EC World REIT: Hangzhou logistics landlord to be 3rd REIT listing this year?
-EC World REIT, which holds six logistics assets in Hangzhou, China could be the third REIT to list in Singapore this year.
-Reportedly seeking to raise up to $450m. The logistics trust is backed by Shanghai-based Forchn Holdings Group, which is a co-founder and shareholder of Cainiao Network (Alibaba’s logistics division).
-Its initial portfolio of six assets has a combined gfa of 577,072 sqm, with total appraised value was Rmb6.4b.
-Top 10 tenants contribute to 96.6% gross rental income last year. Occupancy is said to be 92.3% at end 2015, which could rise to 99.1% by end 2017.
-IFR reported the REIT could offer FY16 yield of around 7%, while FinanceAsia cites a possible range of 7.4%-8%.
-Business Times, which also covered this story, echoed the market view that Singapore’s future REIT listings would comprise mainly foreign assets.
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