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

<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
<div>
<h2>Elite Commercial REIT</h2>
<h3>Boost from new acquisitions</h3>
<div>
<ul>
<li>1H21 DPU of 2.63 £cts was above our estimate, at 53% of our FY21F forecast</li>
<li>ECR received an offer to divest its property at East Street Epsom for £2.9m (21% premium), the deal is undergoing due diligence and pending completion&nbsp;</li>
<li>We reiterate our Add call with a DDM-based TP of £0.83.</li>
</ul>
<div>
<p><strong>1H21 results highlights</strong><br><span style="font-size: var(--content-font-size);">ECR reported 1H21 gross revenue of £15.9m (+70.6% yoy) and NPI of £15.4m (+69.9% yoy), boosted by additional contributions of c.£4.4m from its newly acquired portfolio in its maiden acquisition. DPU came in at 2.63 £cts (including advanced distribution of 0.9 pence), up 8.7% yoy, and formed 53% of our full year estimate. ECR also announced a distribution reinvestment plan in 1H21 where unitholders may elect to receive fully paid units in the REIT instead of cash.</span></p>
</div>
</div>
</div>

Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.

Elite Commercial REIT
Boost from new acquisitions


1H21 DPU of 2.63 £cts was above our estimate, at 53% of our FY21F forecast
ECR received an offer to divest its property at East Street Epsom for £2.9m (21% premium), the deal is undergoing due diligence and pending completion&nbsp;
We reiterate our Add call with a DDM-based TP of £0.83.


1H21 results highlights ECR reported 1H21 gross revenue of £15.9m (+70.6% yoy) and NPI of £15.4m (+69.9% yoy), boosted by additional contributions of c.£4.4m from its newly acquired portfolio in its maiden acquisition. DPU came in at 2.63 £cts (including advanced distribution of 0.9 pence), up 8.7% yoy, and formed 53% of our full year estimate. ECR also announced a distribution reinvestment plan in 1H21 where unitholders may elect to receive fully paid units in the REIT instead of cash.




(Non-SGX Report) Elite Commercial REIT: Boost from New Acquisitions

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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 363.047px; height: 14px;"><p> </p></td><td style="width: 362.953px; height: 14px;"><p>ELITE (GBP)</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Period</p></td><td style="width: 362.953px; height: 14px;"><p>1H21</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Gross Revenue (S$ m)</p></td><td style="width: 362.953px; height: 14px;"><p>15.9 (+37.7% vs forecast)</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>NPI (S$ m)</p></td><td style="width: 362.953px; height: 14px;"><p>15.4 (+37% vs forecast)</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>DPU (S$ c)</p></td><td style="width: 362.953px; height: 14px;"><p>2.63 (+8.7% vs forecast)</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>NAV per Unit (S$)</p></td><td style="width: 362.953px; height: 14px;"><p>0.62</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>P/B (x)</p></td><td style="width: 362.953px; height: 14px;"><p>1.08</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Occupancy (%)</p></td><td style="width: 362.953px; height: 14px;"><p>100</p></td></tr><tr><td style="width: 363.047px; height: 7px;"><p>Reversion (%)</p></td><td style="width: 362.953px; height: 7px;"><p>Not Disclosed</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Gearing (%)</p></td><td style="width: 362.953px; height: 14px;"><p>42.1</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Cost of Debt (%)</p></td><td style="width: 362.953px; height: 14px;"><p>1.9</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>1 Yr Fwd Yield (%)</p></td><td style="width: 362.953px; height: 14px;"><p>7.41</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Debt Hedged (%)</p></td><td style="width: 362.953px; height: 14px;"><p>63</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Target Price</p></td><td style="width: 362.953px; height: 14px;"><p>N/A</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Rating</p></td><td style="width: 362.953px; height: 14px;"><p>N/A</p></td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) ELITE (GBP)Period1H21Gross Revenue (S$ m)15.9 (+37.7% vs forecast)NPI (S$ m)15.4 (+37% vs forecast)DPU (S$ c)2.63 (+8.7% vs forecast)NAV per Unit (S$)0.62P/B (x)1.08Occupancy (%)100Reversion (%)Not DisclosedGearing (%)42.1Cost of Debt (%)1.91 Yr Fwd Yield (%)7.41Debt Hedged (%)63Target PriceN/ARatingN/A

