National Development until 2044. In addition, the Reit completed asset enhancement works at the ground floor lobby of Building 3 at its Sky Complex property in Milan, Italy. The property had an occupancy rate of nearly 31 per cent as at Mar 31, 2025. Overall performance LReit's portfolio committed occupancy remained stable at 92.1 per cent as at Mar 31, 2025, its manager said. Its lease expiry profile remained well-spread, with only 1.2 per cent by NLA and 2.4 per cent by GRI due for renewal in FY2025. The trust continued to maintain a long Wale of about 7.3 and 4.9 years by NLA and GRI, respectively. In terms of capital management, it successfully refinanced S$200 million of 5.25 per cent perpetual securities during the quarter. This was achieved through a new issuance at a reduced coupon rate of 4.75 per cent, coupled with new loans at more favourable funding costs. Managing the trust's capital position is a priority, noted Guy Cawthra, who joined the manager as chief executive officer effective Apr 1. He added that the Singapore portfolio, which comprises about 90 per cent of the total portfolio by valuation, has continued to see strong rental growth. He noted: 'Looking ahead, despite uncertain capital markets, we shall pursue options for asset recycling, with the objective of reducing our gearing. We will also assess our strategy and formulate a strategic growth plan for communication to the investment community.' Units of Lendlease Global Commercial Reit closed at S$0.515 unchanged on Wednesday, before the release of the business update.
