Elite Commercial REIT (“Elite REIT”) is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the United Kingdom (“UK”). Elite REIT is the first and only UK REIT listed in British pounds on the Singapore Exchange.
Elite REIT’s portfolio (“Portfolio”) comprises predominantly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes, and offers a stable government-backed income stream with almost 100% of the gross rental income derived from the UK Government, backed by AA-rated sovereign credit strength. The leases are on triple net basis1 and the properties in the Portfolio are primarily occupied by the Department for Work and Pensions (“DWP”), the UK’s largest public service department that is responsible for welfare, pensions and child maintenance, serving over 20 million claimants. The Portfolio is part of the crucial social infrastructure through which DWP provides services to local communities.
Elite REIT’s key objectives are to provide Unitholders with regular and stable distributions and to achieve long-term growth in distribution and net asset value per unit, while maintaining an appropriate capital structure through disciplined execution of its key strategies.
- Known as a full repairing and insuring lease, the responsibility for the repair of the external and internal parts as well as the structure of the property is placed with the tenant for occupied assets.
Key Milestones
| Jan 2024 | Elite Commercial REIT’s first Preferential Offering oversubscribed with subscription rate at more than 120%. Successfully raised £28 million to solidify capital structure |
| Aug-Nov 2023 | Divestments of five assets at a premium to the assets’ valuation1 |
| Apr 2023 | Rent escalation of about 13.1% for 136 assets following inflation-linked rental uplift effective 1 April 2023 |
| Mar 2023 | Elite Commercial REIT wins Gold Award in the Asia's Best Sustainability Report (First Time) category at the 8th Asia Sustainability Reporting Awards |
| Nov 2022 | Secured inaugural green loan facility of £15 million Green Revolving Credit Facility as part of wider sustainability strategy |
| Oct 2022 | Extension of £94 million Loan Facility and entry into £90 million SONIA Swap arrangement, extending the REIT’s debt maturity profile |
| Oct 2022 | Established S$300 million Multicurrency Debt Issuance Programme |
| Apr 2022 |
Major lease re-gearing exercise yielded positive outcome with lease break options occurring in March 2023 removed from 109 assets occupied by the DWP and MOD, resulting in lease stability and income visibility Secured Sustainability Collaboration with the UK Government's Ministry of Defence ("MOD") to improve sustainability and energy efficiency of MOD-occupied asset in the REIT's portfolio |
| Feb 2022 | Secured first Sustainability Collaboration with the UK Government's Department for Work and Pensions ("DWP") to boost sustainability and energy efficiency of DWP-occupied assets in the REIT's portfolio |
| Aug 2021 | Elite Commercial REIT's UK entities - Elite UK Commercial Holdings Limited ("ECHL") and its subsidiaries - qualified as a UK REIT group upon successful technical listing of ECHL on The International Stock Exchange |
| Mar 2021 | Completion of the Elite Commercial REIT's maiden portfolio acquisition of 58 properties located across the United Kingdom |
| Feb 2020 | Elite Commercial REIT successfully completed its initial public offering (IPO) with overwhelming response - Singapore public offer was 8.3x subscribed |
- Based on the valuation as at 31 July 2023 for the five divestments.
