Elite Commercial REIT (the "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 the Singapore Exchange Securities Trading Limited ("SGX-ST") on 6 February 2020, Elite Commercial REIT is the first and only UK-focused REIT listed in Singapore.
The REIT's portfolio ("Portfolio") comprises 155 predominantly freehold1 quality commercial buildings located across the UK with an aggregate value of £466.2 million2,3. The Portfolio has a total net internal area of approximately 3.9 million square feet and a total site area of approximately 72 hectares.
The Portfolio offers a stable cash flow with over 99.0% of the gross rental income derived from the AA-credit rated UK Government and a long weighted average lease expiry of 4.5 years4. The leases are on full repairing and insuring5 ("FRI") basis and a majority of them include rental escalations that are 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. DWP is a uniquely resilient occupier and the Portfolio is part of the crucial public infrastructure through which DWP provides services to the community.
The 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.
The 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 31 December 2022.
- Portfolio value is the fair value of investment properties, based on independent professional valuations.
- As at 30 June 2023.
- Under a full repairing and insuring lease, commonly known as triple net lease, the responsibility for the repair of the external and internal parts as well as the structure of the property is placed with the tenant for occupied assets.
Key Milestones
| Aug 2023 | Proposed divestments of Openshaw Jobcentre, Manchester and John Street, Sunderland for £1.1 million, at about 14.4% premium to assets’ valuation |
| Apr 2023 | Rent escalation of about 13.1% for 136 assets following inflation-linked rental uplift effective 1 April 2023 |
| Mar 2023 | Elite Commercial REIT wins Gold Award in the Asia's Best Sustainability Report (First Time) category at the 8th Asia Sustainability Reporting Awards |
| Nov 2022 | Secured inaugural green loan facility of £15 million Green Revolving Credit Facility as part of wider sustainability strategy |
| Oct 2022 | Extension of £94 million Loan Facility and entry into £90 million SONIA Swap arrangement, extending the REIT’s debt maturity profile |
| Oct 2022 | Established S$300 million Multicurrency Debt Issuance Programme |
| Apr 2022 |
Major lease re-gearing exercise yielded positive outcome with lease break options occurring in March 2023 removed from 109 assets occupied by the DWP and MOD, resulting in lease stability and income visibility Secured Sustainability Collaboration with the UK Government's Ministry of Defence ("MOD") to improve sustainability and energy efficiency of MOD-occupied asset in the REIT's portfolio |
| Feb 2022 | Secured first Sustainability Collaboration with the UK Government's Department for Work and Pensions ("DWP") to boost sustainability and energy efficiency of DWP-occupied assets in the REIT's portfolio |
| 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 |
