Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8m</li><li>CapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40m</li><li><a href="https://www.smartkarma.com/entities/cortina-holdings" target="_blank" data-smartkarma-citation="entities:4046" rel="noopener">Cortina Holdings (CTN SP)</a> to acquire fourth level of a commercial building for S$49m</li></ul>

EC World Reit (ECWREIT SP) to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8mCapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40mCortina Holdings (CTN SP) to acquire fourth level of a commercial building for S$49m

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

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<li>
<a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable</li>
<li>
<a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving</li>
<li>
<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable</li>
</ul>



EC World Reit (ECWREIT SP) 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable

Sasseur REIT (SASSR SP) 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving

Cromwell European REIT (CERT SP) 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable


ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> divests an office asset in Finland and acquires a UK logistics asset</li>
<li>
<a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> successfully extended maturity of onshore and offshore facilities; CEO bought more units</li>
<li>302 units of Ho Bee-IOI project Cape Royale at Sentosa Cove sold 50% on launch day at S$2,103psf ASP</li>
</ul>



Cromwell European REIT (CERT SP) divests an office asset in Finland and acquires a UK logistics asset

EC World Reit (ECWREIT SP) successfully extended maturity of onshore and offshore facilities; CEO bought more units
302 units of Ho Bee-IOI project Cape Royale at Sentosa Cove sold 50% on launch day at S$2,103psf ASP


ASEAN Builder's Scoop (7Jul22) - CERT Divests Finland Office, Buys UK Logistics

<ul><li><a target="_blank">EC World REIT (ECWREIT SP) extends onshore loan facilities to Apr23; Receiving same terms as offshore facilities</a></li><li>CBD Grade A office rents may surpass pre-pandemic peak by 3Q22; 2Q22 rents rose 2.7% QoQ</li><li><a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745" rel="noopener">Straits Trading (STRTR SP)</a> unit acquires office/industrial buildings and land in UK for GBP130m</li></ul>

EC World REIT (ECWREIT SP) extends onshore loan facilities to Apr23; Receiving same terms as offshore facilitiesCBD Grade A office rents may surpass pre-pandemic peak by 3Q22; 2Q22 rents rose 2.7% QoQStraits Trading (STRTR SP) unit acquires office/industrial buildings and land in UK for GBP130m

ASEAN Builder's Scoop (30Jun22) - ECWREIT Extends Onshore Loan Facilities

<ul><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> exploring potential divestment of Beigang Logistics Stage 1 and Chongxian Port Logistics</li><li>Resident buys entire floor of Suntec City Tower 2 for S$38.8m</li><li>Elizabeth Towers on Orchard Road relaunched for collective sale at S$630m</li></ul>

EC World Reit (ECWREIT SP) exploring potential divestment of Beigang Logistics Stage 1 and Chongxian Port LogisticsResident buys entire floor of Suntec City Tower 2 for S$38.8mElizabeth Towers on Orchard Road relaunched for collective sale at S$630m

ASEAN Builder's Scoop (14Jun22) - ECWREIT Exploring Asset Divestments

Singapore

EC World Real Estate Investment Trust is a Singapore-based real estate investment trust (REIT) that invests in a diversified portfolio of income-producing properties primarily used for e-commerce, supply chain management, and logistics. Its portfolio includes properties like Chongxian Port Investment and Hengde Logistics, located predominantly in the Yangtze River Delta, People's Republic of China. The company is headquartered in Singapore and was founded in 2015.

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EC World (ECWREIT SP)

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

CAREIT to convert office to life sciences property for US$40m; CTN to buy commercial asset for S$49m; Prelim private resi prices rise 3.4% QoQ in...

SCCM Asia Research

ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

SASSR hit by weak variable income; CERT weakness in I&L reversions; IREIT low gearing opportunities; UHU occupancies trending up; PWON reached 44%...

SCCM Asia Research

ASEAN Builder's Scoop (7Jul22) - CERT Divests Finland Office, Buys UK Logistics

ECWREIT CEO bought more units; Cape Royale at Sentosa sold 50% on launch day; People's Park Centre enbloc for S$1.8bn; IREIT CFO steps down

SCCM Asia Research

ASEAN Builder's Scoop (30Jun22) - ECWREIT Extends Onshore Loan Facilities

CBD Grade A rents rose 2.7% QoQ in 2Q22; STRTR unit buys UK office/industrial props; Phils 2Q22 office demand more than doubles; BHI ventures into...

SCCM Asia Research

ASEAN Builder's Scoop (14Jun22) - ECWREIT Exploring Asset Divestments

Suntec City T2 record psf prices; Elizabeth Tower enbloc for S$630m; Phils FDI inflows shrank to 10mo low; GSH's Coral Bay in Sabah under dispute

SCCM Asia Research

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