REIT Watch - S-Reits Continue to Expand Through DPU-accretive Acquisitions
REIT Watch - S-Reits Continue to Expand Through DPU-accretive Acquisitions
The combined market value of the Singapore Reits and property trusts (S-Reits) sector has grown at a compound annual rate of 6 per cent over the 10 years to end-2023. As expected, and given the challenging macroeconomic environment since the pandemic, not every year saw growth.
在截至2023年底的10年中，新加坡房地產信託基金和房地產信託（S-Reits）行業的總市值以6％的複合年增長率增長。正如預期的那樣，鑑於自疫情以來宏觀經濟環境充滿挑戰，並非每年都出現增長。
Nevertheless, S-Reits are still expanding their portfolios as we see Reit managers announce proposed acquisitions and developments in the year thus far.
儘管如此，S-Reits仍在擴大其投資組合，因爲我們看到房地產投資信託基金經理宣佈了今年迄今爲止的擬議收購和發展。
The latest was announced by Frasers Logistics & Commercial Trust (FLCT) with the proposed acquisition of 89.9 per cent interest in a logistics and industrial (L&I) portfolio of four properties in Germany. The stake will be purchased from its sponsor, Frasers Property, at an agreed property purchase price of 129.5 million euros (S$188.6 million), which is at a discount of 5.3 per cent and 1.1 per cent to the appraised value by Colliers and CBRE, respectively. The properties are fully occupied and leased to tenants, which include multinational corporations such as Schenker, Dachser and Hermes Germany, which are existing tenants within FLCT's portfolio.
弗雷澤物流與商業信託基金（FLCT）宣佈了最新消息，提議收購德國四處物業的物流和工業（L&I）投資組合中89.9％的權益。該股份將以1.295億歐元（1.886億新元）的商定房地產購買價格從其贊助商弗雷澤地產手中收購，與高力證券和世邦魏理仕的估值相比分別折扣5.3％和1.1％。這些房產已全部入住並出租給租戶，其中包括信可、達瑟和德國愛馬仕等跨國公司，這些公司是FLCT投資組合中的現有租戶。
Post acquisition, the proportion of L&I assets in FLCT's portfolio will increase from 70.3 to 71.1 per cent, and the number of L&I assets in Germany will increase to 33, representing over a quarter of FLCT's total portfolio value. The German logistics sector is noted to have maintained its resilience with close to record low vacancy rates, and a slowdown in new developments resulting in limited supply in key logistics hotspots which drove rents up by 12 per cent in 2023.
收購後，FLCT投資組合中槓桿和反向資產的比例將從70.3％增加到71.1％，德國的槓桿和反向資產數量將增加到33個，佔FLCT投資組合總價值的四分之一以上。值得注意的是，德國物流業保持了彈性，空置率接近歷史新低，新開發項目放緩導致主要物流熱點供應有限，導致2023年租金上漲了12％。
Earlier this month, Digital Core Reit (DCReit) proposed to increase its stake in a German data centre by 24.9 per cent for a purchase consideration of 117 million euros. The acquisition will take its stake in the Frankfurt facility to 49.9 per cent and is expected to be about 3.2 per cent accretive to its distribution per unit (DPU).
本月早些時候，數字核心房地產投資信託基金（DCreit）提議將其在德國數據中心的股份增加24.9％，收購對價爲1.17億歐元。此次收購將使其在法蘭克福工廠的股份達到49.9％，預計其單位分配（DPU）將增加約3.2％。
DCReit notes that the acquisition will improve overall portfolio credit quality by increasing the total annualised rent contribution from investment grade customers from 78 to 87 per cent pro forma. It will also improve its geographic diversification of the portfolio and will reduce the total annualised rent contribution from North America from 82 to 71 per cent pro forma.
DCreit指出，此次收購將通過將投資級客戶的年化租金繳納總額從78％提高到87％，從而改善整體投資組合信貸質量。它還將改善其投資組合的地域多元化，並將北美的年化租金繳納總額從預計的82％減少到71％。
Last month also saw two proposed acquisitions by Mapletree Logistics Trust (MLT) and CapitaLand India Trust (Clint).
上個月，豐樹物流信託基金（MLT）和凱德置地印度信託（Clint）也提出了兩項收購提議。
MLT announced the proposed acquisitions of three logistics properties – one in Malaysia and two in Vietnam – for a total acquisition cost of about S$234 million. MLT notes that the acquisitions will deepen its network connectivity in these growth markets and position the trust to capitalise on favourable demand drivers for logistics space. The acquisitions will increase MLT's exposure in Malaysia and Vietnam from 24 to 27 assets and gross floor area will increase by 20.6 and 21 per cent respectively.
MLT宣佈擬收購三處物流物業——一處在馬來西亞，兩處在越南——總收購成本約爲2.34億新元。MLT指出，這些收購將深化其在這些成長型市場中的網絡連接，並使該信託基金能夠利用物流空間的有利需求驅動力。這些收購將使MLT在馬來西亞和越南的資產敞口從24項增加到27項，總建築面積將分別增加20.6％和21％。
Clint announced that it has entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities in Chennai, India. The total purchase price is estimated to be 2,680 million rupees (S$43.3 million) and as part of the agreement, Clint will provide funding in three phases and subsequently acquire the facilities upon the completion of each phase.
克林特宣佈已與Casa Grande集團簽訂遠期收購協議，收購印度欽奈的三個工業設施。總收購價格估計爲26.8億盧比（合4,330萬新元），作爲協議的一部分，克林特將分三個階段提供資金，隨後在每個階段完成後收購設施。
Clint notes that the acquisition will further diversify its portfolio and grow its industrial presence in Chennai, which is developing into an important hub for electronics component manufacturers in South India. With the proposed acquisition, the floor area of Clint's industrial, logistics and data centre asset classes as a percentage of its committed pipeline will increase approximately from 12 to 14 per cent.
克林特指出，此次收購將進一步分散其投資組合，擴大其在欽奈的工業影響力，欽奈正在發展成爲印度南部電子元件製造商的重要中心。通過擬議的收購，克林特的工業、物流和數據中心資產類別的佔地面積佔其承諾管道的百分比將從約12％增加到14％。
Source: SGX Research S-Reits & Property Trusts Chartbook.
資料來源：新加坡證券交易所研究公司房地產投資信託基金和房地產信託基金圖表手冊。
REIT Watch is a weekly column on The Business Times, read the original version.
房地產投資信託基金觀察是《商業時報》的每週專欄文章，閱讀原始版本。
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