Suntec Sells Some, Buys Some

News about Suntec REIT

Suntec REIT is busy tweaking its portfolio with the announcement of both:

  • The sale of about 7,292 m² of strata office units in his flagship property, Suntec City. Representing roughly 1.9% of the share value of the entire property, it is sold for S$197 million, or about 8.9% about independent valuation.
  • The acquisition of a British grade-A office, The Minster Building in the City of London. The 999-year leasehold property will be taken over for £353 millions (about S$667 million), and comes with a 96.7% occupancy and long WALE of 12.3 years.

The management expects the operation to be both DPU accretive by 3.6% and NAV accretive by 0.7%.

Suntec REIT
Price1.470 SGD
NAV2.062 SGD
Yield (4 quarters)5.62%
Gearing43.1%