Elite Commercial REIT (Elite CREIT) is likely to launch IPO next week. This will be the first pure-play UK-focused REIT to list in Singapore Exchange.
What we know so far (based on The Edge Singapore’s report):
Valuation of its portfolio is around GBP 320m.Its portfolio consists of 97 freehold properties all located in the UK. Of these, 25% of the properties (by rental income) are located in London (First tier city), with the remainder in second tier and third tier cities across UK. A search on the web gives some clarity (unable to verify this better on my end) on the definition of the city tiers (link here).All of the properties are occupied by UK government.UK’s sovereignty rating is Aa2, the third-highest Moody’s rating (see the link here to Wikipedia article for Moody’s rating).Initial yield expected to be between 6% – 7%.Some report can be accessed via The Edge Singapore, Business Times and REITsweek: