Elite UK REIT is a UK REIT listed in Pound sterling on the Singapore Exchange and managed by Singapore-headquartered Elite UK REIT Management Pte. Ltd. The REIT has three Sponsors: Elite Partners Holding Pte. Ltd., the holding firm for Elite Partners Group, an alternative investment and asset manager; Ho Lee Group Pte. Ltd., a real estate and construction conglomerate; and Sunway RE Capital Pte. Ltd., a wholly-owned subsidiary of Sunway Berhad.
Elite UK REIT's portfolio ("Portfolio") comprises mostly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. With its portfolio, Elite UK REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions ("DWP") and other UK Government departments. As at 30 June 2024, Elite UK REIT's portfolio has a total asset value of £415 million.
In addition to stable government-backed income stream, the Manager plans to capitalise on emerging market trends and sectors exhibiting strong growth potential in the UK, such as the Living Sector, which includes purpose-built student accommodation and Built-to-Rent residential assets.
Key Milestones
| May 2024 | Elite Commercial REIT changes name to “Elite UK REIT” |
| Apr 2024 | Elite Commercial REIT announces expansion of investment strategy to encompass a wider scope of real estate and real estate-related assets within the UK, such as the Living Sector, which includes purpose-built student accommodation (“PBSA”) and Build-to-Rent residential asset classes |
| Mar 2024 | Elite Commercial REIT secures up to £135 million of debt facilities for refinancing |
| 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.
