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><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> to acquire Australian cold storage facility at 4.3% yield; Fully-funded by debt, DPU accretive</h3><ul><li>MLT proposed an acquisition of a cold storage facility at 5-17 Leslie Road and 6-10 Pipe Road in Melbourne, Victoria, Australia for A$42.8m (S$42.8m) vs. independent valuation of A$43.0m as at 21Jun21. Including A$3.1m transaction-related costs, the total transaction costs will be A$45.9m</li><li>The freehold property is located within the inner west precinct of Melbourne, an established industrial and logistics region in the vicinity of MLT’s existing four properties. Spanning a total NLA of 14,747sqm, the property is comprised of five blocks of cold and freezer warehouse (77% of NLA), ambient warehouse, office and other amenities. The property is 100% leased to Austco Polar Cold Storage, a wholly-owned subsidiary of ASX-listed Wingara AG Limited, for the next 13 years with annual rent escalations</li><li>The asset is expected to generate an initial NPI yield of 4.3% (based on purchase price) and will be accretive at the distribution level. The acquisition will be 100% funded by debt and is expected to be completed by 3Q22. Upon completion and including the proposed acquisition of 9 Changi South Street 2 (announced on 9Jul21), MLT’s aggregate leverage ratio is estimated to rise to 38.7%</li><li>Following this Acquisition, MLT will have five logistics assets in Melbourne and a total of 13 assets in AUS with over A$870m in AUM (8.5% of AUM from 8.0%) and 352,400sqm of leasable space. Contribution from AUS will increase from 7.4% of GRI to 8.5%</li><li>MLT is currently trading at 4.2% FY22E yield and 1.6x P/B.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/223/820/original/image_45736139921629083801234.png?1629083809" class="editor-image img-responsive" data-smartkarma-image-id="223820"></figure>

SingaporeMapletree Logistics Trust (MLT SP) to acquire Australian cold storage facility at 4.3% yield; Fully-funded by debt, DPU accretiveMLT proposed an acquisition of a cold storage facility at 5-17 Leslie Road and 6-10 Pipe Road in Melbourne, Victoria, Australia for A$42.8m (S$42.8m) vs. independent valuation of A$43.0m as at 21Jun21. Including A$3.1m transaction-related costs, the total transaction costs will be A$45.9mThe freehold property is located within the inner west precinct of Melbourne, an established industrial and logistics region in the vicinity of MLT’s existing four properties. Spanning a total NLA of 14,747sqm, the property is comprised of five blocks of cold and freezer warehouse (77% of NLA), ambient warehouse, office and other amenities. The property is 100% leased to Austco Polar Cold Storage, a wholly-owned subsidiary of ASX-listed Wingara AG Limited, for the next 13 years with annual rent escalationsThe asset is expected to generate an initial NPI yield of 4.3% (based on purchase price) and will be accretive at the distribution level. The acquisition will be 100% funded by debt and is expected to be completed by 3Q22. Upon completion and including the proposed acquisition of 9 Changi South Street 2 (announced on 9Jul21), MLT’s aggregate leverage ratio is estimated to rise to 38.7%Following this Acquisition, MLT will have five logistics assets in Melbourne and a total of 13 assets in AUS with over A$870m in AUM (8.5% of AUM from 8.0%) and 352,400sqm of leasable space. Contribution from AUS will increase from 7.4% of GRI to 8.5%MLT is currently trading at 4.2% FY22E yield and 1.6x P/B.

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> revamps 1557 Keppel Road into office and Co-living spaces</h3><p>Once the nine-years lease was up in Dec19 for 1557 Keppel Road, LHN, the master tenant of the state land, decided to repurpose the place on a fresh term of lease into an integrated space comprising office and co-living spaces, occupying over 96,299sqft. The renovations took about 10 months, with delays due to the pandemic. The co-living business at the development runs under LHN’s brand Coliwoo, which has a total of over 800 rooms in the city-state. Coliwoo also operates in other areas like Balestier, Boon Lay and Bukit Timah. To date, LHN says 50% of its office spaces are already leased out. Confirmed tenants include a digital media and financial consultancy firm, while arrangements are still pending with three other businesses: an architectural firm, a digital media consultancy and a FinTech company. There will also be a gym operated by Anytime Fitness, and an F&amp;B eatery catering to the office and residential tenants within the development. At Coliwoo 1557 Keppel Road, LHN has also carved out 47 co-living units ranging from 180-260sqft across two residential blocks. Due to pandemic-led lockdowns, Coliwoo has seen demand from locals increase to 30% from 10% previously.</p>

SingaporeLHN Ltd (LHN SP) revamps 1557 Keppel Road into office and Co-living spacesOnce the nine-years lease was up in Dec19 for 1557 Keppel Road, LHN, the master tenant of the state land, decided to repurpose the place on a fresh term of lease into an integrated space comprising office and co-living spaces, occupying over 96,299sqft. The renovations took about 10 months, with delays due to the pandemic. The co-living business at the development runs under LHN’s brand Coliwoo, which has a total of over 800 rooms in the city-state. Coliwoo also operates in other areas like Balestier, Boon Lay and Bukit Timah. To date, LHN says 50% of its office spaces are already leased out. Confirmed tenants include a digital media and financial consultancy firm, while arrangements are still pending with three other businesses: an architectural firm, a digital media consultancy and a FinTech company. There will also be a gym operated by Anytime Fitness, and an F&amp;B eatery catering to the office and residential tenants within the development. At Coliwoo 1557 Keppel Road, LHN has also carved out 47 co-living units ranging from 180-260sqft across two residential blocks. Due to pandemic-led lockdowns, Coliwoo has seen demand from locals increase to 30% from 10% previously.

ASEAN Builder's Scoop (21May21) - LHN unveils 1557KR Co-living and office space

Malaysia

UOA Real Estate Investment Trust is a real estate investment trust. The trust invests in and owns commercial real estate and real estate related assets.

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Uoa Real Estate Investment (UOAR MK)

ASEAN Builder's Scoop (16Aug21)

MLT buys Aus cold storage facility; CIT readies ~2,000 resi launch pipeline; Jul21 new home sales surged 77% MoM; RCR gets IPO listing nod;...

SCCM Asia Research

ASEAN Builder's Scoop (21May21) - LHN unveils 1557KR Co-living and office space

LHN unveils 1557KR Co-living and office space; SUN rolls out tenant supports; HK starts REIT subsidy to rival SG, Japan; AGI weak 1Q21 results; LBS...

SCCM Asia Research

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