Lendlease REIT extends contract with property manager for Sky Complex

LREIT extends property manager's contract in Milan

Lendlease Global Commercial REIT's (LREIT) manager announced on Feb 26 that Lendlease Italy SGR has extended the contract of the property manager, Prelios Integra, of its Milan properties, until June 2025.

On Dec 18, 2023, Lendlease Italy SGR, on behalf of LREIT, entered into a new lease agreement with Sky Italia for Sky Complex (which comprises three buildings in Milan). The original property lease was due to expire in May 2032 with a break option in 2026.

Two of the buildings will be leased to Sky Italia for an initial period of nine years with an option to extend for an additional six years with no break option. The third building will be returned to LREIT in 1Q2024 upon the completion of reinstatement works and the tenant will provide two years of existing annual rent to LREIT.

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