S-REITs - Week 4 - 2024

( YTD: -0.70% )

Nervesa21 Milan Office Redevelopment Largely Completed And 70% Pre-Let To Three High-Quality Businesses

• Universal Music, Scalapay and Edelman sign up for space at Nervesa21 in Milan
• The asset is now 70% leased, leaving only ca. 3,000 sq ft (three floors) available to let
• Building delivered on time to tenants in January 2024
• Designed to be one of the highest ESG grade office buildings in Europe (LEED Platinum)

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Build-To-Suit Redevelopment At 21B Senoko Loop For NTS Singapore Pte Ltd Attains TOP Status

The property is set to be rented out to NTS Singapore, a provider of intricate and skilled mechanics and mechatronics assemblies, for a 15-year period on a triple net basis with embedded rental escalations, as stated in a Monday release.

Located at 21B Senoko Loop, the facility boasts a total gross floor area of 18,623 square meters. Comprising two interconnected manufacturing blocks with generous ceiling clearance, it also features ancillary offices and holds a "Green Mark Gold" certification.

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( YTD: -1.77% )

1) Acquisition

Frasers Centrepoint Trust To Acquire Additional 24.5% Effective Interest In NEX For S$523.1 Million

• Raises FCT’s effective interest in NEX to 50.0% from 25.5% currently
• NEX is an excellent asset and is well-positioned to grow through a combination of asset enhancement initiatives (“AEI”), tenant remix strategy and rent improvement
• Further strengthens FCT’s leading position in the Singapore prime suburban retail market
• The Acquisition is expected to be distribution per unit (“DPU”) accretive on a pro forma historical basis

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2) Funding

Frasers Centrepoint Trust's Private Placement Was Approximately 2.5 Times Covered, Raising Gross Proceeds Of Approx. S$200 Million

• The Private Placement drew strong participation from new and existing institutional, accredited and other investors
• Issue price of S$2.1800 per New Unit represents a discount of 2.9% to the Adjusted VWAP

How would the fresh funding be used?

1. approximately S$196.1 million to repay existing debts, pending the use of such amount to partially fund the proposed acquisition of the remaining 49.0% interest in Nex Partners Trust and its trustee-manager (the “Acquisition”)2; and
2. approximately S$3.9 million to pay the estimated professional and other fees and expenses incurred or to be incurred by FCT in connection with the Private Placement.

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Completion Of Divestment Of The Company Which Holds CapitaMall Shuangjing

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Full Yearly Results

• Record high gross revenue on the back of three consecutive years of double-digit positive rental reversions and stable portfolio occupancy of 91.2%
• NPI highest since 2016 despite a smaller number of 18 portfolio properties compared to 21 in 2016
• Higher portfolio valuation of $903.9 million, supported by asset enhancement initiative, asset rejuvenation and higher rentals for new and renewed leases

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3Q FY23/24 Financial Results

• 3Q FY23/24 DPU of 2.253 cents, up 1.2% year-on-year, underpinned by a resilient portfolio, contributions from acquisitions and divestment gains
• Continued focus on portfolio rejuvenation with over S$900 million in acquisitions of modern assets and over S$200 million in divestments announced / completed in the year-to-date
• Resilient portfolio metrics – 95.9% occupancy and 3.8% positive rental reversions

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3Q FY23/24 Financial Results

• Resilient operational performance with higher average rental rates and positive rental revisions
• Growth in Distribution to Unitholders underpinned by contributions from new projects

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Results for 2nd Half and Full year ended 31 Dec 2023

• Resilient portfolio performance with positive reversions; portfolio occupancy at 98.3% and portfolio weighted average lease expiry of 7.6 years
• Stable year-on-year portfolio asset valuation, with assets under management at $3.7 billion
• Continued pursuit of data centre growth opportunities in key international data centre hubs supported by robust balance sheet and active portfolio optimisation

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IREIT Global Reports Only 2.6% Decrease In Portfolio Valuation Over The Six Months To 31 December 2023 Underpinned By Its Diversification Strategy

As of December 31, 2023, the valuation of these properties in the portfolio stood at €899.0 million. This reflects a decline of 2.6% compared to IREIT's portfolio valuation of €922.7 million on June 30, 2023, and a decrease of 5.4% from its portfolio valuation of €950.5 million as of December 31, 2022.

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Suntec REIT Delivers Distributable Income of S$206.8 million for FY 2023

Regarding divestments, Suntec REIT sold strata units at Suntec City Office Towers amounting to S$94.4 million, achieving an average price that was 31% above book value.

The funds generated were utilized to reduce debts. These transactions contributed positively to the REIT's earnings, given that the yield from the divestment was lower than the current borrowing costs.

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