Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<div>
The Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Monetary Authority of Singapore (MAS) yesterday announced a set of new measures to provide REITs with greater flexibility to manage their cash flows.
In this insight, I'll talk about the likely implications of the same.
Links to my previous insights on SREITs are below:
<ul>
<li>In <a href="https://www.smartkarma.com/insights/singapore-reits-what-s-been-cooking-this-year" target="_blank" rel="noopener">Singapore REITs - What’s Been Cooking This Year</a> I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them.</li>
<li>In my follow-up insight, <a href="https://www.smartkarma.com/insights/trade-ideas-for-sgreits-retail-reits-share-price-has-been-more-resilient-than-it-should-be" target="_blank" rel="noopener">Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be,</a> I spoke about the factors that have been impacting retail REITs.</li>
<li>In <a href="https://www.smartkarma.com/insights/trade-ideas-sg-office-reits-this-time-it-s-different" target="_blank" rel="noopener">Trade Ideas SG Office REITs - This Time It’s Different</a> I spoke about how the office REITs might fare better.</li>
<li>In <a href="https://www.smartkarma.com/insights/trade-ideas-sg-industrial-reits-bigger-names-have-been-holding-up-a-little-too-well" target="_blank" rel="noopener">Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well</a> I spoke about how the larger industrial REITs appear to be a little too expensive.</li>
</ul>
</div>


The Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Monetary Authority of Singapore (MAS) yesterday announced a set of new measures to provide REITs with greater flexibility to manage their cash flows.
In this insight, I'll talk about the likely implications of the same.
Links to my previous insights on SREITs are below:

In Singapore REITs - What’s Been Cooking This Year I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them.
In my follow-up insight, Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be, I spoke about the factors that have been impacting retail REITs.
In Trade Ideas SG Office REITs - This Time It’s Different I spoke about how the office REITs might fare better.
In Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well I spoke about how the larger industrial REITs appear to be a little too expensive.



Singapore REITs - Get Out of Jail Free Card, for the Tenants

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.

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
MOF, IRAS &amp; MAS have announced new measures for S-REITs – 1) distribution timeline extensions to qualify for tax transparency, 2) leverage limit raised from 45% to 50% and 3) defer implementation of a new minimum interest coverage ratio (ICR) requirement to 2022. 
	 </li>
	<li>
The measures are expected to support S-REIT managers in their capital management, adding further flexibility to manage cash flows. Focus will be on DPUs and industry outlooks as S-REITs report quarter earnings over the next few weeks. 
	 </li>
	<li>
The FTSE ST REIT Index opened up 3% on 17 April, after declining 20% in the 2020 YTD through to 16 April, trimming its longer term 10 year annualised total returns to 8%, which has been in-line with regional REIT Indices.
</li>
</ul>
 

 To support S-REITs during these challenging times, <a href="https://www.mas.gov.sg/news/media-releases/2020/new-measures-to-help-reits-navigate-operating-challenges-posed-by-covid-19">MOF, IRAS and MAS have jointly announced new measures</a> on 16 April. These new measures include:

<ol>
<li>Extension of timeline for S-REITs to distribute at least 90% of their taxable income from 3 months to 12 months (after the end of FY2020) to qualify for tax transparency;</li>
	<li>Increasing leverage limit from 45% to 50%; and</li>
	<li>Defer of implementation of a new minimum interest coverage ratio (ICR) requirement to 1 Jan 2022.</li>
</ol>
The new measures, together with enhanced share issue limit announced by SGX RegCo last week, will provide S-REITs more flexibility to access various funding options and manage cash flows. With active capital management by REIT managers, S-REITs have maintained an average Debt to Asset ratio of 35.3%, based on latest company data as of 31 March 2020. Raising the leverage limit may provide S-REITs more flexibility to manage their capital structure.

List of 10 S-REITs with highest debt-to-asset ratios

<table class="table table-striped"><tbody>
<tr>
<td>Name</td>
			<td>SGX Code</td>
			<td>Mkt Cap S$M</td>
			<td>2020 YTD daily turnover S$’000</td>
			<td>17 Apr Morning Session Price Change %</td>
			<td>Debt to Assets ratio %</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			J91U
			</td>
			<td>
			1,196
			</td>
			<td>
			8,652
			</td>
			<td>
			5.9%
			</td>
			<td>
			41.5
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			2,218
			</td>
			<td>
			1,765
			</td>
			<td>
			4.9%
			</td>
			<td>
			40.3
			</td>
		</tr>
<tr>
<td>
			CACHE LOGISTICS TRUST
			</td>
			<td>
			K2LU
			</td>
			<td>
			573
			</td>
			<td>
			1,502
			</td>
			<td>
			2.9%
			</td>
			<td>
			40.1
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL
			</td>
			<td>
			UD1U
			</td>
			<td>
			423
			</td>
			<td>
			1,984
			</td>
			<td>
			0.8%
			</td>
			<td>
			39.3
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST
			</td>
			<td>
			Q5T
			</td>
			<td>
			927
			</td>
			<td>
			2,242
			</td>
			<td>
			5.3%
			</td>
			<td>
			39.2
			</td>
		</tr>
<tr>
<td>
			EC WORLD REIT
			</td>
			<td>
			BWCU
			</td>
			<td>
			507
			</td>
			<td>
			1,255
			</td>
			<td>
			1.6%
			</td>
			<td>
			38.7
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			CMOU
			</td>
			<td>
			762
			</td>
			<td>
			3,070
			</td>
			<td>
			3.2%
			</td>
			<td>
			38.5
			</td>
		</tr>
<tr>
<td>
			SOILBUILD BUSINESS SPACE REIT
			</td>
			<td>
			SV3U
			</td>
			<td>
			469
			</td>
			<td>
			980
			</td>
			<td>
			2.7%
			</td>
			<td>
			38.2
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			BTOU
			</td>
			<td>
			1,594
			</td>
			<td>
			8,190
			</td>
			<td>
			2.5%
			</td>
			<td>
			37.7
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			3,723
			</td>
			<td>
			23,855
			</td>
			<td>
			6.8%
			</td>
			<td>
			37.7
			</td>
		</tr>
<tr>
<td>Average</td>
			<td> </td>
			<td> </td>
			<td> </td>
			<td>3.6%</td>
			<td>39.1</td>
		</tr>
<tr>
<td>Median</td>
			<td> </td>
			<td> </td>
			<td> </td>
			<td>3.0%</td>
			<td>39.0</td>
		</tr>
</tbody></table>
Source: Thomson Reuters, Company data (Data as of 16 April 2020). Price Change based on S$-terms. Note Debt/Asset metrics taken from Company data as of 31 March 2020.

