Elite Commercial Reit lodges preliminary prospectus

ELITE Commercial Reit Management has lodged a preliminary prospectus to list a UK-focused Singapore Reit on the Singapore Exchange mainboard.

Elite Commercial Reit has an initial portfolio of 97 properties - all but one are freehold - across the UK and is set to be the first Reit denominated in British pound to be listed in Singapore. According to the manager, as 99 per cent of gross rental income stems from leases with the UK government, primarily DWP which is the largest public service department, the Reit's portfolio provides"stable, recession-proof and Brexit-proof cash flows".

With a total net internal area of around 2.6 million square feet spanning a site area of some 47 hectares, the initial portfolio has an aggregate indicative appraised value of 319.1 million pounds as at end-August 2019, according to the document.The Reit's manager said the IPO portfolio provides a net property income yield of 7.1 per cent based on the forecast for 2020 - an attractive yield spread to UK Government 10-year bonds despite being backed by the same sovereign credit.

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