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Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

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<a href="https://smartkarma.com/entities/elite-uk-reit">Elite UK REIT</a> offers a unique, counter-cyclical investment proposition with a portfolio of 148 properties primarily leased to the UK Government, providing stable, sovereign-backed cash flows.</li>
  <li>The REIT's primary risk is its high tenant concentration, with the Department for Work and Pensions (DWP) being the main lessee. Management is actively mitigating this by diversifying into growth sectors such as Purpose-Built Student Accommodation (PBSA) and data centres.</li>
  <li>Trading at a discount to its Net Asset Value and offering a high dividend yield, the REIT presents an attractive valuation, though this is balanced by risks associated with its high gearing and the uncertainty of future DWP lease renewals beyond 2028.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Elite UK REIT offers a unique, counter-cyclical investment proposition with a portfolio of 148 properties primarily leased to the UK Government, providing stable, sovereign-backed cash flows.
  The REIT's primary risk is its high tenant concentration, with the Department for Work and Pensions (DWP) being the main lessee. Management is actively mitigating this by diversifying into growth sectors such as Purpose-Built Student Accommodation (PBSA) and data centres.
  Trading at a discount to its Net Asset Value and offering a high dividend yield, the REIT presents an attractive valuation, though this is balanced by risks associated with its high gearing and the uncertainty of future DWP lease renewals beyond 2028.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Elite UK REIT (ELITE SP) - Nov 2025

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/504/825/original/engageIR%20Webinar%20banner%20%282%29.png?1755850919" class="editor-image img-responsive" data-smartkarma-image-id="504825"></figure>
<p>Smartkarma hosted the Elite UK REIT management team and Insight Provider, <a href="https://www.smartkarma.com/profiles/garreth-elston-a6ea37dd-f490-4307-8a92-697849e0a23c/research" target="_blank" rel="noopener">Garreth Elston</a>, in an exclusive Corporate Webinar on 11 November '25. They dove into the company's latest results and future diversification strategy. </p>
<p>Catch the full discussion below: </p>
<div style="display: flex; justify-content: center; align-items: center;"><iframe src="https://www.youtube.com/embed/cG_qTkEZe4Y?si=Isf0zuUrkyqFx-4A" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></div>
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<p>For our next Corporate Webinar, engageIR by Smartkarma is glad to welcome <a href="https://www.smartkarma.com/entities/elite-uk-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite UK REIT (ELITE SP)</a>’s team to Smartkarma. We will be joined by their Chief Executive Officer, Joshua Liaw, Chief Investment Officer, Jonathan Edmunds, and Chief Financial Officer, Michael Tong, along with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/garreth-elston-a6ea37dd-f490-4307-8a92-697849e0a23c" target="_blank" data-smartkarma-citation="accounts:65569" rel="noopener">Garreth Elston.</a></p>
<p>In the upcoming webinar, the Elite UK REIT team will share a short company presentation after which they will engage in a fireside chat with Garreth<a href="https://www.smartkarma.com/profiles/alec-tseung/research" target="_blank" rel="noopener"></a>. The Corporate Webinar will include a live Q&amp;A session.</p>
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<h3>The Corporate Webinar will be hosted on Tuesday, 11 November 2025, 18:00 SGT.</h3>
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<h2><a href="https://engageir.co/webinar-registration-form-oct2025/" target="_blank" rel="noopener">Register for the Webinar Here</a></h2>
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<h3>About Elite UK REIT</h3>
<p>Elite UK REIT (“Elite REIT” (“英利房托”)), is a UK REIT listed in Pound sterling on the Singapore Exchange and managed by Singapore-headquartered Elite UK REIT Management Pte. Ltd. (the “Manager”).</p>
<p>Elite REIT’s Sponsors are Elite Partners Holding Pte. Ltd. (“EPH”), the holding firm for Elite Partners Group, an alternative investment and asset manager; and Ho Lee Group Pte. Ltd., a real estate and construction conglomerate.</p>
<p>Elite REIT’s portfolio comprises mostly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. With its portfolio, Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions and other UK Government departments. As at 30 June 2025, Elite REIT’s portfolio has a total asset value of £421.5 million.</p>
<p>For more information on Elite UK REIT, please visit <a href="https://www.eliteukreit.com/" target="_blank" rel="noopener">https://www.eliteukreit.com/</a></p>
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Smartkarma hosted the Elite UK REIT management team and Insight Provider, Garreth Elston, in an exclusive Corporate Webinar on 11 November '25. They dove into the company's latest results and future diversification strategy. 
Catch the full discussion below: 


For our next Corporate Webinar, engageIR by Smartkarma is glad to welcome Elite UK REIT (ELITE SP)’s team to Smartkarma. We will be joined by their Chief Executive Officer, Joshua Liaw, Chief Investment Officer, Jonathan Edmunds, and Chief Financial Officer, Michael Tong, along with Smartkarma Insight Provider Garreth Elston.
In the upcoming webinar, the Elite UK REIT team will share a short company presentation after which they will engage in a fireside chat with Garreth. The Corporate Webinar will include a live Q&amp;A session.

The Corporate Webinar will be hosted on Tuesday, 11 November 2025, 18:00 SGT.












