REIT Oracle

Your data source for Singapore's REITs.
Top 5 YielderLastYieldDisc. to NAVGearing
First REIT0.26511.09%46.9%49.0%
Elite Commercial REIT0.6658.51%-7.3%42.1%
Prime US Reit0.8807.89%-2.3%33.8%
IREIT Global0.6607.62%12.6%35.0%
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Market news —

A New S-REIT From CDL?

Bloomberg reports that the developer City Developments Ltd has filed an application to IPO a new REIT on the Singapore stock exchange:

Singapore’s City Developments Ltd. has included the London building housing HSBC Holdings Plc’s headquarters in a property trust offering in partnership with Qatar Investment Authority, according to people with knowledge of the matter.

City Developments seeks to raise about 500 million pounds ($705 million) from the REIT’s potential first-time share sale, which could take place as soon as the third quarter, said the people. The REIT will have a portfolio size of about 1.8 billion pounds, the people said, asking not to be named as the process is private.

FLCT Buys European Properties, Makes Private Placement

Frasers Logistics & Commercial Trust is announcing the acquisition of several European logistic properties:

  • One large British asset, close to Birmingham, comprising 5 logistic warehouses and an adjacent business park (Blythe Valley park, 16 buildings) and 3 hectare of land available for further developments
  • Three German properties, around Frankfurt and Mannheim
  • One Dutch property

All properties are freehold, and leased with a combined 97.4% occupancy rate. Total price is about S$548.7 million. The manager expects the transaction to be both NAV and DPU accretive.

In order to fund the operation, the trust has done a private placement, raising S$335.8 million by placing 240 million new shares at a price of S$1.399.

News about Mapletree Industrial Trust

MIT Plans to Buy 29 US Data Centres, Raises S$823.3 Million

Mapletree Industrial Trust is announcing the planned acquisition of a portfolio of 29 data centres in the US for a total cost of US$1,345 million. The portfolio of mostly freehold properties has an aggregate WALE of 7.9 years and 87.8% occupancy.

In order to fund the operation, the trust has launched:

  • A private placement of 190,259,000 new units, at a price of S$2.696 per new unit, which was 3.1 times covered.
  • A preferential offering of 117,576,607 new units, at a price of S$S$2.64 per new unit, on the basis of 5 new units for every existing 100 units held on May 31, 5pm.

The rest of the cost will be covered by debt.

The manager expects the acquisition to be both NAV and DPU accretive.

Market Averages

3.4% yield
-3.2% discount to NAV