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REITs Monthly Roundup (June 2022): Malaysia, Singapore and Hong Kong

Welcome back to our REITs Monthly Roundup where we sum up on the latest happenings in the REITs industry. If you want to catch up with the most important REITs news in June 2022, but don’t have much time on your hands, this will be the perfect piece

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Malaysia REITs

1. Capitaland Malaysia Mall Trust (“CLMT”) signs agreement to acquire its first logistics property for RM80 million. This comprises of two plots of contiguous freehold land and industrial properties located in Sungai Jawi, Penang. Upon the completion, this would marks CLMT entry into Malaysia’s logistics sector.

Post-transaction, CLMT’s gearing will increase from 35.9% to 37.2%, which remains well below the regulatory limit of 50%.

Read More: CLMT announcement dated 7th June 2022

Singapore REITS

1. Frasers Logistics & Commercial Trust to acquire a property to be developed at North West England, United Kingdom from Stoford Properties Ltd with FLCT to fund the development by Stoford of the new facility. The proposed Acquisition on a completed basis is £101.0 million. This marks FLCT’s sixth property in the UK, increasing FLCT’s exposure to the UK market to 13.0% of its total portfolio value, from 10.7%.

2. Frasers Logistics & Commercial Trust acquires 3 freehold logistics and industrial properties in Australia. The acquisitions comprise of 3 newly completed logistics and industrial properties located in Victoria with a 100% occupancy rate and WALE of 6.6 years. The acquisition will be fully funded from the divestment proceeds of Cross Street Exchange in Singapore

3. Proposed privatization of Frasers Hospitality Trust to unlock value for its stapled securityholders.

4. Entry into non-binding MOU by EC World REIT for the sale of Beigang Logistics Stage 1 and Chongxian Port Logistics located in Hangzhou, China.

5. Completed acquisition by CapitaLand Integrated Commercial Trust of 50% interest in 101-103 Miller Street and Greenwood Plaza located in Australia. This acquisition is funded by the proceeds from private placements.

6. Ascendas REIT completed its acquisition of 7 logistics properties in Chicago.

7. AIMS APAC REIT announced in its terms of the proposed acquisition of 315 Alexandra Road, Singapore. The proposed acquisition was initially sold on a partial leaseback arrangement whereby Sime Darby Property will lease back 70% of the building for a minimum period of 10 years. Since then, there will be a change in the anchor tenancy arrangement which will affect the agreed purchase price of property.

8. United Hampshire US REIT acquires US$ 85.7 million DPU accretive acquisition of a dominant grocery anchored freehold asset – Upland Square Shopping Centre in Pennsylvania. This represents UHREIT’s second acquisition in Pennsylvania, further extending its footprint in the affluent Eastern seaboard. The freehold property has a net lettable area of approximately 400,674 sq ft, with a committed occupancy rate of 100.0% and a long forward committed WALE of 6.3 years.

9. United Hampshire US REIT completed its divestment of two self storage properties, Elizabeth Self-Storage and Perth Amboy Self-Storage.

10. Keppel DC REIT strengthens its portfolios with acquisition of two data centers in Guangdong, China.

11. Starhill Global REIT announced that the new base rent for the period of three years from 8 June 2022 under the Toshin Master Lease is equal to the existing rent, was determined in accordance with the terms of the Toshin Master Lease. Toshin is the master tenant occupying all the retail areas except level five of the Ngee Ann City Property for the period of 12 years and is due to expire in June 2025.

12. Mapletree Industrial Trust divests data centre in Southfield, Michigan for a proposal sale price of US$ 10 million. Net proceeds from the Proposed Divestment will be deployed to fund working capital
requirements and/or reduce existing debt.

13. IREIT Global announced that it has secured a 12-year lease for about 5,300 square metres of data centre space at its Sant Cugat Green asset in Barcelona. This would bring the occupancy rate of Sant Cugat Green from 77.1% as at 31 March 2022 to 97.2%.

Hong Kong REITS

1. Link REIT completed its acquisition of 49.9% interest in AOFI I Trust which owns interest in prime office properties in Australia.

2. Yuexiu REIT provided temporary rental concession in support of tenants impacted by COVID-19 due too the outbreaks in China since beginning of 2022.

What are your thoughts on our June 20202 Monthly REITs Round Up? If you are just getting started, feel free to read more of our REIT Guide and REIT Analysis. You can also read more about what REITs are if you are new to REITs.

Chee Yang

Chee Yang is an investor and founder of REIT Pulse. Started out his career in both assurance and M&A, he is now in corporate and business development of a rising tech company. Being an active REIT investor, Chee Yang launch REIT Pulse to connect with seasoned investors and similarly help others learn more about REITs.

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