Sunlight Real Estate Investment Trust (“Sunlight REIT”) Operational Statistics for the Quarter Ended 30 September 2018

October, 11/2018 - 13:00
Sunlight Real Estate Investment Trust (“Sunlight REIT”) Operational Statistics for the Quarter Ended 30 September 2018

HONG KONG, CHINA - Media OutReach- 11 October 2018 - Henderson Sunlight Asset Management Limited (the "Manager") is pleased to announce the operational statistics of Sunlight REIT for the first quarter of the financial year 2018/19.

 

At 30September 2018, the overall portfolio occupancy of Sunlight REIT was 97.7% (30June 2018: 98.2%). The slight decline was mainly attributable to the highervacancy recorded at Bonham Trade Centre ("BTC")in preparation for the upcoming asset enhancement initiative.

 

Passingrent of the overall portfolio was HK$47.1 per sq. ft. at 30 September 2018,representing a quarterly increase of 1.3%. Office and retail rental reversions,calculated on the basis of change in effective rent of the leases that havebeen renewed and commenced during the quarter, were 9.6% and 9.4% respectively.

 

During thequarter, Sunlight Tower continued to benefit from the favourable leasingenvironment and brisk demand for decentralized office spaces, as illustrated byits occupancy rate of 99.5% and a rental reversion of 12.2%. On the retailfront, solid consumer sentiment supported the performances of Sheung ShuiCentre Shopping Arcade and Metro City Phase I Property. Both shopping mallswere almost fully occupied and achieved rental reversions of 8.6% and 11.4%respectively.

 

In respectof the Grade B office portfolio, the enhancement plan of BTC which is in thefinal planning stage, will involve the renovation (and vacating) ofapproximately 28% of its gross rentable area. Meanwhile, Fung Shun CommercialBuilding maintained full occupancy during the quarter under review.  However, its vacancy rate is expected to risetransiently given that the existing (sole) office tenant will vacate more thanhalf of the occupied area.  As disclosedin Sunlight REIT's 2017/18 annual report, the Manager will capture thisopportunity to execute minor facility upgrade and to diversify the tradeprofile of the property.

 

Remarks: Attachedoperational statistics of Sunlight REIT for the first quarter of the financialyear 2018/19.


Operational statisticsfor the first quarter of the financial year 2018/19

 

Property

Location

Occupancy (%) 1

Passing Rent (HK$/sq. ft.) 2

at 30 Sep 18

at 30 Jun 18

at 30 Sep 18

at 30 Jun 18

Office

Sunlight Tower

Wan Chai

99.5

98.5

38.6

38.2

Bonham Trade Centre

Sheung Wan

85.7

93.0

30.1

29.8

Fung Shun Commercial Building

Mong Kok

100.0

100.0

47.3

47.3

Winsome House Property

Central

97.1

100.0

43.1

42.8

135 Bonham Strand Trade Centre

Sheung Wan

98.5

100.0

28.2

27.6

  Property

Righteous Centre

Mong Kok

98.8

98.8

34.7

34.5

235 Wing Lok Street Trade Centre

Sheung Wan

98.9

96.0

22.0

21.7

Java Road 108 Commercial Centre

North Point

98.1

94.2

24.8

24.7

On Loong Commercial Building

Wan Chai

100.0

100.0

30.7

30.4

Sun Fai Commercial Centre Property

Mong Kok

100.0

100.0

21.6

21.6

Wai Ching Commercial Building

Yau Ma Tei

93.1

100.0

15.0

14.5

  Property

 

 

 

 

 

Average

 

97.2

97.8

34.2

33.8

Retail

Sheung Shui Centre Shopping Arcade

Sheung Shui

99.5

98.9

116.8

115.9

Metro City Phase I Property

Tseung Kwan O

99.5

99.8

56.3

55.8

Kwong Wah Plaza Property

Yuen Long

97.2

100.0

53.4

52.1

Beverley Commercial Centre Property

Tsim Sha Tsui

89.5

82.9

44.7

44.5

Supernova Stand Property

North Point

100.0

100.0

54.0

54.0

Average

 

98.9

99.2

74.6

73.9

Average

 

97.7

98.2

47.1

46.5

 

About SunlightREIT

 

Sunlight REIT (Stock Code: 435) is a real estate investment trustauthorized by the Securities and Futures Commission and constituted by thetrust deed dated 26 May 2006 (as amended and supplemented by six supplementaldeeds) (the "Trust Deed"), and hasbeen listed on The Stock Exchange of Hong Kong Limited since 21 December 2006.Sunlight REIT offers investors the opportunity to invest in a diversifiedportfolio of 11 office and five retail properties in Hong Kong with a totalgross rentable area of approximately 1.2 million sq. ft.. The office propertiesare primarily located in core business areas, including Wan Chai and SheungWan/Central, as well as in decentralized business areas such as Mong Kok and NorthPoint. The retail properties are primarily situated in regional transportationhubs and new towns including Sheung Shui, Tseung Kwan O and Yuen Long, as wellas in urban areas with high population density.

 

About theManager


The Manager of Sunlight REIT is an indirect wholly-owned subsidiary ofHenderson Land Development Company Limited (恒基兆業地產有限公司) and is responsiblefor managing Sunlight REIT in accordance with the Trust Deed in the soleinterest of the unitholders.

 

Disclaimer:

The information contained in this press release does not constitute anoffer or invitation to sell or the solicitation of an offer or invitation topurchase or subscribe for units in Sunlight REIT in Hong Kong or any otherjurisdiction.



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