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HONG KONG, CHINA - Media OutReach - 10 April 2019 - Henderson Sunlight Asset Management Limited(the "Manager"), as manager ofSunlight Real Estate Investment Trust ("SunlightREIT"), is pleased to announce the operational statistics of Sunlight REITfor the third quarter of the financial year 2018/19.
At 31March 2019, the overall portfolio occupancy of Sunlight REIT was 96.9%,compared with 96.7% recorded at 31 December 2018. Office occupancy improved to 96.8% (31December 2018: 95.7%), mainly attributable to a rebound in the occupancy of TheHarvest. Retail occupancy registered aslight decline to 97.2% (31 December 2018: 98.9%), largely due to theclustering of a handful of non-renewal cases at Metro City Phase I Property ("MCPI").
Theoverall passing rent of Sunlight REIT's portfolio was unchanged at HK$47.8 persq. ft. at 31 March 2019, while office and retail rental reversions, calculatedon the basis of change in effective rent of the leases that have been renewedand commenced during the quarter, were 12.4% and 10.8% respectively.
In respectof the office portfolio, Sunlight Tower was almost fully let with asatisfactory rental reversion of 12.9%. Meanwhile, the revamping of Bonham Trade Centre has commenced in April2019 and is expected to be completed (in two phases) by late 2019.
On theretail front, stable consumption sentiment supported the performances of SheungShui Centre Shopping Arcade and MCPI, which recorded rental reversions of 11.5%and 7.0% respectively.
Remarks:Attached operational statistics of Sunlight REIT for the third quarter of thefinancial year 2018/19.
Operationalstatistics for the third quarter ofthe financial year 2018/19
| Property | Location | Occupancy (%) 1 | Passing Rent (HK$/sq. ft.) 2 | ||
|
|
| at 31 Mar 19 | at 31 Dec 18 | at 31 Mar 19 | at 31 Dec 18 |
| Office |
|
|
|
|
|
| Sunlight Tower | Wan Chai | 99.7 | 100.0 | 39.1 | 38.9 |
| Bonham Trade Centre | Sheung Wan | 86.1 | 84.9 | 30.7 | 30.4 |
| The Harvest | Mong Kok | 87.7 | 63.9 | 52.6 3 | 58.6 3 |
| Winsome House Property | Central | 97.2 | 100.0 | 43.2 | 43.0 |
| 135 Bonham Strand Trade Centre Property | Sheung Wan | 97.9 | 95.2 | 28.9 | 28.8 |
| Righteous Centre | Mong Kok | 98.5 | 100.0 | 36.2 | 35.7 |
| 235 Wing Lok Street Trade Centre | Sheung Wan | 98.9 | 98.9 | 22.3 | 22.3 |
| Java Road 108 Commercial Centre | North Point | 98.1 | 96.1 | 26.1 | 25.9 |
| On Loong Commercial Building | Wan Chai | 100.0 | 100.0 | 31.4 | 30.8 |
| Sun Fai Commercial Centre Property | Mong Kok | 100.0 | 100.0 | 22.2 | 21.9 |
| Wai Ching Commercial Building Property | Yau Ma Tei | 95.8 | 95.8 | 15.5 | 15.2 |
| Average |
| 96.8 | 95.7 | 34.9 | 34.7 |
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|
|
|
|
|
|
| Retail |
|
|
|
|
|
| Sheung Shui Centre Shopping Arcade | Sheung Shui | 97.8 | 99.3 | 117.3 | 117.4 |
| Metro City Phase I Property | Tseung Kwan O | 96.7 | 99.0 | 57.6 | 57.5 |
| Kwong Wah Plaza Property | Yuen Long | 100.0 | 100.0 | 53.4 | 53.2 |
| Beverley Commercial Centre Property | Tsim Sha Tsui | 72.9 | 82.2 | 45.1 | 45.1 |
| Supernova Stand Property | North Point | 100.0 | 100.0 | 54.5 | 54.0 |
| Average |
| 97.2 | 98.9 | 75.5 | 75.4 |
| Average |
| 96.9 | 96.7 | 47.8 | 47.8 |
Notes:
1. Calculated onthe basis of occupied gross rentable area ("GRA") as a proportion of total GRA on the relevant date.
2. Calculated onthe basis of average rent per sq. ft. for occupied GRA on the relevant date.
3. The officearea vacated at the property is excluded from the calculation.
About Sunlight REIT
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 on 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 located in core business areas, including Wan Chai and Sheung Wan/Central,as well as in decentralized business areas such as Mong Kok and North Point.The retail properties are situated in regional transportation hubs and newtowns including Sheung Shui, Tseung Kwan O and Yuen Long, as well as in urbanareas with high population density.
About the Manager
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); its responsibilityis to manage Sunlight REIT in the sole interest of the unitholders inaccordance with the Trust Deed.
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.
This press release is issued by Cornerstones Communications Ltd. onbehalf of the Manager.
