Overview of Prime US REIT
Prime US REIT is a Singapore REIT established with the principal investment strategy of investing, directly or indirectly, in stabilised income-producing office assets, and real estate related assets, in the United States of America (“U.S.”).
Prime US REIT’s key objectives are to provide Unitholders with regular and stable distributions and to achieve long-term growth in distribution per Unit (“DPU”) and net asset value (“NAV”) per Unit, while maintaining an appropriate capital structure.
The initial portfolio of Prime US REIT (the “IPO Portfolio”) consists of 11 office properties (the “Properties”) located across the United States, with an Appraised Value of US$1,222 million and an aggregate NLA of 3.4 million sq ft. The aggregate purchase consideration payable by Prime US REIT for the IPO Portfolio is US$1,222 million.
- Type = US Office (Class A)
- Sponsor = KBS Asia Partner Pte Ltd
- Total Units Offered = 335,203,200
- Portfolio = 11 Freehold Class A Office
- Portfolio Size = US$1.23 Billion
- IPO Offer Price = US$0.88
- NAV per unit = US$0.84
- Price / NAV = 1.0476
- Distribution Yield = 7.4% (2019), 7.6% (2020)
- Distribution Policy = 100% for 2019 & 2020. At least 90% thereafter. Semi Annual Payout.
- Occupancy Rate = 96.7%
- WALE = 5.5 Years
- Gearing Ratio = 37.0%
- WADM = 5.6 Years
- Offer Closing Date: July 15, 2019, 12pm
- Listing Date: July 19, 2019, 2pm
- Prime US REIT IPO Prospectus
Compared to Manulife US REIT IPO
Compare to other Singapore REITs here.