Elite Commercial REIT IPO Prospectus & Summary

OVERVIEW OF ELITE COMMERCIAL REIT
Elite Commercial REIT is a Singapore real estate investment trust (“REIT”) established with the investment strategy of principally investing, directly or indirectly, in commercial assets and real
estate-related assets in the UK.

Key Objectives
Elite Commercial REIT’s key objectives are to provide Unitholders with regular and stable distributions and to achieve long-term growth in DPU and net asset value (“NAV”) per Unit, while maintaining an appropriate capital structure.

IPO Portfolio
The initial portfolio of Elite Commercial REIT (the “IPO Portfolio”) will comprise 97 quality commercial buildings (the “Properties”) located across the UK, with a total net internal area of approximately 2.6 million square feet and a total site area of approximately 47 hectares. The IPO Portfolio is predominantly freehold. Of the 97 Properties, 96 Properties are freehold Properties and one Property is on a long leasehold tenure expiring on 19 May 2255. The initial portfolio has an aggregate indicative appraised value (“Appraised Value”) of approximately GBP 319.1 million as at 31 August 20191. Over 99.0% of the gross rental income is derived from the current leases with the UK Government via The Secretary of State for Housing, Communities and Local Government (with the Department for Work and Pensions (“DWP”) occupying each Property under a group sharing arrangement). DWP is responsible for welfare, pensions and child maintenance policy. As the UK Government’s biggest public service department, it administers the State Pension and a range of working age, disability and ill health benefits for approximately 20 million claimants and customers.

  • Type = UK Commercial Sector
  • Sponsor = Elite Partners Holdings, Ho Lee Group, Sunway
  • REIT Manager: Elite Commercial REIT Management Pte Ltd
  • Total Unit Offered = 114,686,200
  • Portfolio = 97 commercial buildings across UK
  • Portfolio Size = £319.1 Million
  • IPO Offer Price = £0.68 (S$1.21)
  • NAV per unit = £0.58
  • Price / NAV = 1.1724
  • Distribution Yield = 7.1% (2020), 7.2% (2021)
  • Distribution Policy = 100% for 2020 & 2021. At least 90% thereafter. Semi Annual Payout.
  • Occupancy Rate = 100% (99% Leased to UK Government)
  • WALE = 8.6 Years (Triple Net Leases)
  • Gearing Ratio = c. 33.6%
  • Offer Closing Date: Feb 4, 2020 at 12:00pm
  • Listing Date: Feb 6, 2020
  • Elite Commercial REIT IPO Prospectus

Portfolio Location

 

Sponsor & REIT Manager

Elite Commercial REIT Trust Structure

Elite Commercial REIT Indicative IPO Time Table

 

Compare to other Singapore REIT here.

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