S-REITs 10-year annualised returns remains above global REITs average

In the 2020 year-to-date through to 16 April, the FTSE ST REIT Index declined 19.8%, in line with the average 22.2% decline among global REIT indices. Annualised 10 year total returns of FTSE ST REIT Index was also trimmed to 8.0% but remained slightly above the average of 7.2% for global REIT indices.
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-04/Annualised%2010%20year.PNG' alt='Annualised 10 Year Total Return' />
 </figure>
 <div class='content-caption'>Annualised 10 Year Total Return</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>The FTSE ST REIT Index is currently trading at a Price-to-Book ratio of 0.96x (below its 10 year average of 1.01x) and a forward dividend yield spread of 5.15% against Singapore 10 year Benchmark Government Bond Yield, above the STI forward dividend yield spread of 3.92%.</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-04/FTSE%20ST%20REIT%20Index%20Yield.PNG' alt='FTSE ST REIT Index Yield ' />
 </figure>
 <div class='content-caption'>FTSE ST REIT Index Yield </div>
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<html><body>
S-REITs with majority of their retail properties Singapore

These 7 S-REITs averaged a decline of 29.2% for the 2020 year to date session through to 16 April. In the morning session of 17 April, they rebounded an average of 5.3% from the previous day.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td colspan="2">
			Mkt Cap S$M
			</td>
			<td>
			Geographic Breakdown by Asset Portfolio
			</td>
			<td>
			YTD Price Return % as of 16 April
			</td>
			<td>
			Price Return on 17 April Morning Session %
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td colspan="2">
			C38U
			</td>
			<td>
			6,553
			</td>
			<td>
			100% SG
			</td>
			<td>
			-28.0%
			</td>
			<td>
			6.8%
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td colspan="2">
			T82U
			</td>
			<td>
			3,723
			</td>
			<td>
			89% SG, 11% AU
			</td>
			<td>
			-28.3%
			</td>
			<td>
			6.8%
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td colspan="2">
			N2IU
			</td>
			<td>
			5,873
			</td>
			<td>
			100% SG
			</td>
			<td>
			-25.9%
			</td>
			<td>
			5.6%
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td colspan="2">
			J69U
			</td>
			<td>
			2,265
			</td>
			<td>
			100% SG
			</td>
			<td>
			-28.1%
			</td>
			<td>
			7.4%
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td colspan="2">
			SK6U
			</td>
			<td>
			2,185
			</td>
			<td>
			81% SG, 19% AU
			</td>
			<td>
			-26.2%
			</td>
			<td>
			3.2%
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td colspan="2">
			P40U
			</td>
			<td>
			1,064
			</td>
			<td>
			68.7% SG, 15.9% AU, 12.6% MY, 2.8% CN &amp; JP
			</td>
			<td>
			-33.1%
			</td>
			<td>
			4.1%
			</td>
		</tr>
<tr>
<td>
			LENDLEASE GLOBAL COMMERCIAL REIT
			</td>
			<td colspan="2">
			JYEU
			</td>
			<td>
			710
			</td>
			<td>
			71.5% SG, 28.5% Italy
			</td>
			<td>
			-34.9%
			</td>
			<td>
			3.3%
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td colspan="2">
			 
			</td>
			<td>
			 
			</td>
			<td>
			-29.2%
			</td>
			<td>
			5.3%
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td colspan="2">
			 
			</td>
			<td>
			 
			</td>
			<td>
			-28.1%
			</td>
			<td>
			5.6%
			</td>
		</tr>
</tbody></table>
Source: Thomson Reuters, Company data (Data as of 16 April 2020). Price change based on S$-terms. Note geographic breakdown by asset portfolio taken from Company data as 31 March 2020.

 All eyes on upcoming S-REITs quarterly earnings

S-REITs are expected to release their March quarterly earnings in the coming weeks and focus outlooks on multiple areas, from continued maintenance of strong tenant relationships, to utilising balance sheets for the most effective cash flows. The new measure also requires S-REITs to disclose leverage ratios and ICRs in annual reports and interim financial results, to provide investors with timely information on their risk profiles.

Refer to weekly <a href="https://www.sgxacademy.com/economiccalendar/">Economic Calendar</a> for the latest S-REITs earnings schedule.
</body></html>





MOF, IRAS &amp; MAS have announced new measures for S-REITs – 1) distribution timeline extensions to qualify for tax transparency, 2) leverage limit raised from 45% to 50% and 3) defer implementation of a new minimum interest coverage ratio (ICR) requirement to 2022. 
	 
	
The measures are expected to support S-REIT managers in their capital management, adding further flexibility to manage cash flows. Focus will be on DPUs and industry outlooks as S-REITs report quarter earnings over the next few weeks.  
	 
	
The FTSE ST REIT Index opened up 3% on 17 April, after declining 20% in the 2020 YTD through to 16 April, trimming its longer term 10 year annualised total returns to 8%, which has been in-line with regional REIT Indices.


 

 To support S-REITs during these challenging times, MOF, IRAS and MAS have jointly announced new measures on 16 April. These new measures include:


Extension of timeline for S-REITs to distribute at least 90% of their taxable income from 3 months to 12 months (after the end of FY2020) to qualify for tax transparency;
	Increasing leverage limit from 45% to 50%; and
	Defer of implementation of a new minimum interest coverage ratio (ICR) requirement to 1 Jan 2022.

The new measures, together with enhanced share issue limit announced by SGX RegCo last week, will provide S-REITs more flexibility to access various funding options and manage cash flows. With active capital management by REIT managers, S-REITs have maintained an average Debt to Asset ratio of 35.3%, based on latest company data as of 31 March 2020. Raising the leverage limit may provide S-REITs more flexibility to manage their capital structure.

List of 10 S-REITs with highest debt-to-asset ratios



Name
			SGX Code
			Mkt Cap S$M
			2020 YTD daily turnover S$’000
			17 Apr Morning Session Price Change %
			Debt to Assets ratio %
		


			ESR-REIT
			
			
			J91U
			
			
			1,196
			
			
			8,652
			
			
			5.9%
			
			
			41.5
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			2,218
			
			
			1,765
			
			
			4.9%
			
			
			40.3
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			573
			
			
			1,502
			
			
			2.9%
			
			
			40.1
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			423
			
			
			1,984
			
			
			0.8%
			
			
			39.3
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			927
			
			
			2,242
			
			
			5.3%
			
			
			39.2
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			507
			
			
			1,255
			
			
			1.6%
			
			
			38.7
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			762
			
			
			3,070
			
			
			3.2%
			
			
			38.5
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			SV3U
			
			
			469
			
			
			980
			
			
			2.7%
			
			
			38.2
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1,594
			
			
			8,190
			
			
			2.5%
			
			
			37.7
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,723
			
			
			23,855
			
			
			6.8%
			
			
			37.7
			
		

Average
			 
			 
			 
			3.6%
			39.1
		

Median
			 
			 
			 
			3.0%
			39.0
		

Source: Thomson Reuters, Company data (Data as of 16 April 2020). Price Change based on S$-terms. Note Debt/Asset metrics taken from Company data as of 31 March 2020.

S-REITs 10-year annualised returns remains above global REITs average

In the 2020 year-to-date through to 16 April, the FTSE ST REIT Index declined 19.8%, in line with the average 22.2% decline among global REIT indices. Annualised 10 year total returns of FTSE ST REIT Index was also trimmed to 8.0% but remained slightly above the average of 7.2% for global REIT indices.



      
    
    Annualised 10 Year Total Return

The FTSE ST REIT Index is currently trading at a Price-to-Book ratio of 0.96x (below its 10 year average of 1.01x) and a forward dividend yield spread of 5.15% against Singapore 10 year Benchmark Government Bond Yield, above the STI forward dividend yield spread of 3.92%.


      
    
    FTSE ST REIT Index Yield 


S-REITs with majority of their retail properties Singapore

These 7 S-REITs averaged a decline of 29.2% for the 2020 year to date session through to 16 April. In the morning session of 17 April, they rebounded an average of 5.3% from the previous day.




			Name
			
			
			SGX Code
			
			
			Mkt Cap S$M
			
			
			Geographic Breakdown by Asset Portfolio
			
			
			YTD Price Return % as of 16 April
			
			
			Price Return on 17 April Morning Session %
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6,553
			
			
			100% SG
			
			
			-28.0%
			
			
			6.8%
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,723
			
			
			89% SG, 11% AU
			
			
			-28.3%
			
			
			6.8%
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,873
			
			
			100% SG
			
			
			-25.9%
			
			
			5.6%
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			2,265
			
			
			100% SG
			
			
			-28.1%
			
			
			7.4%
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,185
			
			
			81% SG, 19% AU
			
			
			-26.2%
			
			
			3.2%
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,064
			
			
			68.7% SG, 15.9% AU, 12.6% MY, 2.8% CN &amp; JP
			
			
			-33.1%
			
			
			4.1%
			
		


			LENDLEASE GLOBAL COMMERCIAL REIT
			
			
			JYEU
			
			
			710
			
			
			71.5% SG, 28.5% Italy
			
			
			-34.9%
			
			
			3.3%
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			-29.2%
			
			
			5.3%
			
		


			Median
			
			
			 
			
			
			 
			
			
			 
			
			
			-28.1%
			
			
			5.6%
			
		

Source: Thomson Reuters, Company data (Data as of 16 April 2020). Price change based on S$-terms. Note geographic breakdown by asset portfolio taken from Company data as 31 March 2020.

 All eyes on upcoming S-REITs quarterly earnings

S-REITs are expected to release their March quarterly earnings in the coming weeks and focus outlooks on multiple areas, from continued maintenance of strong tenant relationships, to utilising balance sheets for the most effective cash flows. The new measure also requires S-REITs to disclose leverage ratios and ICRs in annual reports and interim financial results, to provide investors with timely information on their risk profiles.

Refer to weekly Economic Calendar for the latest S-REITs earnings schedule.



New Significant Supportive Measures for S-REITs 

CapitaLand Ascendas REIT / Equity Bottom-Up

<div>
In my previous insight, <a href="https://www.smartkarma.com/insights/singapore-reits-what-s-been-cooking-this-year" target="_blank" rel="noopener">Singapore REITs - What’s Been Cooking This Year,</a> I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them. In my follow-up insight, <a href="https://www.smartkarma.com/insights/trade-ideas-for-sgreits-retail-reits-share-price-has-been-more-resilient-than-it-should-be" target="_blank" rel="noopener">Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be,</a> I spoke about the factors that have been impacting retail REITs. And in <a href="https://www.smartkarma.com/insights/trade-ideas-sg-office-reits-this-time-it-s-different" target="_blank" rel="noopener">Trade Ideas SG Office REITs - This Time It’s Different</a> I spoke about how the office REITs might fare better.
<div id="annotable-executive_summary-1">In this insight, I'll take a closer look at some of the issues with industrial REITs this year.</div>
</div>


In my previous insight, Singapore REITs - What’s Been Cooking This Year, I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them. In my follow-up insight, Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be, I spoke about the factors that have been impacting retail REITs. And in Trade Ideas SG Office REITs - This Time It’s Different I spoke about how the office REITs might fare better.
In this insight, I'll take a closer look at some of the issues with industrial REITs this year.


Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well

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 <img src='https://api2.sgx.com/sites/default/files/2020-03/Lendlease-Global-REIT-CEO.jpg' alt='Lendlease ' />
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 <div class='content-caption'>Lendlease </div>
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With more than two decades of industry experience under his belt, Kelvin Chow has come to appreciate the convergence of art and science in real estate.

“Traditionally, in the area of lease management, the key requirement was just to lease the property out, get a good price, and manage its risks,” said the Chief Executive Officer of the manager of SGX-listed Lendlease Global Commercial REIT.

“But in this day and age, just focusing on the science of the transaction is not enough – there’s an art to it as well, such as finding creative ways to manage an asset, understanding the surrounding demographics, and getting the right tenant mix for the target market.”

Chow, who keeps a notebook by his pillow to jot down ideas that pop into his head during the wee hours, finds his greatest satisfaction in instances when he is able to generate value.

“What inspires me most is solving problems and unlocking potential – improving the REIT’s value proposition, such as boosting cashflow and yields, as well as managing disruptors,” he added.

Chow, who holds a Master of Business Administration from Universitas 21 Global, and is a Fellow of the Association of Chartered Certified Accountants, was appointed CEO of the manager of Lendlease Global REIT in 2019.

Prior to this appointment, he was the Managing Director of Investment Management in Asia in 2018, overseeing the asset management function and performance of the Asia funds platform.

Before joining Lendlease, he held senior financial management roles with Keppel REIT, Soilbuild Business Space REIT and then-Cambridge Industrial Trust, now called ESR-REIT.

Listed on SGX Mainboard on 2 October 2019, Lendlease Global REIT has the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing real estate assets located globally, and used primarily for retail and/or office purposes. Its initial portfolio comprises a leasehold interest in the Lendlease-developed 313@somerset retail property in Singapore, and a freehold interest in Milan’s Sky Complex that consists of three Grade A freehold office buildings. The portfolio has a total net lettable area of approximately 1.3 million square feet, with an appraised value of S$1.4 billion.

The REIT is managed by Lendlease Global Commercial Trust Management Pte Ltd, an indirect, wholly owned subsidiary of the sponsor, Lendlease Corporation Ltd. The latter is part of the Lendlease Group – an international property and infrastructure group established in 1958 and headquartered in Sydney. Listed on the Australian Securities Exchange, the Group has operations spanning Australia, Asia, Europe and the Americas.

Enhancing Performance

To generate growth, Lendlease Global REIT has adopted a three-pronged strategy – proactive asset management, investments and acquisition growth, as well as prudent capital management.

“We want to drive the performance of our existing assets, enhance our portfolio through suitable acquisitions, and manage our financing to maximise returns to unitholders,” Chow said.

For the REIT’s prime retail asset in Singapore – 313@somerset – which has developed as a differentiated lifestyle destination mall, one focus is maintaining a robust relationship with its high-quality, well-diversified base of tenants.

Leases in the mall are typically structured with three-year tenures, comprising base rent and turnover rent, which is calculated as a percentage of tenants’ gross turnover, with an average rental escalation of 3%.

The REIT is also exploring how to unlock further value for unitholders after the permissible plot ratio for 313@somerset was raised under the Urban Redevelopment Authority’s (URA) Master Plan 2019, resulting in a potential increase of up to 1,008 square metres of space based on its current gross floor area utilisation.

“We’re conducting feasibility studies on what will generate the highest cashflow possible, such as identifying specific floors in the mall where we can increase footfall or traffic,” he added.

Over in Milan, Sky Complex comprises about a third of Lendlease Global REIT’s IPO portfolio based on its appraised value. It consists of three Grade A, freehold office buildings located in one of the city’s newest and most vibrant office precincts – Milano Santa Giula.

It is 100% leased to Sky Italia, an Italian satellite television platform owned by Comcast Corporation, the world’s largest broadcasting and cable TV company by revenue. The single lease runs until 2032, with a break option in 2026.

“There is no retail component in Sky Complex. This tenant is ranked number one in the broadcasting industry, while the lease has a rental step-up clause that tracks the Italian National Institute of Statistics’ Consumer Price Index variation, and features a triple net structure whereby the tenant is generally responsible for the operating expenses of the property,” Chow said.

“It’s like owning AAA-rated bonds – the asset provides the portfolio with very stable cashflow.”

Resilient Outlook

Meanwhile, the outlook for 313@somerset remains bright. The mall features brands – including Pomelo Fashion and Love, Bonito – with omni-channel offerings that appeal to millennials and the younger generation.

“Singapore’s retail sector will continue to evolve, driven by changing consumer behaviours and the rise of e-commerce,” he added.

“The government’s proposed plans to rejuvenate Singapore's Orchard Road shopping belt, with the Somerset sub-precinct slated to provide more youth-oriented dining and entertainment offerings, also augurs well for us.”

While acknowledging that the COVID-19 coronavirus outbreak may impact domestic retail sales, Chow remains sanguine about 313@somerset’s performance.

“Yes, regional travel bans may affect foot traffic, but we expect the mall to stay resilient,” he said.

Retail market fundamentals also appear encouraging, with little supply expected over the next two to three years, according to data from real estate consultancy JLL. They point to a tighter vacancy environment that should support modest rental growth, Chow added.

“Our rental rates for 313@somerset are already at the bottom of the cycle, with one-third of our leases due for renewal. The remaining two-thirds will capture the annual rental escalation, and help mitigate any downside.”

Nonetheless, the REIT manager will monitor the impact of COVID-19 and if tenants seek reprieves, it will assess their needs on a case-by-case basis, he said.

And as for Milan – the fourth-largest economy in Europe and one of the continent’s top office sector destinations for investors and businesses – the investment market has remained active through 2019, with strong interest from both domestic and foreign investors for office assets, Chow noted.

“The robust take-up rates for office space led to tighter supply in 2019, and the take-up rate for this year is expected to stay healthy. We’re pretty positive on this asset, and don’t expect much downside risk ahead,” he added.

Earlier this week, Italy imposed a ban on all non-essential travel to and around the country, as well as a temporary ban of public events through 3 April 2020, in a bid to contain the coronavirus spread.

Meanwhile, acquisitions are definitely on the cards. But the REIT, which has a global mandate, isn’t focusing on any specific country or region at the moment. “The potential asset must tick the right boxes – enhance the diversification of the portfolio and deliver the best value proposition to investors,” he noted.

Key criteria include at least 80% occupancy levels, no major asset enhancement initiatives (AEIs) for two years post-acquisition, and prevailing rentals must be at or above market rates. Opportunities may also emerge in Singapore, Italy, or other gateway cities in which its sponsor, Lendlease Corporation, has a presence.

“Current market conditions – whether the office or retail sector in that geography is in an up or downturn – will also play a part,” he added.

Lendlease Corporation has a secured development pipeline of approximately A$112 billion and current funds under management of approximately A$37 billion, each of which includes retail and office assets. These may present future acquisition opportunities for the REIT.

Fully Hedged

Prudence is the watchword as macro challenges continue to abound, ranging from continuing US-Sino trade tensions to the economic fallout generated by the coronavirus epidemic, Chow noted.

Lendlease Global REIT has hedged 100% of its floating-rate debt to fixed-rate via interest rate swaps and options. To mitigate foreign currency risks, it has also substantially hedged its projected euro-denominated income for FY2020 and FY2021.

“We have also protected our cashflows – they are hedged not just for one but two years,” he added.

The REIT has a focus on delivering stable and long-term returns to investors. For example, it has obtained a euro-denominated term loan, which provides a full natural currency hedge against its euro investment in Sky Complex.

“When the euro falls, our asset values will fall in tandem, but our loan amount will also decline, which neutralises the impact on our balance sheet as well as P&amp;L,” he added, referring to the REIT’s profit and loss statement.

An added complexity, however, comes from the nature of retail malls, Chow admitted. “The challenge lies in managing our tenants’ performances and sales, as well as determining the overall mix of stores within the mall.”

“This encompasses a gamut of marketing and promotional activities, which are aimed at forging a clear identity for the mall, targeting specific shopper profiles, and could include using technology to develop apps to reward spending,” he added.

Apart from grappling with the day-to-day operational issues of the REIT, the 48-year-old is also focused on nurturing the next-generation of leaders for the real estate industry.

“REITs as an industry will continue to grow in Singapore, but where will the next-generation of talent come from?” he asked.

“The question I ask myself is: Do I see my job just as a career? Or can I create a legacy by sharing my values, experience and knowledge? The answer is obvious – it’s the latter.”

Lendlease Global Commercial REIT

Listed on SGX on 2 October 2019, Lendlease Global Commercial REIT is established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing real estate assets located globally, which are used primarily for retail and/or office purposes. Its initial portfolio comprises a leasehold interest in, 313@somerset, a retail property located in Singapore, and a freehold interest in Sky Complex, which comprises three office buildings located in Milan. The portfolio has a total net lettable area of approximately 1.3 million square feet, with an appraised value of S$1.4 billion. LREIT is managed by Lendlease Global Commercial Trust Management Pte. Ltd, an indirect wholly owned subsidiary of the sponsor, Lendlease Corporation Ltd.

The company website is: <a href="http://www.lendleaseglobalcommercialreit.com">www.lendleaseglobalcommercialreit.com</a>. 
Click <a href="https://www2.sgx.com/securities/equities/JYEU">here</a> for the company's StockFacts page. 
For financial results from 2 Oct 2019 to 31 Dec 2019, click <a href="https://links.sgx.com/FileOpen/2QFY2020%20Results%20Press%20Release%20-%20Final..ashx?App=Announcement&amp;FileID=595729">here</a>.
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    Lendlease 


With more than two decades of industry experience under his belt, Kelvin Chow has come to appreciate the convergence of art and science in real estate.

“Traditionally, in the area of lease management, the key requirement was just to lease the property out, get a good price, and manage its risks,” said the Chief Executive Officer of the manager of SGX-listed Lendlease Global Commercial REIT.

“But in this day and age, just focusing on the science of the transaction is not enough – there’s an art to it as well, such as finding creative ways to manage an asset, understanding the surrounding demographics, and getting the right tenant mix for the target market.”

Chow, who keeps a notebook by his pillow to jot down ideas that pop into his head during the wee hours, finds his greatest satisfaction in instances when he is able to generate value.

“What inspires me most is solving problems and unlocking potential – improving the REIT’s value proposition, such as boosting cashflow and yields, as well as managing disruptors,” he added.

Chow, who holds a Master of Business Administration from Universitas 21 Global, and is a Fellow of the Association of Chartered Certified Accountants, was appointed CEO of the manager of Lendlease Global REIT in 2019.

Prior to this appointment, he was the Managing Director of Investment Management in Asia in 2018, overseeing the asset management function and performance of the Asia funds platform.

Before joining Lendlease, he held senior financial management roles with Keppel REIT, Soilbuild Business Space REIT and then-Cambridge Industrial Trust, now called ESR-REIT.

Listed on SGX Mainboard on 2 October 2019, Lendlease Global REIT has the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing real estate assets located globally, and used primarily for retail and/or office purposes. Its initial portfolio comprises a leasehold interest in the Lendlease-developed 313@somerset retail property in Singapore, and a freehold interest in Milan’s Sky Complex that consists of three Grade A freehold office buildings. The portfolio has a total net lettable area of approximately 1.3 million square feet, with an appraised value of S$1.4 billion.

The REIT is managed by Lendlease Global Commercial Trust Management Pte Ltd, an indirect, wholly owned subsidiary of the sponsor, Lendlease Corporation Ltd. The latter is part of the Lendlease Group – an international property and infrastructure group established in 1958 and headquartered in Sydney. Listed on the Australian Securities Exchange, the Group has operations spanning Australia, Asia, Europe and the Americas.

Enhancing Performance

To generate growth, Lendlease Global REIT has adopted a three-pronged strategy – proactive asset management, investments and acquisition growth, as well as prudent capital management.

“We want to drive the performance of our existing assets, enhance our portfolio through suitable acquisitions, and manage our financing to maximise returns to unitholders,” Chow said.

For the REIT’s prime retail asset in Singapore – 313@somerset – which has developed as a differentiated lifestyle destination mall, one focus is maintaining a robust relationship with its high-quality, well-diversified base of tenants.

Leases in the mall are typically structured with three-year tenures, comprising base rent and turnover rent, which is calculated as a percentage of tenants’ gross turnover, with an average rental escalation of 3%.

The REIT is also exploring how to unlock further value for unitholders after the permissible plot ratio for 313@somerset was raised under the Urban Redevelopment Authority’s (URA) Master Plan 2019, resulting in a potential increase of up to 1,008 square metres of space based on its current gross floor area utilisation.

“We’re conducting feasibility studies on what will generate the highest cashflow possible, such as identifying specific floors in the mall where we can increase footfall or traffic,” he added.

Over in Milan, Sky Complex comprises about a third of Lendlease Global REIT’s IPO portfolio based on its appraised value. It consists of three Grade A, freehold office buildings located in one of the city’s newest and most vibrant office precincts – Milano Santa Giula.

It is 100% leased to Sky Italia, an Italian satellite television platform owned by Comcast Corporation, the world’s largest broadcasting and cable TV company by revenue. The single lease runs until 2032, with a break option in 2026.

“There is no retail component in Sky Complex. This tenant is ranked number one in the broadcasting industry, while the lease has a rental step-up clause that tracks the Italian National Institute of Statistics’ Consumer Price Index variation, and features a triple net structure whereby the tenant is generally responsible for the operating expenses of the property,” Chow said.

“It’s like owning AAA-rated bonds – the asset provides the portfolio with very stable cashflow.”

Resilient Outlook

Meanwhile, the outlook for 313@somerset remains bright. The mall features brands – including Pomelo Fashion and Love, Bonito – with omni-channel offerings that appeal to millennials and the younger generation.

“Singapore’s retail sector will continue to evolve, driven by changing consumer behaviours and the rise of e-commerce,” he added.

“The government’s proposed plans to rejuvenate Singapore's Orchard Road shopping belt, with the Somerset sub-precinct slated to provide more youth-oriented dining and entertainment offerings, also augurs well for us.”

While acknowledging that the COVID-19 coronavirus outbreak may impact domestic retail sales, Chow remains sanguine about 313@somerset’s performance.

“Yes, regional travel bans may affect foot traffic, but we expect the mall to stay resilient,” he said.

Retail market fundamentals also appear encouraging, with little supply expected over the next two to three years, according to data from real estate consultancy JLL. They point to a tighter vacancy environment that should support modest rental growth, Chow added.

“Our rental rates for 313@somerset are already at the bottom of the cycle, with one-third of our leases due for renewal. The remaining two-thirds will capture the annual rental escalation, and help mitigate any downside.”

Nonetheless, the REIT manager will monitor the impact of COVID-19 and if tenants seek reprieves, it will assess their needs on a case-by-case basis, he said.

And as for Milan – the fourth-largest economy in Europe and one of the continent’s top office sector destinations for investors and businesses – the investment market has remained active through 2019, with strong interest from both domestic and foreign investors for office assets, Chow noted.

“The robust take-up rates for office space led to tighter supply in 2019, and the take-up rate for this year is expected to stay healthy. We’re pretty positive on this asset, and don’t expect much downside risk ahead,” he added.

Earlier this week, Italy imposed a ban on all non-essential travel to and around the country, as well as a temporary ban of public events through 3 April 2020, in a bid to contain the coronavirus spread.

Meanwhile, acquisitions are definitely on the cards. But the REIT, which has a global mandate, isn’t focusing on any specific country or region at the moment. “The potential asset must tick the right boxes – enhance the diversification of the portfolio and deliver the best value proposition to investors,” he noted.

Key criteria include at least 80% occupancy levels, no major asset enhancement initiatives (AEIs) for two years post-acquisition, and prevailing rentals must be at or above market rates. Opportunities may also emerge in Singapore, Italy, or other gateway cities in which its sponsor, Lendlease Corporation, has a presence.

“Current market conditions – whether the office or retail sector in that geography is in an up or downturn – will also play a part,” he added.

Lendlease Corporation has a secured development pipeline of approximately A$112 billion and current funds under management of approximately A$37 billion, each of which includes retail and office assets. These may present future acquisition opportunities for the REIT.

Fully Hedged

Prudence is the watchword as macro challenges continue to abound, ranging from continuing US-Sino trade tensions to the economic fallout generated by the coronavirus epidemic, Chow noted.

Lendlease Global REIT has hedged 100% of its floating-rate debt to fixed-rate via interest rate swaps and options. To mitigate foreign currency risks, it has also substantially hedged its projected euro-denominated income for FY2020 and FY2021.

“We have also protected our cashflows – they are hedged not just for one but two years,” he added.

The REIT has a focus on delivering stable and long-term returns to investors. For example, it has obtained a euro-denominated term loan, which provides a full natural currency hedge against its euro investment in Sky Complex.

“When the euro falls, our asset values will fall in tandem, but our loan amount will also decline, which neutralises the impact on our balance sheet as well as P&amp;L,” he added, referring to the REIT’s profit and loss statement.

An added complexity, however, comes from the nature of retail malls, Chow admitted. “The challenge lies in managing our tenants’ performances and sales, as well as determining the overall mix of stores within the mall.”

“This encompasses a gamut of marketing and promotional activities, which are aimed at forging a clear identity for the mall, targeting specific shopper profiles, and could include using technology to develop apps to reward spending,” he added.

Apart from grappling with the day-to-day operational issues of the REIT, the 48-year-old is also focused on nurturing the next-generation of leaders for the real estate industry.

“REITs as an industry will continue to grow in Singapore, but where will the next-generation of talent come from?” he asked.

“The question I ask myself is: Do I see my job just as a career? Or can I create a legacy by sharing my values, experience and knowledge? The answer is obvious – it’s the latter.”

Lendlease Global Commercial REIT

Listed on SGX on 2 October 2019, Lendlease Global Commercial REIT is established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing real estate assets located globally, which are used primarily for retail and/or office purposes. Its initial portfolio comprises a leasehold interest in, 313@somerset, a retail property located in Singapore, and a freehold interest in Sky Complex, which comprises three office buildings located in Milan. The portfolio has a total net lettable area of approximately 1.3 million square feet, with an appraised value of S$1.4 billion. LREIT is managed by Lendlease Global Commercial Trust Management Pte. Ltd, an indirect wholly owned subsidiary of the sponsor, Lendlease Corporation Ltd.

The company website is: www.lendleaseglobalcommercialreit.com.  
Click here for the company's StockFacts page.  
For financial results from 2 Oct 2019 to 31 Dec 2019, click here.



