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/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> 1Q22 Business Updates – Improvements in reversions driven by AUS sub-markets</li><li>Strata office and retail space to see continued demand in 2022</li><li>GIC in final talks to acquire Seibu's Japan properties for S$1.75bn</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 1Q22 Business Updates – Improvements in reversions driven by AUS sub-marketsStrata office and retail space to see continued demand in 2022GIC in final talks to acquire Seibu's Japan properties for S$1.75bn

ASEAN Builder's Scoop (8Feb22) - FLT Improvements in AUS Reversions

<h2>Singapore  </h2><h3>Accor signs agreement to manage 8 on Claymore Serviced Residences, adding to its portfolio of 28 properties</h3><p>Accor has signed a management agreement to operate 8 on Claymore Serviced Residences located in the Orchard Road area. Accor is scheduled to commence operations around end-2021. According to the management agreement, the property will undergo a soft refurbishment for all rooms and public areas by mid-2022. The 85-room property will feature a range of modern accommodation, from executive studios to two- and three-bedroom apartments, each with fully equipped kitchens and in-room laundry facilities. This property will join Accor’s portfolio of 28 properties in Singapore including the Raffles, Fairmont, Sofitel, Swissôtel, Novotel, Mercure and ibis brands.</p>

Singapore  Accor signs agreement to manage 8 on Claymore Serviced Residences, adding to its portfolio of 28 propertiesAccor has signed a management agreement to operate 8 on Claymore Serviced Residences located in the Orchard Road area. Accor is scheduled to commence operations around end-2021. According to the management agreement, the property will undergo a soft refurbishment for all rooms and public areas by mid-2022. The 85-room property will feature a range of modern accommodation, from executive studios to two- and three-bedroom apartments, each with fully equipped kitchens and in-room laundry facilities. This property will join Accor’s portfolio of 28 properties in Singapore including the Raffles, Fairmont, Sofitel, Swissôtel, Novotel, Mercure and ibis brands.

<h2>Singapore  </h2><h3><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> master tenant vacating Darmstadt Campus on 29Nov22</h3><p>An IREIT tenant intends to vacate a property that accounts for about 11% of total GRI. This will be when the lease expires on 29Nov22. As such, the manager does not expect any material impact on DPU for FY21 and FY22. GMG Generalmietgesellschaft is the sole tenant at Darmstadt Campus. The space to be vacated there constitutes 7.9% of IREIT's total portfolio lettable area as at 30Sep. GMG, a unit of Deutsche Telekom AG, is also a tenant in Bonn Campus and Munster Campus. Its Darmstadt Campus lease is independent and separate from these other 2 leases. It will now start marketing the Darmstadt Campus and is exploring a multi-let approach to broaden the tenant mix at the property and reduce the reliance on any one single tenant. With the 1-year notice period, there is adequate time to re-let the property to new tenants, as the property is in a prime office location and within a short walking distance to Darmstadt's main railway station.</p>

Singapore  IREIT Global (IREIT SP) master tenant vacating Darmstadt Campus on 29Nov22An IREIT tenant intends to vacate a property that accounts for about 11% of total GRI. This will be when the lease expires on 29Nov22. As such, the manager does not expect any material impact on DPU for FY21 and FY22. GMG Generalmietgesellschaft is the sole tenant at Darmstadt Campus. The space to be vacated there constitutes 7.9% of IREIT's total portfolio lettable area as at 30Sep. GMG, a unit of Deutsche Telekom AG, is also a tenant in Bonn Campus and Munster Campus. Its Darmstadt Campus lease is independent and separate from these other 2 leases. It will now start marketing the Darmstadt Campus and is exploring a multi-let approach to broaden the tenant mix at the property and reduce the reliance on any one single tenant. With the 1-year notice period, there is adequate time to re-let the property to new tenants, as the property is in a prime office location and within a short walking distance to Darmstadt's main railway station.

