$Lendlease Reit (JYEU.SG)$ Lendlease Global REIT ($0.64, dow...

Lendlease Global REIT ($0.64, down 2 cents) announced that it has entered into a new lease agreement with Sky Italia S.r.l. in respect of Sky Complex. The Property comprises Buildings 1 and 2 located at Via Luigi Russolo 4, 20138 Milan, Italy, and Building 3 located at Via Luigi Russolo 9, 20138 Milan, Italy. The original lease for the Property (the “Original Lease”) was due to expire in May 2032, subject to an option held by the Tenant to terminate its lease over the Property in 2026. Under the terms of the New Lease:
1. Buildings 1 and 2 will be leased to the Tenant for an initial term of nine (9) years and one (1) month commencing on 15 December 2023, with an option given to the Tenant to renew for an additional term of six (6) years. The Tenant will not have a right to pre- terminate the New Lease.
2. The starting annual rent for Buildings 1 and 2 will be approximately 1.5% higher than the existing in-place rent for Buildings 1 and 2 based on the Original Lease. This increase is in addition to the recent positive 5.9% rental increase in May 2023. The New Lease includes a tenant incentive in line with market standards