Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday, after the close, 5.4% owner of <a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> announced it had <a href="https://links.sgx.com/FileOpen/Offer%20Announcement%20for%20Sabana%20REIT%20by%20Volare%20Group%20AG.ashx?App=Announcement&amp;FileID=744629" target="_blank" rel="noopener">offered to buy</a> another 10.0% in a Partial Offer at a recent high price.</li>
<li>The Price of the Tender Offer at S$0.465/share matches a recent (and 7-year) high and a 0.88x multiple against June 2022 NAV of S$0.53/share.</li>
<li>It's a small deal (US$35mm) for a small REIT (US$350mm) but there's an activist and an engaged not-quite sponsor, and this would make a third large unitholder in the mix.</li>
</ul>


On Friday, after the close, 5.4% owner of Sabana Industrial REIT (SSREIT SP) announced it had offered to buy another 10.0% in a Partial Offer at a recent high price.
The Price of the Tender Offer at S$0.465/share matches a recent (and 7-year) high and a 0.88x multiple against June 2022 NAV of S$0.53/share.
It's a small deal (US$35mm) for a small REIT (US$350mm) but there's an activist and an engaged not-quite sponsor, and this would make a third large unitholder in the mix.


Partial Tender for Sabana Industrial REIT - Large Additional Player to the Activist Mix

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>REIT Watch - Industrial S-Reits see resilience despite macro challenges All eight of Singapore’s industrial S-Reits have reported their respective Q3 financial results or business updates.</li><li>Four out of the eight industrial S-Reits published financial results for the latest quarter – Aims Apac Reit, EC World Reit, Mapletree Industrial Trust and Mapletree Logistics Trust – while the rest reported interim business updates.</li></ul>

REIT Watch - Industrial S-Reits see resilience despite macro challenges All eight of Singapore’s industrial S-Reits have reported their respective Q3 financial results or business updates.Four out of the eight industrial S-Reits published financial results for the latest quarter – Aims Apac Reit, EC World Reit, Mapletree Industrial Trust and Mapletree Logistics Trust – while the rest reported interim business updates.

REIT Watch - Industrial S-Reits see resilience despite macro challenges

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8m</li><li>CapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40m</li><li><a href="https://www.smartkarma.com/entities/cortina-holdings" target="_blank" data-smartkarma-citation="entities:4046" rel="noopener">Cortina Holdings (CTN SP)</a> to acquire fourth level of a commercial building for S$49m</li></ul>

EC World Reit (ECWREIT SP) to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8mCapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40mCortina Holdings (CTN SP) to acquire fourth level of a commercial building for S$49m

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable</li>
<li>
<a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving</li>
<li>
<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable</li>
</ul>



EC World Reit (ECWREIT SP) 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable

Sasseur REIT (SASSR SP) 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving

Cromwell European REIT (CERT SP) 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable


ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> divests an office asset in Finland and acquires a UK logistics asset</li>
<li>
<a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> successfully extended maturity of onshore and offshore facilities; CEO bought more units</li>
<li>302 units of Ho Bee-IOI project Cape Royale at Sentosa Cove sold 50% on launch day at S$2,103psf ASP</li>
</ul>



Cromwell European REIT (CERT SP) divests an office asset in Finland and acquires a UK logistics asset

EC World Reit (ECWREIT SP) successfully extended maturity of onshore and offshore facilities; CEO bought more units
302 units of Ho Bee-IOI project Cape Royale at Sentosa Cove sold 50% on launch day at S$2,103psf ASP


ASEAN Builder's Scoop (7Jul22) - CERT Divests Finland Office, Buys UK Logistics

Singapore

EC World Real Estate Investment Trust (EC World REIT) is the first Chinese specialised logistics and e-commerce logistics REIT listed on SGX-ST. 

It has a portfolio of quality properties located predominantly in one of the largest e-commerce clusters in the Yangtze River Delta which offers investors unique exposure to the logistics and e-commerce sectors in Hangzhou and Wuhan, China.
  
EC World 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 e-commerce, supply-chain management and logistics purposes, as well as real estate-related assets, with an initial geographical focus on the PRC. 

EC World REIT is listed in several indices. These include the FTSE ASEAN All-Share Index, FTSE ST All-Share Index, FTSE ST China Index and FTSE ST Singapore Shariah Index. For more information, please visit: http://www.ecwreit.com/ 

EC World REIT is managed by EC World Asset Management Pte. Ltd., which is an indirect wholly-owned subsidiary of the Sponsor – Forchn Holdings Group Co., Ltd.

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EC World Reit (ECWREIT SP)

Partial Tender for Sabana Industrial REIT - Large Additional Player to the Activist Mix

Private industrial concern with significant fuel/real estate presence Volare Group AG owns 5.4% of Sabana Industrial REIT. They have announced a...

Travis Lundy

REIT Watch - Industrial S-Reits see resilience despite macro challenges

REIT Watch - Industrial S-Reits see resilience despite macro challenges All eight of Singapore’s industrial S-Reits have reported their respective...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

CAREIT to convert office to life sciences property for US$40m; CTN to buy commercial asset for S$49m; Prelim private resi prices rise 3.4% QoQ in...

SCCM Asia Research

ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

SASSR hit by weak variable income; CERT weakness in I&L reversions; IREIT low gearing opportunities; UHU occupancies trending up; PWON reached 44%...

SCCM Asia Research

ASEAN Builder's Scoop (7Jul22) - CERT Divests Finland Office, Buys UK Logistics

ECWREIT CEO bought more units; Cape Royale at Sentosa sold 50% on launch day; People's Park Centre enbloc for S$1.8bn; IREIT CFO steps down

SCCM Asia Research

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