Register for the Webinar Here












About Elite UK REIT
Elite UK REIT (“Elite REIT” (“英利房托”)), is a UK REIT listed in Pound sterling on the Singapore Exchange and managed by Singapore-headquartered Elite UK REIT Management Pte. Ltd. (the “Manager”).
Elite REIT’s Sponsors are Elite Partners Holding Pte. Ltd. (“EPH”), the holding firm for Elite Partners Group, an alternative investment and asset manager; and Ho Lee Group Pte. Ltd., a real estate and construction conglomerate.
Elite REIT’s portfolio comprises mostly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. With its portfolio, Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions and other UK Government departments. As at 30 June 2025, Elite REIT’s portfolio has a total asset value of £421.5 million.
For more information on Elite UK REIT, please visit https://www.eliteukreit.com/


Smartkarma Corporate Webinar | Elite UK REIT: Counter Cyclical Portfolio, Attractive Yields

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

<ul><li>This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.</li><li>Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.</li><li>Since our initiation report, several positive developments have emerged.</li></ul>

This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.Since our initiation report, several positive developments have emerged.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Elite UK REIT's FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings.</li><li>IREIT Global's FY2024 revenue and NPI increased, with DPU rising 1.6% to 1.90 euro cents, driven by portfolio performance.</li><li>Stoneweg European REIT's FY24 revenue and NPI declined, DPU dropped 10.1% to 14.106 euro cents, impacted by asset sales.</li></ul>

Elite UK REIT's FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings.IREIT Global's FY2024 revenue and NPI increased, with DPU rising 1.6% to 1.90 euro cents, driven by portfolio performance.Stoneweg European REIT's FY24 revenue and NPI declined, DPU dropped 10.1% to 14.106 euro cents, impacted by asset sales.

REIT Watch - Stoneweg European REIT eyes growth with a new Sponsor as European property rebounds in 2024

<ul><li>Top 5 best performing S-REITs in 2024 Name Stock Code Market Cap S$M 2024 Insti Net Inflow S$M Dividend Yield % PB Ratio  The five best performing S-REITs in 2024 in SGD terms were Frasers Hospitality Trust (+24.3 per cent total returns), Keppel DC REIT (+20.6 per cent), Stoneweg European REIT (+20.2 per cent), Elite UK REIT (+19.0 per cent), and Manulife US REIT (+15.3 per cent).</li></ul>

Top 5 best performing S-REITs in 2024 Name Stock Code Market Cap S$M 2024 Insti Net Inflow S$M Dividend Yield % PB Ratio  The five best performing S-REITs in 2024 in SGD terms were Frasers Hospitality Trust (+24.3 per cent total returns), Keppel DC REIT (+20.6 per cent), Stoneweg European REIT (+20.2 per cent), Elite UK REIT (+19.0 per cent), and Manulife US REIT (+15.3 per cent).

REIT Watch - S-REITs navigate a challenging 2024 with mixed returns

Singapore

Elite UK REIT (“Elite REIT” (“英利房托”)), is a UK REIT listed in Pound sterling on the Singapore Exchange and managed by Singapore-headquartered Elite UK REIT Management Pte. Ltd. (the “Manager”). Elite REIT’s Sponsors are Elite Partners Holding Pte. Ltd. (“EPH”), the holding firm for Elite Partners Group, an alternative investment and asset manager; and Ho Lee Group Pte. Ltd., a real estate and construction conglomerate. As at 30 June 2025, EPH, via its wholly owned subsidiaries, has managed assets in excess of S$2 billion.

Elite REIT’s portfolio (“Portfolio”) comprises mostly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. With its portfolio, Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions and other UK Government departments. As at 30 June 2025, Elite REIT’s portfolio has a total asset value of £421.5 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.

For more information, please visit https://www.eliteukreit.com/.

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Elite UK REIT (ELITE SP)

Primer: Elite UK REIT (ELITE SP) - Nov 2025

Elite UK REIT offers a unique, counter-cyclical investment proposition with a portfolio of 148 properties primarily leased to the UK...

αSK

Smartkarma Corporate Webinar | Elite UK REIT: Counter Cyclical Portfolio, Attractive Yields

Elite UK REIT's management team will be part of an exclusive Smartkarma Corporate Webinar alongside real estate expert Garreth Elston on Tuesday,...

Smartkarma Research

Elite UK REIT: October 2025 Update

This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25. Then, we had a price target of GBP0.30....

Wealth Management Alliance

REIT Watch - S-REITs navigate a challenging 2024 with mixed returns

Top 5 best performing S-REITs in 2024 Name Stock Code Market Cap S$M 2024 Insti Net Inflow S$M Dividend Yield % PB Ratio The five best performing...

Singapore Exchange Ltd (SGX)

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52-week Range

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Primer: Elite UK REIT (ELITE SP) - Nov 2025

Elite UK REIT offers a unique, counter-cyclical investment proposition with a portfolio of 148 properties primarily leased to the UK...

αSK

Smartkarma Corporate Webinar | Elite UK REIT: Counter Cyclical Portfolio, Attractive Yields

Elite UK REIT's management team will be part of an exclusive Smartkarma Corporate Webinar alongside real estate expert Garreth Elston on Tuesday,...

Smartkarma Research

Elite UK REIT: October 2025 Update

This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25. Then, we had a price target of GBP0.30....

Wealth Management Alliance

REIT Watch - Stoneweg European REIT eyes growth with a new Sponsor as European property rebounds in 2024

Elite UK REIT's FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings. IREIT Global's FY2024 revenue and NPI increased,...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs navigate a challenging 2024 with mixed returns

Top 5 best performing S-REITs in 2024 Name Stock Code Market Cap S$M 2024 Insti Net Inflow S$M Dividend Yield % PB Ratio The five best performing...

Singapore Exchange Ltd (SGX)