Starhill Global REIT said Wednesday that the new base rent for the Toshin Master Lease on the Ngee Ann City property will be unchanged. The rent is reviewed every three years under the master lease, which has a term of 12 years from 8 June 2013, the REIT said in a filing to SGX.
Toshin is the master tenant for all of Ngee Ann City’s retail areas except for level five, the filing said. Starhill Global REIT’s stake in Ngee Ann City is for four strata lots representing 27.23 percent of the property, with the master lease contributing around 23 percent of the REIT’s portfolio gross rent, the filing said.
The master lease is due to expire in June 2025, and the REIT’s manager is assessing options, including extending the lease, the filing said.