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Corporate Webinar with are glad to welcome the management team of <a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807:1" rel="noopener">Elite Commercial REIT (ELITE SP)</a>: </p><ul>
<li>Shaldine Wang, CEO</li>
<li>Jonathan Edmunds, CIO</li>
<li>Joel Cheah, CFO</li>
</ul><p>Elite Commercial REIT is the first and only UK-focused listed REIT in Singapore. Listed on SGX-ST in February 2020, Elite has been established with the principal strategy of investing, directly or indirectly, in commercial and real estate-related assets in the UK.</p><p>In their upcoming webinar, Shaldine will share a short company presentation after which, she, together with Jonathan and Joel, will engage in a fireside chat with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a>. This will be followed by a live Q&amp;A session.</p><div><h3>The Corporate Webinar will be hosted on Tuesday, 10 August 2021 17:00 SGT.</h3></div><div><div>
<div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89235162457" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>
<p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>
</div></div>

For our next Corporate Webinar with are glad to welcome the management team of Elite Commercial REIT (ELITE SP): 
Shaldine Wang, CEO
Jonathan Edmunds, CIO
Joel Cheah, CFO
Elite Commercial REIT is the first and only UK-focused listed REIT in Singapore. Listed on SGX-ST in February 2020, Elite has been established with the principal strategy of investing, directly or indirectly, in commercial and real estate-related assets in the UK.In their upcoming webinar, Shaldine will share a short company presentation after which, she, together with Jonathan and Joel, will engage in a fireside chat with Smartkarma Insight Provider Sumeet Singh. This will be followed by a live Q&amp;A session.The Corporate Webinar will be hosted on Tuesday, 10 August 2021 17:00 SGT.
Register for the Webinar here
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.


Smartkarma Corporate Webinar | ELITE SP: A Unique Social Infrastructure Play

<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
<div>
<div>
<div>
<div>
<p>Singapore Company Focus</p>
<h2>Elite Commercial REIT</h2>
<div>
<div>
<div>
<div>
<h3>High Yield, Low (UK Sovereign) Risk</h3>
<div>
<div>
<div>
<div>
<ul style="list-style-type: disc;">
<li>
<p>Initiate coverage with a BUY recommendation and TP of GBP0.80; attractive yields of 7.6%/8.2% in FY21F/FY22F</p>
</li>
<li>
<p>93% leased to the UK’s Department for Work and Pensions (DWP), which is counter-cyclical and resilient</p>
</li>
<li>
<p>Full occupancy and long WALE of 7.2 years provide strong income visibility</p>
</li>
<li>
<p>Rental uplift of c.8% for majority of portfolio assets in FY23 to drive a re-rating</p>
</li>
</ul>
<div>
<div>
<div>
<div>
<p><strong>Initiate coverage with BUY, TP of GBP0.80, implying upside of 21% with attractive yields of 7.6%/8.2% for FY21F/FY22F.</strong> Elite Commercial REIT occupies a unique position in the REITs space, where it functions as social infrastructure, given its 99% exposure to the UK government. We like its resilient and counter-cyclical portfolio that provides stable cash flows through the economic cycles. The REIT enjoys 100% portfolio occupancy and a weighted average lease expiry (WALE) of c.7.2 years, offering strong visibility to distributions.</p>
<p><strong>Potential uplift in valuations in 2022.</strong> Current book value is conservative and assumes that half of the break options will be exercised, an unlikely scenario. We thus expect to see significant uplift in valuations when the breaks are not exercised by Mar 2022, bringing P/NAV down to &lt;1.0x. We think it is unlikely for the primary tenant, Department for Work and Pensions (DWP), to break the leases as properties are strategically chosen to serve the local communities and provide crucial public services to c.30% of the UK population.</p>
<p><strong>Built-in upside from inflation-linked rental uplift every five years. </strong>The leases to the UK government have rent reviews every five years pegged to the UK Consumer Price Index (“CPI”), subject to an annual minimum increase of 1.0% and maximum of 5.0%. This provides the portfolio with an embedded rental growth profile. The next rent review in Apr 2023 could see c.8% rental growth for selected leases, resulting in c.7.4% rental growth for the portfolio in that year.</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.




