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本帖最后由 yishun2009 于 5-8-2014 14:17 编辑
动漫兄真是的，又要自己闷声发财了，也不出来吆喝一声，拉兄弟们一把。有钱大家一起赚嘛。要多向米姐学习，觉悟啊。
关键词： REIT 本地唯一欧洲（德国） 办公室 8%
8月11日截止申请，别忘了啊！
SINGAPORE: Investors in Singapore will soon have access to the European real estate market.
IREIT Global has lodged its prospectus for an initial public offering (IPO) on the SGX mainboard.
Under the IPO, IREIT Global is offering almost 168 million units at 88 cents each. It will be Singapore's first REIT with a portfolio based in Europe. The IPO will comprise an international placement of about 156 million units to investors outside of the United States, and an offering of 11.36 million units for the public in Singapore.
Mr Lim Chap Huat, the owner of Soilbuild Group Holdings, has agreed to subscribe for about 80 million units under the international placement. IREIT has also entered into an agreement with Wealthy Fountain Holdings and Mr Tong Jinquan, chairman of Shanghai-based Summit Property Development - under which they would subscribe to a combined 251.603 million units.
It hopes to raise a total of about S$369 million in net proceeds. The new funds will be used to acquire more properties in Europe.
IREIT has an initial portfolio of four freehold office properties in Germany valued at approximately S$478 million dollars. The IPO closes on Aug 11 2014, and the trading is expected to commence two days after that.
"The reason that I chose to establish a REIT in Singapore is a few reasons. I believe this is one of the successful REIT markets in the world. It's one of the largest capital markets in the world today and there are investors who understand this vehicle and are willing to invest. We are aiming to distribute 7.6% for the year 2014 and 8 per cent in 2015 to 2016," said CEO and Founder of IREIT Global, Itzhak Sella.
To give a little bit of some of the macro background on this IPO in case you have not read the prospectus. They are the first SGX listed office REIT with an investment mandate solely focused on Europe, with an initial 4 properties located in Germany (Bonn, Darmstadt, Munster, Munich).
What I like about the Reit?
1.) The projected yield of 8% (if projections are met)
2.) The 4 properties are freehold in nature and purchased only recently (still new)
3.) Latest market valuation of the assets are largely in line (EUR 284.1 M) with the historical purchase cost (EUR 283.1 M)
4.) Average WALE of about 7.6 years and 100% committed occupancy for all the 4 properties
4.) Committed strategic partner (owned by Mr. Tong) and include the first and second lock up period for the next 18 months
5.) Management fee structure directly linked to DPU growth (aligned with unitholder's interest) rather than asset value or NPI.
What I dislike about the Reit?
1.) EURO risk - EU breakdown still possibility with uncertainty in Portugal and Italy
2.) Forex risk - The projection yield of 8% is based on a projected forex of EUR1: SGD1.70. Note that during the 2011 Euro crisis, the rate goes as high as EUR1: SGD 1.85. If this happens, this will severely affects the DPU projection.
3.) 100% committed occupancy means there is unlikely to be further upside surprise. Projected growth is expected to come from revised rental lease.
4.) Listing price is above NAV which is at 78 cents.
Conclusion
For a quick comparison amongst foreign asset listed reits, we can take a look at both Ascendas Hospitality Trust (AHT) and Lippo Mall Indonesia Retail Trust (LMRIT) even though they may be in different industries. AHT was listed at 88 cents and have since gone down the hill due to unfavorable forex rate. Similarly, unitholders of LMRIT have also suffered due to unfavorable rate of the rupiah. It is never easy to have your earnings denominated in foreign currency.
I also question the need to have the reit listed in singapore. Due to favorable reits environment we have over here, we are always attracting funds raising over here. The cost of capital might also be low here which makes sense for them to pursue.
At 8% yield the projected yield may seem to interest investors while the listing at 88 cents is priced above the nav level. It remains to be seen how this would work out but i would certainly want to see how it played out before venturing in into another unchartered foreign asset territory.
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