YTL Starhill Global REIT Management, the manager of Starhill Global REIT (SGREIT), on Wednesday announced the new base rent for the Toshin master lease.
The new base rent is 5.5% higher than the existing rate and is effective for three years starting June 8.
The rate is based on the average of three market rental valuations, undertaken by independent licensed valuers.
The Toshin master lease accounted for 19.7% of SGREIT’s portfolio gross rent in March and covers all the retail strata area of Ngee Ann City owned by SGREIT, except level 5.
Toshin is also the largest tenant of SGREIT.
The master lease to Toshin provides the REIT with long-term income stability and potential rental upside every three years. Together with the agreed extension of SGREIT’s Malaysia properties’ master tenancies, whereby the annual rent was revised upward by approximately 6.67%.
This means 33% of SGREIT’s gross rent have secured rent uplift starting June.
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The new base rent is 5.5% higher than the existing rate and is effective for three years starting June 8.
The rate is based on the average of three market rental valuations, undertaken by independent licensed valuers.
The Toshin master lease accounted for 19.7% of SGREIT’s portfolio gross rent in March and covers all the retail strata area of Ngee Ann City owned by SGREIT, except level 5.
Toshin is also the largest tenant of SGREIT.
The master lease to Toshin provides the REIT with long-term income stability and potential rental upside every three years. Together with the agreed extension of SGREIT’s Malaysia properties’ master tenancies, whereby the annual rent was revised upward by approximately 6.67%.
This means 33% of SGREIT’s gross rent have secured rent uplift starting June.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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