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/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> provides indicative timeline till merger is finalised</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> extends due diligence for fourth time</li><li>Hmlet and European co-living player Habyt to merge via equity share swap</li></ul>

ESR-REIT (EREIT SP) provides indicative timeline till merger is finalisedUnited Hampshire US REIT (UHU SP) extends due diligence for fourth timeHmlet and European co-living player Habyt to merge via equity share swap

ASEAN Builder's Scoop (13Apr22) - EREIT Releases Merger Process Timeline

<ul><li>Feb22 retail sales down 3.4% YoY due to Feb21 CNY Spending; F&amp;B sales falls 0.6% YoY</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> extends divestment due-diligence period for a third time</li><li>Prime logistics properties displays continued strong growth in 1Q22, increasing 3% QoQ in 1Q22</li></ul>

Feb22 retail sales down 3.4% YoY due to Feb21 CNY Spending; F&amp;B sales falls 0.6% YoYUnited Hampshire US REIT (UHU SP) extends divestment due-diligence period for a third timePrime logistics properties displays continued strong growth in 1Q22, increasing 3% QoQ in 1Q22

ASEAN Builder's Scoop (6Apr22) - Feb22 Retail Sales Down 1.2% MoM

<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> 4Q21 DPU +7.7% YoY; Driven largely by absence of DI retention and strengthening RMB</li><li><a href="https://www.smartkarma.com/entities/ara-us-hospitality-trust" target="_blank" data-smartkarma-citation="entities:28048" rel="noopener">ARA US Hospitality Trust (ARAUS SP)</a> 2H21 DPU of US$0.36c declared; Road to recovery continues</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> 2H21 DPU +0.7% YoY; Portfolio valuation rose 3.7% YoY, divesting of 2 Self Storage properties</li></ul>

EC World Reit (ECWREIT SP) 4Q21 DPU +7.7% YoY; Driven largely by absence of DI retention and strengthening RMBARA US Hospitality Trust (ARAUS SP) 2H21 DPU of US$0.36c declared; Road to recovery continuesUnited Hampshire US REIT (UHU SP) 2H21 DPU +0.7% YoY; Portfolio valuation rose 3.7% YoY, divesting of 2 Self Storage properties

ASEAN Builder's Scoop (24Feb22) - ECWREIT Driven by Absence of DI Retention

<ul><li>Frasers Logistics &amp; Commercial Trust (FLT SP) 2H21 DPU +6.3% YoY; Weak reversions though occupancy remains steady</li><li>IREIT Global (IREIT SP) 3Q21 Business Updates – Leasing improvements reduce risk, dual currency trading and EUR distribution +ve</li><li>United Hampshire US REIT (UHU SP) 3Q21 Business Updates – Lower rental rates despite occupancy holding up</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 2H21 DPU +6.3% YoY; Weak reversions though occupancy remains steadyIREIT Global (IREIT SP) 3Q21 Business Updates – Leasing improvements reduce risk, dual currency trading and EUR distribution +veUnited Hampshire US REIT (UHU SP) 3Q21 Business Updates – Lower rental rates despite occupancy holding up

ASEAN Builder's Scoop (11Nov21) - FLT Weak Reversions

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> to acquire two grocery-anchored assets in the US for US$78.3m</h3><ul><li>UHU has proposed to acquire two grocery-anchored freehold assets in Pennsylvania and Virginia, US, for US$78.3m. The acquisition is the REIT's first after its IPO in Mar20 and is also its first entry into Pennsylvania and Virginia. The purchase price comprises US$52m for Penrose Plaza in Philadelphia, Pennsylvania and US$26.3m for Colonial Square Shopping Center, Colonial Heights in Richmond, Virginia. The NPI yield for the two properties are ~6.5%</li><li>Post-acquisition, UHU expects its portfolio value will grow 13.3% to US$665.4m, while its market capitalisation will increase 9.9% to US$365.2m. The enlarged portfolio's WALE will also increase to 8.1 years, with 0.9% of leases due in 2021 and less than 10% of leases due for renewal each year from 2022-25. The total acquisition cost will be financed with a combination of loans and proceeds from a private placement. The manager proposed a private placement to raise gross proceeds of no less than US$30m.</li></ul>

SingaporeUnited Hampshire US REIT (UHU SP) to acquire two grocery-anchored assets in the US for US$78.3mUHU has proposed to acquire two grocery-anchored freehold assets in Pennsylvania and Virginia, US, for US$78.3m. The acquisition is the REIT's first after its IPO in Mar20 and is also its first entry into Pennsylvania and Virginia. The purchase price comprises US$52m for Penrose Plaza in Philadelphia, Pennsylvania and US$26.3m for Colonial Square Shopping Center, Colonial Heights in Richmond, Virginia. The NPI yield for the two properties are ~6.5%Post-acquisition, UHU expects its portfolio value will grow 13.3% to US$665.4m, while its market capitalisation will increase 9.9% to US$365.2m. The enlarged portfolio's WALE will also increase to 8.1 years, with 0.9% of leases due in 2021 and less than 10% of leases due for renewal each year from 2022-25. The total acquisition cost will be financed with a combination of loans and proceeds from a private placement. The manager proposed a private placement to raise gross proceeds of no less than US$30m.

Singapore

United Hampshire US REIT operates as a real estate investment trust. The Company owns and operates shopping, storage, grocery, and necessity-based retail properties.

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United Hampshire US REIT (UHU SP)

ASEAN Builder's Scoop (13Apr22) - EREIT Releases Merger Process Timeline

UHU extends due diligence for 4th time; Hmlet and Habyt to merge via equity swap; Condo resale volume up +35.6% and prices +0.8% in Mar; KLCCP sees...

SCCM Asia Research

ASEAN Builder's Scoop (6Apr22) - Feb22 Retail Sales Down 1.2% MoM

UHU extends divestment due-diligence for third time; Prime logistics rentals up 3% QoQ in 1Q22; Reebonz building up for sale

SCCM Asia Research

ASEAN Builder's Scoop (24Feb22) - ECWREIT Driven by Absence of DI Retention

ARAUS back to declaring dividend; UHU portfolio valuation rising; LHN another Co-living expansion; RGE buys Tangling SC; HOBEE buys London office;...

SCCM Asia Research

ASEAN Builder's Scoop (11Nov21) - FLT Weak Reversions

FLT weak reversions; IREIT leasing improvements; UHU lower rental rates; Daiwa House Logistics new IPO listing; Cairnhill 16 launching soon; MEG...

SCCM Asia Research

ASEAN Builder's Scoop (6Oct21)

UHU expands with US$78m acquisitions; Retail sales fell in Aug21, F&B remains a drag; Chuan Park condo enbloc for S$938m; MY resi rental demand...

SCCM Asia Research

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