Singapore Company Focus
Elite Commercial REIT




High Yield, Low (UK Sovereign) Risk






Initiate coverage with a BUY recommendation and TP of GBP0.80; attractive yields of 7.6%/8.2% in FY21F/FY22F


93% leased to the UK’s Department for Work and Pensions (DWP), which is counter-cyclical and resilient


Full occupancy and long WALE of 7.2 years provide strong income visibility


Rental uplift of c.8% for majority of portfolio assets in FY23 to drive a re-rating






Initiate coverage with BUY, TP of GBP0.80, implying upside of 21% with attractive yields of 7.6%/8.2% for FY21F/FY22F. Elite Commercial REIT occupies a unique position in the REITs space, where it functions as social infrastructure, given its 99% exposure to the UK government. We like its resilient and counter-cyclical portfolio that provides stable cash flows through the economic cycles. The REIT enjoys 100% portfolio occupancy and a weighted average lease expiry (WALE) of c.7.2 years, offering strong visibility to distributions.
Potential uplift in valuations in 2022. Current book value is conservative and assumes that half of the break options will be exercised, an unlikely scenario. We thus expect to see significant uplift in valuations when the breaks are not exercised by Mar 2022, bringing P/NAV down to &lt;1.0x. We think it is unlikely for the primary tenant, Department for Work and Pensions (DWP), to break the leases as properties are strategically chosen to serve the local communities and provide crucial public services to c.30% of the UK population.
Built-in upside from inflation-linked rental uplift every five years. The leases to the UK government have rent reviews every five years pegged to the UK Consumer Price Index (“CPI”), subject to an annual minimum increase of 1.0% and maximum of 5.0%. This provides the portfolio with an embedded rental growth profile. The next rent review in Apr 2023 could see c.8% rental growth for selected leases, resulting in c.7.4% rental growth for the portfolio in that year.

















(Non-SGX Report) Elite Commercial REIT: High Yield, Low (UK Sovereign) Risk

<figure>
      <img src='https://api2.sgx.com/sites/default/files/2021-07/Capture_7.PNG' alt='Steady Performance' />
    </figure>
    <div class='content-caption'>Steady Performance</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<p>In a previous publication of Reit Watch, we noted that the average occupancy rate of the sector (excluding hospitality Reits) decreased from approximately 96 per cent as at March 31, 2020 to 95 per cent as at March 31, 2021.</p>

<p>The pandemic had varying degrees of impact on individual retail and office S-Reits, which were sub-sectors that saw the biggest dips in average occupancy rates of 2.1 and 1.9 percentage points (ppt) respectively.</p>

<p>However, there were three retail and office S-REITs that maintained or saw a boost in occupancy rates (based on reported data and barring methodology differences): IREIT Global (+1.2 ppt), Elite Commercial REIT (unchanged) and Frasers Centrepoint Trust (unchanged).</p>

<p>IReit Global (IReit), the first S-Reit with a Europe-focused mandate to be listed, has a portfolio of five office assets in Germany and four office assets in Spain, valued at approximately 719.6 million euros.<br><br>
IReit was the only office S-Reit that saw a year-on-year increase in occupancy rate in Q12021. The Reit had a portfolio occupancy rate of 95.9 per cent as at March 31, 2021, up from 94.7 per cent at at Mar 31, 2020.<br><br>
It noted that the pandemic had limited impact on its portfolio in Q12021, with no requests for rental rebates or deferrals from tenants and that all tenants continued to pay rents for Q12021.</p>

<p>In April 2021, IReit announced plans to add retail assets to its portfolio.</p>

<p>The acquisition consists of 27 retail properties located across France, based on a sale &amp; leaseback arrangement with Decathlon for approximately 110.5 million euros.</p>

<p>The acquisition will create an enlarged portfolio of 35 properties across Europe, valued at 833.5 million euros, and boosting the portfolio occupancy further to 97.0 per cent.</p>

<p>Elite Commercial Reit (Elite), an office S-Reit with assets in the UK, maintained full occupancy over the year. It attributed its portfolio resilience and stable cashflows to the unique nature of its tenants.</p>

<p>The Reit derives over 99 per cent of gross rental income from the UK government, of which 92.6 per cent is contributed by the Department for Work and Pensions.</p>

