S-REITs - Week 51 - 2023

( YTD: -74.33% )

*Execution of restructuring plan in progress*

Entry Into Master Restructuring Agreement

• All 12 lenders have secured the required approvals for the restructuring of the existing facilities and the waivers associated with the breach.

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Repayment of $235.0 Million Under Existing Facilities

• The Sponsor-Lender Loan Amount totaling US$137.0 million, in conjunction with the US$98.0 million generated from the divestment of the Property known as Park Place, as announced on December 18, 2023, has been utilized to reduce a debt amount of US$235.0 million.

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Redemption of Preferred Units By Hancock S-REIT Chandler LLC Which Used to Hold The Property Known As Park Place

• Hancock S-REIT Chandler LLC (the “Subsidiary”), an indirect subsidiary of Manulife US REIT that owned the Property, has completed the redemption of all 115 outstanding preferred units held by the unrelated preferred unit holders of the Subsidiary. These unit holders have no affiliation with The Manufacturers Life Insurance Company and Manulife US REIT.
  
  
• The total redemption amount is approximately US$0.1 million and was funded from internal resources of Manulife US REIT.
  
  
• The redemption of the preferred units is not expected to have any material impact on the consolidated net tangible assets or earnings per unit of Manulife US REIT for the financial year ending 31 December 2023.

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LENDLEASE GLOBAL COMMERCIAL ITALY FUND RESTRUCTURES LEASE AT SKY COMPLEX TO REDUCE TENANT CONCENTRATION RISK

Under the terms of the New Lease

• Buildings 1 and 2 will be leased to the Tenant for an initial term of nine (9) years and one (1) month commencing on 15 December 2023, with an option given to the Tenant to renew for an additional term of six (6) years. The Tenant will not have a right to pre-terminate the New Lease.
  
  
• The starting annual rent for Buildings 1 and 2 will be approximately 1.5% higher than the existing in-place rent for Buildings 1 and 2 based on the Original Lease. This increase is in addition to the recent positive 5.9% rental increase in May 2023. The New Lease includes a tenant incentive in line with market standards.
  
  
• The Tenant will return Building 3 to the Landlord in the first quarter of 2024 upon the completion of reinstatement works and will provide a consideration to the Landlord of an amount equivalent to approximately two years of existing annual rent of Building 3 (the “Supplementary Rent”).

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The REIT launches £28 million fully underwritten preferential offering supported by sponsors and substantial unit holders to solidify capital structure

• Preferential Offering ratio of 214 Preferential Offering Units for every 1,000 existing units, at an issue price of £0.27 per Preferential Offering Unit
  
  
• Sponsors and Substantial Unitholders show strong commitment with irrevocable undertakings to subscribe up to £24.7 million of Preferential Offering Units
  
  
• Net proceeds raised will be deployed to reduce gearing from 49.6%1 to 43.5%2 and strengthen Elite REIT’s balance sheet

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( YTD: -37.08% )
Suspended Trading since 31 Aug 2023

Update in relation to the leasing of Hengde phase 2

• China Tobacco has, through a tender process, selected Hengde Phase 2 (which comprises 74,057 square metres of Hengde Logistics) as its warehouse for the storage of raw materials.
  
• the new lease will commence on 1 January 2024 and expire on 31 December 2025.
  
  
• The new rental rate is on par with the rental rate under China Tobacco’s existing lease at Hengde Phase 2 expiring on 31 December 2023.

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( YTD: -10.34% )

APPLICATION TO COURT IN RELATION TO THE FILING OF ORIGINATING CLAIM AGAINST KLEIO ONE-SOLUTION PTE. LTD. IN HC/OC 788/2023 (“OC 788”)

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Receipt Of Requisition Notice

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( YTD: +8.39% )

The REIT divests three properties in Australia at a premium to valuation

The three properties for divestments are

1. 77 Logistics Place
2. 62 Sandstone Place
3. 92 Sandstone Place

The total sale consideration for this transaction amounts to S$64.2 million.

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( YTD: -22.77% )

IREIT Global divests il∙lumina in spain at a 5.2% premium to valuation

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