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><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> to acquire two grocery-anchored assets in the US for US$78.3m</h3><ul><li>UHU has proposed to acquire two grocery-anchored freehold assets in Pennsylvania and Virginia, US, for US$78.3m. The acquisition is the REIT's first after its IPO in Mar20 and is also its first entry into Pennsylvania and Virginia. The purchase price comprises US$52m for Penrose Plaza in Philadelphia, Pennsylvania and US$26.3m for Colonial Square Shopping Center, Colonial Heights in Richmond, Virginia. The NPI yield for the two properties are ~6.5%</li><li>Post-acquisition, UHU expects its portfolio value will grow 13.3% to US$665.4m, while its market capitalisation will increase 9.9% to US$365.2m. The enlarged portfolio's WALE will also increase to 8.1 years, with 0.9% of leases due in 2021 and less than 10% of leases due for renewal each year from 2022-25. The total acquisition cost will be financed with a combination of loans and proceeds from a private placement. The manager proposed a private placement to raise gross proceeds of no less than US$30m.</li></ul>

SingaporeUnited Hampshire US REIT (UHU SP) to acquire two grocery-anchored assets in the US for US$78.3mUHU has proposed to acquire two grocery-anchored freehold assets in Pennsylvania and Virginia, US, for US$78.3m. The acquisition is the REIT's first after its IPO in Mar20 and is also its first entry into Pennsylvania and Virginia. The purchase price comprises US$52m for Penrose Plaza in Philadelphia, Pennsylvania and US$26.3m for Colonial Square Shopping Center, Colonial Heights in Richmond, Virginia. The NPI yield for the two properties are ~6.5%Post-acquisition, UHU expects its portfolio value will grow 13.3% to US$665.4m, while its market capitalisation will increase 9.9% to US$365.2m. The enlarged portfolio's WALE will also increase to 8.1 years, with 0.9% of leases due in 2021 and less than 10% of leases due for renewal each year from 2022-25. The total acquisition cost will be financed with a combination of loans and proceeds from a private placement. The manager proposed a private placement to raise gross proceeds of no less than US$30m.

ASEAN Builder's Scoop (6Oct21)