Overseas Site Visit: Elite Commercial REIT’s Properties

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For the year-end holidays, this year, I took the opportunity to travel to the United Kingdom. Guess what S-REIT has properties in the UK? Elite Commercial REIT (SGX: MXNU)! I visited 2 of their properties on-site: Broadway House, Ealing, London and Glasgow Benefits Centre, Glasgow. This is the link to Elite Commercial REIT’s properties.

Do note that I only visited 2 properties. The conclusions drawn in this post cannot accurately represent all 150+ of their other properties.

 

 
Elite Commercial REIT’s financial ratios

 

Glasgow Benefits Centre, Glasgow


Glasgow Benefits Centre: Northgate Building

The first property I visited was the Glasgow Benefits Centre. It is a large, 3-storey building spanning about 200m x 70m. It is located very near the city centre, within 1km distance. It is also about 600m away from one of the Glasgow Subway stations.

Northgate

There are no signs on the building that this is a property of Elite Commercial REIT. Although this is also the case for the other property as well. However, there are signs suggesting that this property is a HM Passport Office, with Google Street View suggesting long queues for passport related-services. This goes in line with Elite’s majority tenant being the HM Government.

Surrounding of Glasgow Benefits Centre. It is within 600m of the city.

 

 

Broadway House, Ealing, London


The next property seems to be a Job Centre. This property is located in Ealing, about 12km from the city centre. It is in the central of Ealing, which seems to be a small town within London. There are many shops in the vicinity.

 

Google Street View of Lot 10 Shopping Mall’s Facade

A bus stop is located right outside of the building. It seems to me that almost all shops in the vicinity are tenanted, with good footfall in the area. There are many shops, supermarkets and eateries in the area. It looks to be a good location for a hotel.

Surroundings of Broadway House, Ealing

Its location is also a slight distance from the nearest London Underground Station. It is about 1.2km away from Ealing Broadway (with 3 lines), and about 600m away from West Ealing (served by the Elizabeth line). From here, it takes about 30 minutes by train to the centre of London.

Ealing Broadway Station

 

Kenny Loh is a Wealth Advisory Director and REITs Specialist of Singapore’s top Independent Financial Advisor. He helps clients construct diversified portfolios consisting of different asset classes from REITs, Equities, Bonds, ETFs, Unit Trusts, Private Equity, Alternative Investments, Digital Assets and Fixed Maturity Funds to achieve an optimal risk adjusted return. Kenny is also a CERTIFIED FINANCIAL PLANNER, SGX Academy REIT Trainer, Certified IBF Trainer of Associate REIT Investment Advisor (ARIA) and also invited speaker of REITs Symposium and Invest Fair.  You can join my Telegram channel #REITirement – SREIT Singapore REIT Market Update and Retirement related news. https://t.me/REITirement

 

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Overseas Site Visit: Starhill Global REIT’s Kuala Lumpur Properties

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With VTLs and travel slowly returning to normal, I took the opportunity this year-end season to visit Kuala Lumpur, and in the process, take a look at how S-REITs properties are performing. Starhill Global REIT has 2 properties in Kuala Lumpur, both located in Bukit Bintang, the shopping and entertainment district of Kuala Lumpur. The goal is to see in-person how the actual properties of REITs are doing in their overseas markets, and this site visit yielded some puzzling results.

Bukit Bintang, Kuala Lumpur, Malaysia

View of Kuala Lumpur from Lot 10’s rooftop garden.

This visit was done during the year-end festive season, at around 4-6pm. Footfall in Bukit Bintang is very high, with crowds to be seen everywhere. Major tenants occupying the street include both Starhill Global REIT’s properties Lot 10 Shopping Mall and The Starhill (formerly Starhill Gallery), Farenheit88, and Pavillion Bukit Bintang. 

Bukit Bintang Street

Bukit Bintang is also served by 2 rail lines, the KL Monorail and the MRT Kajang Line, in addition to the public buses that can be seen commonly on this street.

Pavilion Bukit Bintang

Lot 10 Shopping Mall

The front of Lot 10 Shopping Mall had high footfall, which is to be expected. Unfortunately for Lot 10, I did not take many pictures so here is a Google Street View image.

Google Street View of Lot 10 Shopping Mall’s Facade

Compared to Pavilion Bukit Bintang, Lot 10 Shopping Mall is nowhere as crowded. However, there are still some shoppers visiting its shops, and the Lot 10 Hutong Food Village is relatively populated with diners. Shoplots seem fully occupied with no visible empty ones, even though footfall on the top level is a little sparse.

A visit to the rooftop garden yielded some nice views. There seems to be a gym and a cafe on the top floor.

A tenant occupying the rooftop floor, seems like a gym

All in all, Lot 10 Shopping Mall is definitely doing relatively well in its good location, attracting enough tenants to its food village and its anchor tenants (like H&M) on the lower floors.

The Starhill

Similar to Lot 10, its location right in Bukit Bintang is also excellent, albeit even slightly better, located right opposite Pavilion Bukit Bintang.

The Starhill’s facade

Entering the Starhill, we are greeted with a few tenants, however the mall was mostly empty, with shoplots boarded up. This was to be expected as The Starhill is currently undergoing an Asset Enhancement Initiative (AEI).

Inside of The Starhill

This was slightly puzzling, as we did not expect The Starhill to be near-empty. There are several shops with patrons on the ground floor, but the 1st and 2nd floor it was pretty much empty. (In Singapore, 1st floor is the same as Ground floor in Malaysia) 

A visit to The Starhill’s directory yielded fewer than 30 tenants, which is to be expected. It remains to be seen how The Starhill will perform Post-AEI, but it is located in an excellent location with very high footfall.

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