S-REITs - Week 3 - 2024

( YTD: -1.55% )

Completion of sale of 2 Shell & Core facilities in Silicon Valley

Digital Core REIT successfully concluded the sale of two Silicon Valley facilities to Brookfield Infrastructure Partners for $160.2 million, resolving the bankruptcy situation of an undisclosed customer.  

The customer, a colocation and interconnection provider based in the US, recently sought Chapter 11 bankruptcy protection. They occupy three of Digital Core REIT's facilities in Silicon Valley, 100% of two facilities in Los Angeles, and 4% of the trust's freehold facility in Frankfurt, Germany.  

As part of the agreement, the customer has transferred its existing lease agreement for the third Silicon Valley facility and leases for two Los Angeles facilities to Brookfield, as outlined in a Monday filing.  

Additionally, the customer's lease for a freehold facility in Frankfurt has been terminated.

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CROMWELL EUROPEAN REIT’S PORTFOLIO VALUATIONS ONLY 1.5% LOWER FOR THE SIX MONTHS TO 31 DECEMBER 2023

Cromwell European REIT (CWBU) reported a marginal 1.5% decrease in its total portfolio valuation, which stood at 2.25 billion euros as of December 31, 2023, compared to the valuation on June 30, 2023.  

The trust holds properties in various countries, including Finland, Germany, Italy, the Netherlands, the UK, Denmark, France, Czech Republic, Slovakia, and Poland, 

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( YTD: -11.76% )
Dividend Suspended till further notice

Commencement Of Tender Offers By LMIRT Capital Pte. Ltd

Lippo Malls Indonesia Retail Trust has initiated tender offers for two series of its existing senior bonds, as stated in a disclosure on Tuesday.  

The trust has extended invitations to eligible holders of its 7.25% senior bonds maturing in 2024 and eligible holders of its 7.5% senior bonds maturing in 2026, urging them to submit their bonds for cash up to the total principal amount.  

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Elite Commercial REIT preferential offering oversubscribed with subscription rate at more than 120%!

Elite Commercial REIT (MXNU) secured 28 million pounds sterling through its fully underwritten non-renounceable preferential offering, achieving an impressive overall subscription rate of approximately 121.2%.  

As part of the offering, 103,354,690 new units were made available at a rate of 214 preferential offering units for every 1,000 existing units for eligible unit holders.

The pricing per preferential offering unit was set at 0.27 pounds, as outlined in a filing on Tuesday.  

The trust's intention is to employ the proceeds from the offering for debt repayment and to decrease its overall leverage.

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Summary of the week Update

EC World Reit announced that the Chinese land regulator has lifted one of the three unauthorized mortgages placed on the trust's Chinese properties.

These illegal mortgages were imposed on Hengde Logistics, along with two other properties, Fuzhou E Commerce and Fu Heng Warehouse, between Nov. 20, 2023, and Nov. 24, 2023, in favor of two Fuyang government-linked entities in China.

The trust's sponsor is actively addressing the issue and is in the process of finding solutions to remove the remaining two illegal mortgages.

[Update 1] - 15 Jan 2024

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[Update 2] - 18 Jan 2024

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