Sasseur REIT IPO Prospectus & Fundamental Analysis

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OVERVIEW OF SASSEUR REIT

Sasseur REIT is a Singapore real estate investment trust (“REIT”) with an initial portfolio comprising four retail outlet malls located in thePeople’s Republic of China (“PRC”) (the “Initial Portfolio”), offering
investors the opportunity to invest in the country’s fast-growing retail outlet mall sector.

Sasseur REIT’s investment strategy is to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate, which is used primarily for retail outlet mall purposes, as well as real estate related assets in relation to the foregoing, with an initial focus on Asia.

Sasseur REIT launches IPO for $396m

See Sasseur REIT IPO Prospectus here. (748 pages)

  • Type = Outlet Retail Malls (China)
  • Sponsor = Sasseur Cayman Holding Limited (55%)
  • Total Unit Offered = 266,562,500
  • Portfolio = 4 (Chongqing, Bishan, Hefei, Kunming)
  • Portfolio Size = S$1.5 Billion
  • IPO Offer Price = S$0.80
  • Market Cap = S$944.2 Million
  • Net Asset Value =$921,847,000
  • Number of units in issue = 1,192,333,000
  • NAV per unit = $0.7731
  • Price / NAV = 1.0347
  • Distribution Yield = 7.5% (2018), 7.8% (2019)
  • Distribution Policy = 100% until 2019. Semi Annual Payout.
  • WALE (Property Income) = 1.2 Years
  • Occupancy Rate = 95.1%
  • Gearing Ratio = 38.5% (calculated value from balance sheet)
  • Plan Listing: Mar 28, 2018

Compare to other Singapore REITs here.

 

DPU Forecast

Sasseur REIT Portfolio

 

Top 10 Tenants & Income by Sectors

Occupancy Rate

Sasseur REIT Structure

 

Lease Structure and Lease Expiry Profile

 

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How to start a Simple Estate Plan (Will Planning)?

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I am sharing an article by Keon Chee from Rockwills Trustee Ltd on The New Paper today. If you have not started any Estate Planning for your loved one and families, it is the time to start NOW before it is too late.

4 Key Quadrants

  1. Who are your Beneficiaries?
  2. What are your Assets? Movable & Immovables? Where are your assets? How can your family members locate your Asset after you have passed on?
  3. Do you want to provide Immediate Gifts when you pass on?
  4. What assets to be allocated as Delayed Gifts to make sure your loved and young one to be taken care off?

Keon Chee Estate Planning

Additional articles to know more about Estate Planning.

Interested to find out more on the Estate Planning and Will Writing, feel free to drop me an email at kkloh163@gmail.com. I am happy to provide free consultation by understanding your situation.

Continue ReadingHow to start a Simple Estate Plan (Will Planning)?