动漫兄真是的，又要自己闷声发财了，也不出来吆喝一声，拉兄弟们一把。有钱大家一起赚嘛。要多向米姐学习，觉悟啊。
关键词： REIT 本地唯一欧洲（德国） 办公室 8%
8月11日截止申请，别忘了啊！
SINGAPORE: Investors in Singapore will soon have access to the European real estate market.
IREIT Global has lodged its prospectus for an initial public offering (IPO) on the SGX mainboard.
Under the IPO, IREIT Global is offering almost 168 million units at 88 cents each. It will be Singapore’s first REIT with a portfolio based in Europe. The IPO will comprise an international placement of about 156 million units to investors outside of the United States, and an offering of 11.36 million units for the public in Singapore.
Mr Lim Chap Huat, the owner of Soilbuild Group Holdings, has agreed to subscribe for about 80 million units under the international placement. IREIT has also entered into an agreement with Wealthy Fountain Holdings and Mr Tong Jinquan, chairman of Shanghai-based Summit Property Development – under which they would subscribe to a combined 251.603 million units.
It hopes to raise a total of about S$369 million in net proceeds. The new funds will be used to acquire more properties in Europe.
IREIT has an initial portfolio of four freehold office properties in Germany valued at approximately S$478 million dollars. The IPO closes on Aug 11 2014, and the trading is expected to commence two days after that.
“The reason that I chose to establish a REIT in Singapore is a few reasons. I believe this is one of the successful REIT markets in the world. It’s one of the largest capital markets in the world today and there are investors who understand this vehicle and are willing to invest. We are aiming to distribute 7.6% for the year 2014 and 8 per cent in 2015 to 2016,” said CEO and Founder of IREIT Global, Itzhak Sella.
To give a little bit of some of the macro background on this IPO in case you have not read the prospectus. They are the first SGX listed office REIT with an investment mandate solely focused on Europe, with an initial 4 properties located in Germany (Bonn, Darmstadt, Munster, Munich).
What I like about the Reit?
1.) The projected yield of 8% (if projections are met)
2.) The 4 properties are freehold in nature and purchased only recently (still new)
3.) Latest market valuation of the assets are largely in line (EUR 284.1 M) with the historical purchase cost (EUR 283.1 M)
4.) Average WALE of about 7.6 years and 100% committed occupancy for all the 4 properties
4.) Committed strategic partner (owned by Mr. Tong) and include the first and second lock up period for the next 18 months
5.) Management fee structure directly linked to DPU growth (aligned with unitholder’s interest) rather than asset value or NPI.
What I dislike about the Reit?
1.) EURO risk – EU breakdown still possibility with uncertainty in Portugal and Italy
2.) Forex risk – The projection yield of 8% is based on a projected forex of EUR1: SGD1.70. Note that during the 2011 Euro crisis, the rate goes as high as EUR1: SGD 1.85. If this happens, this will severely affects the DPU projection.
3.) 100% committed occupancy means there is unlikely to be further upside surprise. Projected growth is expected to come from revised rental lease.
4.) Listing price is above NAV which is at 78 cents.
Conclusion
For a quick comparison amongst foreign asset listed reits, we can take a look at both Ascendas Hospitality Trust (AHT) and Lippo Mall Indonesia Retail Trust (LMRIT) even though they may be in different industries. AHT was listed at 88 cents and have since gone down the hill due to unfavorable forex rate. Similarly, unitholders of LMRIT have also suffered due to unfavorable rate of the rupiah. It is never easy to have your earnings denominated in foreign currency.
I also question the need to have the reit listed in singapore. Due to favorable reits environment we have over here, we are always attracting funds raising over here. The cost of capital might also be low here which makes sense for them to pursue.
At 8% yield the projected yield may seem to interest investors while the listing at 88 cents is priced above the nav level. It remains to be seen how this would work out but i would certainly want to see how it played out before venturing in into another unchartered foreign asset territory.
对此瑞特来说, 欧元vs新元的汇率是个永恒的问题。
你的朋友又是大股东:)
他一来参合, 麻烦了, 俺开盘跑不了啦!
都没有遇到开盘大涨的IPO，不申请了。
根据本人的观察，在新加坡上市的外国reit, business trust 无一例外，全部都表现不佳。
最近的有Accordia Golf Tr ACCORDIA GOLF TRUST，First Sponsor FIRST SPONSOR GROUP LIMITED。以前有李嘉成的HPH trust, Ascendas India Trust 等等。
V姐在另一个贴里说IREIT已经到头了。不明其意, 愿闻其详。
德國我喜歡，不過好像很少聽説在德國置業的，有什麽限制嗎？
等破发再看。
义顺兄 你可以参考ipo先生㝍的东东
看了, 发此帖的时候他还没谈这个挨屁殴, 这么会放上来了。
赶脚他讲的还挺正面的。俺奏趟个浑水, 支持一下德国队。
东兄准备整100手对吗?
100手?
开。开玩笑吧。。
破发的概。概率蛮大的
申请10手
支持DBS一下。。
今最后一天, 提醒一下。
13号公开交易，错过了IPO，值得关注。
中的几率看来挺高！ 俺中了3发子弹，看看下午能不能射出去。
东兄战绩如何？
忘记申请了
恭喜义顺兄
3发子弹
发发命中目标。。:)
木有东兄一起上阵练枪法，倍感寂寞啊。
开盘没破发，深感荣幸啊。赶脚还是有市场地。
终于发饷了，按IPO发行价0.88算，4个多月2.9%的回报。但目前股价相比发行价也跌了1.7%，总回报只有1.2%。估计明天股价会涨回到发行价或以上。但愿是一只小慢牛。
你股票研究得很深透。
没办法，从IPO开始就被套住了，由于是在OCBC Security买的，高额的佣金，一卖就赔。所以不得不研究它啊。多亏前些日子补了点仓，否则赚得更少了。
此Reit受汇率的影响较大，比本地Reit风险高。