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/236/273/original/image_54776601321634694560432.png?1634694565" class="editor-image img-responsive" data-smartkarma-image-id="236273"></figure><ul><li><h3></h3><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)</li><li>3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Ascendas Real Estate Investment Trust (AREIT SP) 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55" rel="noopener">Capitaland (CAPL SP)</a> shares debut at S$2.95/share; Total RE AUM at S$119bn</h3><p>CLI made its trading debut at S$2.95/share (US$11.4bn market cap) on the Singapore Exchange under the trading name CapitaLandInvest. CLI takes over from CapitaLand Limited, which ceased trading at S$4.00 and will delist from the SGX on 21Sep. For every 100 CapitaLand shares owned, shareholders received 100 shares of CLI, S$95.10 in cash and 15.5 units of CapitaLand Integrated Commercial Trust. The total implied consideration was S$4.102/share, with CLI shares valued at S$2.823 each. CLI's listing comes after CapitaLand Limited restructured business to form two distinct entities – CLI, the listed real estate investment management business; and CapitaLand Development, the privatised property development arm. The former had about S$119bn of RE AUM as at 30Jun21, of which more than 80% are located in Asia. Its real estate funds under management stood at about S$83bn, spanning six listed real estate investment trusts and business trusts and over 20 private funds.</p>

SingaporeCapitaland (CAPL SP) shares debut at S$2.95/share; Total RE AUM at S$119bnCLI made its trading debut at S$2.95/share (US$11.4bn market cap) on the Singapore Exchange under the trading name CapitaLandInvest. CLI takes over from CapitaLand Limited, which ceased trading at S$4.00 and will delist from the SGX on 21Sep. For every 100 CapitaLand shares owned, shareholders received 100 shares of CLI, S$95.10 in cash and 15.5 units of CapitaLand Integrated Commercial Trust. The total implied consideration was S$4.102/share, with CLI shares valued at S$2.823 each. CLI's listing comes after CapitaLand Limited restructured business to form two distinct entities – CLI, the listed real estate investment management business; and CapitaLand Development, the privatised property development arm. The former had about S$119bn of RE AUM as at 30Jun21, of which more than 80% are located in Asia. Its real estate funds under management stood at about S$83bn, spanning six listed real estate investment trusts and business trusts and over 20 private funds.

Philippines

Robinsons Land Corporation (RLC) is a leading Philippine real estate company engaged in the development and operation of shopping malls, hotels, office buildings, and residential properties. The company's portfolio includes lifestyle commercial centers, residential condominiums and housing, and industrial facilities. RLC is headquartered in Quezon City, Philippines, and was incorporated on June 4, 1980.

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Robinsons Land (RLC PM)

ASEAN Builder's Scoop (8Feb22) - FLT Improvements in AUS Reversions

Strata office/retail gaining steam; GIC looks to buy Seibu hotels; ALLHC buys Batangas facility; Phils cold storage demand robust; IBN Corp expands...

SCCM Asia Research

ASEAN Builder's Scoop (9Nov21)

Accor to manage 8 on Claymore SR; SMPH weaker resi weighs on bottom line; RLC earnings spike on improved leasing; BL to open more Iceland hotels;...

SCCM Asia Research

ASEAN Builder's Scoop (8Nov21)

IREIT master tenant vacating in Nov22; YLLG Oct21 presales up 50% MoM; SLI postpones PHP9.9bn follow-on offering; RLC initiates PHP3bn buyback program

SCCM Asia Research

ASEAN Builder's Scoop (20Oct21)

AREIT robust reversions, on virtuous growth cycle; IWG opens 16th Co-working centre; Ann Siang House pivots to rental business; SWB revised FY21...

SCCM Asia Research

ASEAN Builder's Scoop (21Sep21)

CLI debuts with S$119bn RE AUM; RLC developing 2 office towers in Bridgetowne; More townships for MEG in Luzon, Palawan; SIME reopens all sales...

SCCM Asia Research

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