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/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> 2H21 DPU -2.8% YoY; Strong industrial/logistics performance dragged by Office segment</li><li><a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946" rel="noopener">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> 4Q21 DPU +125% YoY; Patchy road to recovery  </li><li><a href="https://www.smartkarma.com/entities/apac-realty-ltd" target="_blank" data-smartkarma-citation="entities:25900" rel="noopener">APAC Realty Ltd (APAC SP)</a> FY21 net profit +116% YoY; Final dividend of S$4.00c/share implies ~12% yield</li></ul>

Cromwell European REIT (CERT SP) 2H21 DPU -2.8% YoY; Strong industrial/logistics performance dragged by Office segmentLippo Malls Indonesia Retail Trust (LMRT SP) 4Q21 DPU +125% YoY; Patchy road to recovery  APAC Realty Ltd (APAC SP) FY21 net profit +116% YoY; Final dividend of S$4.00c/share implies ~12% yield

ASEAN Builder's Scoop (23Feb22) - CERT Robust Logistics Dragged by Office

<h2>Singapore</h2><h3>The Ascott Limited to acquire two properties in France and Vietnam for S$210m through its private fund</h3><ul><li>The Ascott Limited (Ascott) has entered into two agreements to acquire two properties in Paris, France and Hanoi, Vietnam for about S$210m. The acquisition of the two properties through the Ascott Serviced Residence Global Fund (ASRGF), Ascott’s private equity fund with Qatar Investment Authority, will boost Ascott’s total fund assets under management (FUM) to about S$8bn. Both properties will be acquired on a turnkey basis and are expected to open in 2024</li><li>The acquisition in Paris is a freehold asset which will be refurbished to introduce Ascott’s first Co-living property in Europe under the lyf brand. Named livelyfhere Gambetta Paris, the 139-unit Co-living property is located in a vibrant district in the 20th arrondissement, near galleries, cinemas, trendy cafés and restaurants, street art and music venues. With this addition, Ascott has a total of 16 lyf properties with more than 3,100 units across 13 cities and nine countries in Asia Pacific and Europe. The acquisition of livelyfhere Gambetta Paris, Ascott’s first lyf property in Europe, follows the recent opening of Ascott’s first lyf property in Japan, lyf Tenjin Fukuoka. Five more lyf properties in Singapore and China are set to open in 2021. With this addition, Ascott will have over 3,500 units in 34 properties across 13 cities in France</li><li>The acquisition in Hanoi is the 364-unit Somerset Metropolitan West Hanoi. It is located in Hanoi’s new CBD, close to several government agencies as well as local and international corporations. Somerset Metropolitan West Hanoi is a 10-minute drive to the Vietnam National Convention Centre, the largest convention centre in Vietnam and the Noi Bai International Airport is a 30-minute drive away. Somerset Metropolitan West Hanoi will increase Ascott’s portfolio to over 7,600 units across 31 properties in 10 cities for Vietnam</li><li>With the acquisition of livelyfhere Gambetta Paris and Somerset Metropolitan West Hanoi, there will be eight properties with close to 1,700 units held under the ASRGF. The fund has five operational properties, Ascott Sudirman Jakarta, Citadines Islington London, La Clef ChampsÉlysées Paris, lyf Funan Singapore, and Quest NewQuay Docklands Melbourne. Citadines Walker North Sydney is slated to open in 2022. </li></ul>

SingaporeThe Ascott Limited to acquire two properties in France and Vietnam for S$210m through its private fundThe Ascott Limited (Ascott) has entered into two agreements to acquire two properties in Paris, France and Hanoi, Vietnam for about S$210m. The acquisition of the two properties through the Ascott Serviced Residence Global Fund (ASRGF), Ascott’s private equity fund with Qatar Investment Authority, will boost Ascott’s total fund assets under management (FUM) to about S$8bn. Both properties will be acquired on a turnkey basis and are expected to open in 2024The acquisition in Paris is a freehold asset which will be refurbished to introduce Ascott’s first Co-living property in Europe under the lyf brand. Named livelyfhere Gambetta Paris, the 139-unit Co-living property is located in a vibrant district in the 20th arrondissement, near galleries, cinemas, trendy cafés and restaurants, street art and music venues. With this addition, Ascott has a total of 16 lyf properties with more than 3,100 units across 13 cities and nine countries in Asia Pacific and Europe. The acquisition of livelyfhere Gambetta Paris, Ascott’s first lyf property in Europe, follows the recent opening of Ascott’s first lyf property in Japan, lyf Tenjin Fukuoka. Five more lyf properties in Singapore and China are set to open in 2021. With this addition, Ascott will have over 3,500 units in 34 properties across 13 cities in FranceThe acquisition in Hanoi is the 364-unit Somerset Metropolitan West Hanoi. It is located in Hanoi’s new CBD, close to several government agencies as well as local and international corporations. Somerset Metropolitan West Hanoi is a 10-minute drive to the Vietnam National Convention Centre, the largest convention centre in Vietnam and the Noi Bai International Airport is a 30-minute drive away. Somerset Metropolitan West Hanoi will increase Ascott’s portfolio to over 7,600 units across 31 properties in 10 cities for VietnamWith the acquisition of livelyfhere Gambetta Paris and Somerset Metropolitan West Hanoi, there will be eight properties with close to 1,700 units held under the ASRGF. The fund has five operational properties, Ascott Sudirman Jakarta, Citadines Islington London, La Clef ChampsÉlysées Paris, lyf Funan Singapore, and Quest NewQuay Docklands Melbourne. Citadines Walker North Sydney is slated to open in 2022. 

ASEAN Builder's Scoop (21Jun21) - Ascott Acquires Paris and Hanoi Props

Indonesia

PT Surya Semesta Internusa Tbk and its subsidiaries develop and manage industrial and residential real estates, provide construction services, and manufacture building materials. The Company also operates hotels and provides information technology-related businesses design to support its main businesses.

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Surya Semesta Internusa (SSIA IJ)

ASEAN Builder's Scoop (23Feb22) - CERT Robust Logistics Dragged by Office

LMRT patchy road to recovery; APAC ~12% dividend yield; SSIA partners Hilton to develop LXR Bali resort; Robust demand for PEZA-registered buildings

SCCM Asia Research

ASEAN Builder's Scoop (21Jun21) - Ascott Acquires Paris and Hanoi Props

Ascott acquires Paris and Hanoi props; CREITs vs SREITs competition; LOGOS/PURE partners for Jakarta DC; DILD 5M21 mrkt sales tripled YoY; VLL eyes...

SCCM Asia Research

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