Lendlease Global REIT: Unlocking Value, Driving Growth

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

After both stocks were <a href="https://links.sgx.com/1.0.0/corporate-announcements/XTI20B3KY4OSBZBJ/f3a6ce3c341157d052a4e2fec78421e8ed41fd559495f9c69a61b82629d0807e" target="_blank" rel="noopener">suspended</a> the morning of the 28 November, <a href="https://www.smartkarma.com/entities/frasers-logistics-industrial" target="_blank" data-smartkarma-citation="entities:22748:1" rel="noopener">Frasers Logistics &amp; Industrial (FLT SP)</a> and <a href="https://www.smartkarma.com/entities/frasers-commercial-trust" target="_blank" data-smartkarma-citation="entities:13879:1" rel="noopener">Frasers Commercial Trust (FCOT SP)</a> have now <a href="https://links.sgx.com/FileOpen/Joint%20Announcement.ashx?App=Announcement&amp;FileID=589008" target="_blank" rel="noopener">announced a merger</a> by way of a Scheme, with FLT the surviving entity.
The Scheme Consideration is broken down as to S$0.151/cash and 1.233 new FLT units at S$1.24/FLT unit - for a total consideration of S$1.68/unit, a 0.6% premium to last close and 3.1% premium to FCOT's NAV.
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This would create a REIT with S$6.8bn of assets and a pro-forma market cap of ~S$4.2bn (the 9th largest REIT in Singapore) with a free-float of S$3bn. 
</div>
<div>
Investor benefits include increased scale and diversification (98 properties across five countries, with 2.6mn sqm of space under management) along with enlarged funding capacity, and the deal will be both DPU- and NAV-accretive for FLT and FCOT unitholders. There is also the potential for a higher weighting in the FTSE EPRA/NAREIT Index with the addition of FCOT's float.
Following the completion of the merger, Frasers Property Group, backed by Thailand’s TCC Group, will hold 21.9% in the enlarged REIT. 
This is the fourth REIT merger in Singapore in 2019, following Ascendas/Singbridge, <a href="https://www.smartkarma.com/entities/912" target="_blank" data-smartkarma-citation="entities:912:1" rel="noopener">OUE Commercial Real Estate Investment Tr (OUECT SP)</a> / <a href="https://www.smartkarma.com/entities/5642" target="_blank" data-smartkarma-citation="entities:5642:1" rel="noopener">OUE Hospitality Trust (OUEHT SP)</a> and <a href="https://www.smartkarma.com/entities/ascott-residence-trust" target="_blank" data-smartkarma-citation="entities:6560:1" rel="noopener">Ascott Residence Trust (ART SP)</a> / <a href="https://www.smartkarma.com/entities/ascendas-hospitality-trust" target="_blank" data-smartkarma-citation="entities:934:1" rel="noopener">Ascendas Hospitality Trust (ASCHT SP)</a>.
As always, more details below the fold.
</div>
<div>

</div>

After both stocks were suspended the morning of the 28 November, Frasers Logistics &amp; Industrial (FLT SP) and Frasers Commercial Trust (FCOT SP) have now announced a merger by way of a Scheme, with FLT the surviving entity.
The Scheme Consideration is broken down as to S$0.151/cash and 1.233 new FLT units at S$1.24/FLT unit - for a total consideration of S$1.68/unit, a 0.6% premium to last close and 3.1% premium to FCOT's NAV.

This would create a REIT with S$6.8bn of assets and a pro-forma market cap of ~S$4.2bn (the 9th largest REIT in Singapore) with a free-float of S$3bn. 


Investor benefits include increased scale and diversification (98 properties across five countries, with 2.6mn sqm of space under management) along with enlarged funding capacity, and the deal will be both DPU- and NAV-accretive for FLT and FCOT unitholders. There is also the potential for a higher weighting in the FTSE EPRA/NAREIT Index with the addition of FCOT's float.
Following the completion of the merger, Frasers Property Group, backed by Thailand’s TCC Group, will hold 21.9% in the enlarged REIT. 
This is the fourth REIT merger in Singapore in 2019, following Ascendas/Singbridge, OUE Commercial Real Estate Investment Tr (OUECT SP) / OUE Hospitality Trust (OUEHT SP) and Ascott Residence Trust (ART SP) / Ascendas Hospitality Trust (ASCHT SP).
As always, more details below the fold.





FLT/FCOT: (Another) Larger NEWREIT in Singapore

Singapore

ESR-LOGOS Real Estate Investment Trust (“ESR-LOGOS REIT”) is a leading New Economy and future-ready Asia Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-LOGOS REIT invests in quality income-producing industrial properties in key gateway markets.

As at 28 April 2022, ESR-LOGOS REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$5.5 billion. Its portfolio comprises 84 properties located across the developed markets of Singapore (63 assets) and Australia (21 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-LOGOS REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. 

ESR-LOGOS REIT is managed by ESR-LOGOS Funds Management (S) Limited (the “Manager”) and sponsored by the ESR Group (“ESR”). The Manager is owned by ESR (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%), respectively.

For further information on ESR-LOGOS REIT, please visit www.esr-logosreit.com.sg.

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ESR-LOGOS REIT (EREIT SP)

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Singapore Exchange Ltd (SGX)

Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well

In my previous insight, Singapore REITs - What’s Been Cooking This Year, I spoke about how the REITs have performed this year and touched upon...

Sumeet Singh

Lendlease Global REIT: Unlocking Value, Driving Growth

With more than two decades of industry experience under his belt, Kelvin Chow has come to appreciate the convergence of art and...

Singapore Exchange Ltd (SGX)

FLT/FCOT: (Another) Larger NEWREIT in Singapore

After both stocks were suspended the morning of the 28 November, Frasers Logistics & Industrial (FLT SP) and Frasers Commercial Trust (FCOT SP)...

David Blennerhassett

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