<p>Following its maiden acquisition of 58 properties across the UK in March 2021, Elite further extended its exposure to UK sovereign credit and welcomed a new substantial unitholder - the European Institution Partner Reinsurance Company (PartnerRE).</p>

<p>Frasers Centrepoint Trust (FCT), the only S-Reit with 100 per cent retail assets in Singapore, was the sole retail S-Reit which did not report a deline in portfolio occupancy from a year ago.</p>

<p>The Reit's retail portfolio occupancy rate stood at 96.1 per cent as of Mar 31, 2021. <br><br><strong><em>REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/defying-gravity-retail-and-office-s-reits-with-higher-occupancy">read</a> the original version.</em></strong></p>
</body></html>



      
    
    Steady Performance


In a previous publication of Reit Watch, we noted that the average occupancy rate of the sector (excluding hospitality Reits) decreased from approximately 96 per cent as at March 31, 2020 to 95 per cent as at March 31, 2021.

The pandemic had varying degrees of impact on individual retail and office S-Reits, which were sub-sectors that saw the biggest dips in average occupancy rates of 2.1 and 1.9 percentage points (ppt) respectively.

However, there were three retail and office S-REITs that maintained or saw a boost in occupancy rates (based on reported data and barring methodology differences): IREIT Global (+1.2 ppt), Elite Commercial REIT (unchanged) and Frasers Centrepoint Trust (unchanged).

IReit Global (IReit), the first S-Reit with a Europe-focused mandate to be listed, has a portfolio of five office assets in Germany and four office assets in Spain, valued at approximately 719.6 million euros.  
IReit was the only office S-Reit that saw a year-on-year increase in occupancy rate in Q12021. The Reit had a portfolio occupancy rate of 95.9 per cent as at March 31, 2021, up from 94.7 per cent at at Mar 31, 2020.  
It noted that the pandemic had limited impact on its portfolio in Q12021, with no requests for rental rebates or deferrals from tenants and that all tenants continued to pay rents for Q12021.

In April 2021, IReit announced plans to add retail assets to its portfolio.

The acquisition consists of 27 retail properties located across France, based on a sale &amp; leaseback arrangement with Decathlon for approximately 110.5 million euros.

The acquisition will create an enlarged portfolio of 35 properties across Europe, valued at 833.5 million euros, and boosting the portfolio occupancy further to 97.0 per cent.

Elite Commercial Reit (Elite), an office S-Reit with assets in the UK, maintained full occupancy over the year. It attributed its portfolio resilience and stable cashflows to the unique nature of its tenants.

The Reit derives over 99 per cent of gross rental income from the UK government, of which 92.6 per cent is contributed by the Department for Work and Pensions.

Following its maiden acquisition of 58 properties across the UK in March 2021, Elite further extended its exposure to UK sovereign credit and welcomed a new substantial unitholder - the European Institution Partner Reinsurance Company (PartnerRE).

Frasers Centrepoint Trust (FCT), the only S-Reit with 100 per cent retail assets in Singapore, was the sole retail S-Reit which did not report a deline in portfolio occupancy from a year ago.

The Reit's retail portfolio occupancy rate stood at 96.1 per cent as of Mar 31, 2021.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Defying gravity: Retail and office S-Reits with higher occupancy

Singapore

Yoma Strategic Holdings Limited develops real estate; sells private residential properties; and designs, constructs and project manages real estate developments in Myanmar and the People's Republic of China.

Bund Center Investment, Ltd. invests in commercial property in China. The Company owns office buildings, hotels, and retail malls.

Hiap Hoe Limited is an integrated property developer. The Company develops luxury and mid-tier residential properties. Hiap Hoe also seeks out civil engineering and construction contracts but its main focus is developing its own residential properties.

Tuan Sing Holdings Limited an investment holding company with interest mainly in property development, property investment and hotel ownership.

BHG Retail REIT is a real estate investment trust (REIT) in 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.

Keppel Pacific Oak US REIT operates as a real estate investment trust with properties located in the United States. The Company invests in a diversified portfolio of income-producing commercial and real estate assets in key growth markets of the US.

Manulife US REIT is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States, as well as real estate-related assets.

ARA US Hospitality Trust is a Singapore-listed stapled trust. It owns upscale select-service hotels in the US.

