Elite Commercial REIT is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial assets and real estate-related assets in the United Kingdom (“UK”). Listed on Singapore Exchange Securities Trading Limited (SGX-ST) on 6 February 2020, Elite Commercial REIT is the first and only UK-focused listed REIT in Singapore.
Elite Commercial REIT’s portfolio (“Portfolio”) comprises 155 predominantly freehold1 quality commercial buildings located across the UK valued at an aggregate of £515.3 million, with a total net internal area of approximately 3.9 million square feet. Of the total portfolio, 58 of the properties were acquired on 9 March 2021 during the REIT’s maiden acquisition.
The Portfolio offers a stable cash flow with over 99.0% of the gross rental income derived from the AA-rated UK Government and a long weighted average lease expiry of about 6.4 year2. The full repairing and insuring (triple net) leases3 with the UK Government include rental escalations that is linked to the UK Consumer Price Index. The Portfolio is primarily occupied by the Department for Work and Pensions (“DWP”), the UK’s largest public service department that is responsible for welfare, pensions and child maintenance for over 20 million claimants. DWP is a uniquely counter-cyclical occupier, and the Portfolio is crucial public infrastructure for the provision of DWP services.
Elite Commercial REIT’s key objectives are to provide Unitholders with regular and stable distributions and to achieve long-term growth in distribution and net asset value per unit, while maintaining an appropriate capital structure through disciplined execution of its key strategies.
Elite Commercial REIT is managed by Elite Commercial REIT Management Pte. Ltd., which is owned by Elite Partners Holdings Pte. Ltd. (68.0%), Sunway RE Capital Pte. Ltd. (15.0%) and Jin Leng Investments Pte Ltd (17.0%).
- Of the 155 properties, 150 properties are freehold properties and 5 properties are on long leasehold tenures.
- As at 30 September 2021.
- Under a full repairing and insuring (triple net) lease, the responsibility for the repair of the external, internal and structural format of the property is placed with the tenant. Elite Commercial REIT, as the landlord, has no repairing or insuring liability and will not be required to bear the costs of material repairs to the Properties, if any.
|Aug 2021||Elite Commercial REIT’s UK entities – Elite UK Commercial Holdings Limited (“ECHL”) and its subsidiaries – qualified as a UK REIT group upon successful technical listing of ECHL on The International Stock Exchange|
|Mar 2021||Completion of the Elite Commercial REIT’s maiden portfolio acquisition of 58 properties located across the United Kingdom|
|Feb 2020||Elite Commercial REIT successfully completed its initial public offering (IPO) with overwhelming response – Singapore public offer was 8.3x subscribed|