Sunway diversifies portfolio with Elite REIT

Sunway RE Capital, a wholly-owned subsidiary of Sunway Bhd, owns 8.9% of the Elite REIT

KUALA LUMPUR: Sunway Bhd will be diversifying its geographical footprint with Elite Commercial real estate investment trust (REIT), which listed on the Singapore Exchange’s main board on Feb 6.

Elite Commercial REIT is the first British pound-denominated REIT in Singapore.

In a press release issued yesterday, Sunway RE Capital executive director Tan Kok Heng said that Elite’s initial public offering (IPO) is part of Sunway’s longer term plan to grow real estate portfolio investments in selected international markets.

Sunway RE Capital, a wholly-owned subsidiary of Sunway Bhd, owns 8.9% of the Elite REIT. The other sponsors are Elite Partners Holdings Pte Ltd and Ho Lee Group Pte Ltd. Sunway RE Capital has a 15% stake in the REIT Manager, Elite Commercial REIT Management Pte Ltd.

The remaining 85% is held by Elite Partners Holdings, in which former Viva Industrial Trust founder Victor Song and construction and property firm Ho Lee Group have a stake. Elite Commercial REIT has an initial portfolio comprising 97 properties in Britain, of which 96 are freehold.

Their total worth is £320mil. The UK-focused REIT issued a total of 192.5 million units to raise gross proceeds of £130.9mil. “Distributions will be declared in British pounds, and unit holders will receive their distributions in Singapore dollars equivalent of the amount declared in pounds with the option to receive the entire distribution in pounds, ” Sunway RE Capital said.

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