Office Properties Income Trust operates as a real estate investment trust. The Company focuses on ownership and leasing of office properties. Office Properties Income Trust serves customers in the United States.

S Prime Growth Leasehold Real Estate Investment Trust operates as a real estate investment trust. The Trust invests in real estate properties. S Prime Growth Leasehold Real Estate Investment Trust serves customers in Thailand.

Singha Prime Office Leasehold REIT (SPRIME TB)

NH Prime REIT Co., Ltd. builds homes. The Company builds and sells single-family houses, apartments, and prefabricated houses, as well as performs housing renovation and extension works. NH Prime REIT also provides housing loans and real estate brokerage services.

Bualuang Office Leasehold Real Estate Investment Trust operates as a real estate investment trust. The Company provides office and commercial buildings leasing and renting services. Bualuang Office Leasehold Real Estate Investment Trust serves customers in Thailand.

Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB)

Bualuang Office Leasehold Real Estate Investment Trust

NSI N.V. is a closed-end real estate investment company qualifying as an Investment Institution under Dutch Law. The Company gives private individuals and investment companies the opportunity to invest by means of purchasing shares in the company's real estate portfolio.

Centuria Office REIT operates as a real estate investment trust. The Company invests in commercial properties via a listed property trust, as well as owns and manages office assets. Centuria Office serves customers in Australia.

Abacus Group is a diversified property investment and management company. The Company provides exposure to a portfolio of commercial office, retail, and self storage real estates. Abacus Group serves customers in Australia.

Sentral REIT is a real estate investment trust. The trust invests in office and retail buildings, business and technology parks, data processing centers, and car parking facilities primarily in Malaysia.

Dynamic Holdings Limited, through its subsidiaries, invests in and develops properties.  The Company also operates ports.

GR Properties Ltd, through its subsidiaries, invests in and develops properties.

Elite Commercial REIT (“Elite REIT”) is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the United Kingdom (“UK”). Elite REIT is the only UK REIT listed in Pound sterling on the Singapore Exchange.

Elite REIT’s portfolio (“Portfolio”) comprises predominantly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. The Portfolio offers a stable government-backed income stream with over 99% of the gross rental income derived from the UK Government, backed by AA-rated sovereign credit strength. The leases are on triple net basis(1) and Elite REIT is one of the largest provider of critical social infrastructure to the Department for Work & Pensions (“DWP”) and other UK Government departments. The DWP is the UK’s largest public service department that is responsible for welfare, pensions and child maintenance, serving over 20 million claimants. The Portfolio is part of the crucial social infrastructure through which the DWP provides services to local communities.

Note:
1.	Known as a full repairing and insuring lease, the responsibility for the repair of the external and internal parts as well as the structure of the property is placed with the tenant for occupied assets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Elite Commercial REIT (ELITE SP)

(Non-SGX Report) Elite Commercial REIT: Boost from New Acquisitions

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

ELITE >7% GBP yield with min collection risks; EAGLEHT Dalls hotel sold at lower price; GLP sees frothy valuations in most markets; DILD 1H21 mktg...

SCCM Asia Research

(Non-SGX Report) Elite Commercial REIT: High Yield, Low (UK Sovereign) Risk

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

REIT Watch - Defying gravity: Retail and office S-Reits with higher occupancy

In a previous publication of Reit Watch, we noted that the average occupancy rate of the sector (excluding hospitality Reits)...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Non-SGX Report) Elite Commercial REIT: Boost from New Acquisitions

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

ELITE >7% GBP yield with min collection risks; EAGLEHT Dalls hotel sold at lower price; GLP sees frothy valuations in most markets; DILD 1H21 mktg...

SCCM Asia Research

Smartkarma Corporate Webinar | ELITE SP: A Unique Social Infrastructure Play

On 10 August, 5pm SGT, join our Corporate Webinar featuring the management team of ELITE SP. The team will share a short company presentation and...

Smartkarma Research

(Non-SGX Report) Elite Commercial REIT: High Yield, Low (UK Sovereign) Risk

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

REIT Watch - Defying gravity: Retail and office S-Reits with higher occupancy

In a previous publication of Reit Watch, we noted that the average occupancy rate of the sector (excluding hospitality Reits)...

Singapore Exchange Ltd (SGX)