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

SCCM Asia Research

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.

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

Philippines Real estate / Thematic (Sector/Industry)

<h2>Singapore</h2><h3>WeWork closes operations at <a href="https://www.smartkarma.com/entities/prime-us-reit" target="_blank" data-smartkarma-citation="entities:28144" rel="noopener">Prime US REIT (PRIME SP)</a> California property; Discussion over lease obligations ongoing</h3><p>PRIME is in discussions with tenant WeWork on the resolution of the latter's lease obligations at Tower 1 at Emeryville, a Class-A office property in California, after WeWork decided to close its co-working operation at the building. WeWork occupies 56,977sqft of space within the real estate investment trust's 3.89m sqft portfolio. The co-working operator also contributes about 2.5% of PRIME’s cash rental income as at 30Jun. WeWork previously approached the REIT with a proposal to restructure its lease. PRIME's security in relation to that WeWork lease consists of a combination of protections. If the counterparty honours its obligations, such protections will cover the tenant's monthly lease obligations through as much as end-2022.</p>

SingaporeWeWork closes operations at Prime US REIT (PRIME SP) California property; Discussion over lease obligations ongoingPRIME is in discussions with tenant WeWork on the resolution of the latter's lease obligations at Tower 1 at Emeryville, a Class-A office property in California, after WeWork decided to close its co-working operation at the building. WeWork occupies 56,977sqft of space within the real estate investment trust's 3.89m sqft portfolio. The co-working operator also contributes about 2.5% of PRIME’s cash rental income as at 30Jun. WeWork previously approached the REIT with a proposal to restructure its lease. PRIME's security in relation to that WeWork lease consists of a combination of protections. If the counterparty honours its obligations, such protections will cover the tenant's monthly lease obligations through as much as end-2022.

ASEAN Builder's Scoop (14Sep21)