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HONG KONG, CHINA - Media OutReach - 17 October 2019 - Henderson Sunlight Asset ManagementLimited (the " Manager"), as managerof Sunlight Real Estate Investment Trust (" SunlightREIT "), announces the operational statistics of Sunlight REIT for the firstquarter of the financial year 2019/20.
At 30 September 2019,the average occupancy rate of the overall portfolio of Sunlight REIT was 95.9%(30 June 2019: 95.3%). Office occupancy rate improved to 95.9% (30 June 2019:94.0%), mainly attributable to the partial handover of the new co-working spaceat Strand 50. On the other hand, retail occupancy rate declined to 95.9% as comparedwith 98.1% at 30 June 2019, principally reflecting a trade mix reshufflingexercise at Metro City Phase I Property (" MCPI").
Passing rent of theoverall portfolio was HK$49.1 per sq. ft. at 30 September 2019, representing aquarterly increase of 1.0%. Rental reversions for the office and retailportfolios, calculated on the basis of change in effective rent of the leasesthat have been renewed and commenced during the quarter, were 13.3% and 9.1%respectively.
On the office front,Sunlight Tower was fully let as passing rent improved 0.3% quarter on quarter.The Sheung Wan/Central office portfolio performed well with an average passingrent increase of 3.8%.
Regarding the retailportfolio, Sheung Shui Centre Shopping Arcade recorded an occupancy rate of97.7% with passing rent unchanged at HK$118.4 per sq. ft.. Meanwhile, both MCPIand Kwong Wah Plaza Property recorded reasonable passing rent improvementduring the quarter under review.
Remarks: Attached operational statistics of Sunlight REITfor the first quarter of the financial year 2019/20.
Operational statistics for the first quarter of thefinancial year 2019/20
| Property | Location | Occupancy Rate (%) 1 | Passing Rent (HK$/sq. ft.) 2 | ||
|
|
| at 30 Sep 19 | at 30 Jun 19 | at 30 Sep 19 | at 30 Jun 19 |
| Office |
|
|
|
|
|
| Sunlight Tower | Wan Chai | 100.0 | 98.2 | 39.7 | 39.6 |
| Strand 503 | Sheung Wan | 78.8 | 68.44 | 34.0 | 31.8 |
| The Harvest | Mong Kok | 91.3 | 96.4 | 52.5 | 51.2 |
| 135 Bonham Strand Trade Centre Property | Sheung Wan | 98.0 | 100.0 | 30.0 | 29.4 |
| Winsome House Property | Central | 100.0 | 100.0 | 45.5 | 43.8 |
| Righteous Centre | Mong Kok | 100.0 | 100.0 | 36.6 | 36.3 |
| 235 Wing Lok Street Trade Centre | Sheung Wan | 94.9 | 93.8 | 22.6 | 22.6 |
| Java Road 108 Commercial Centre | North Point | 96.1 | 96.1 | 26.6 | 26.4 |
| On Loong Commercial Building | Wan Chai | 100.0 | 100.0 | 32.1 | 31.6 |
| Sun Fai Commercial Centre Property | Mong Kok | 96.5 | 100.0 | 23.4 | 22.7 |
| Wai Ching Commercial Building Property | Yau Ma Tei | 100.0 | 97.2 | 16.9 | 16.1 |
| Average |
| 95.9 | 94.0 | 36.0 | 35.5 |
|
|
|
|
|
|
|
| Retail |
|
|
|
|
|
| Sheung Shui Centre Shopping Arcade | Sheung Shui | 97.7 | 98.1 | 118.4 | 118.4 |
| Metro City Phase I Property | Tseung Kwan O | 94.1 | 98.9 | 59.7 | 57.5 |
| Kwong Wah Plaza Property | Yuen Long | 100.0 | 100.0 | 54.8 | 54.3 |
| Beverley Commercial Centre Property | Tsim Sha Tsui | 75.4 | 62.9 | 45.0 | 45.6 |
| Supernova Stand Property | North Point | 100.0 | 100.0 | 54.5 | 54.5 |
| Average |
| 95.9 | 98.1 | 77.3 | 75.8 |
| Average |
| 95.9 | 95.3 | 49.1 | 48.6 |
Notes:
1. Calculated on the basis of occupiedgross rentable area (" GRA") as aproportion of total GRA on the relevant date.
2. Calculated on the basis of averagerent per sq. ft. for occupied GRA on the relevant date.
3. The property was previously known asBonham Trade Centre.
4. Excluding the renovated area, theoccupancy rate would have been 95.4%.
About Sunlight REIT
Sunlight REIT (Stockcode: 435) is a real estate investment trust authorized by the Securities andFutures Commission and constituted by the trust deed dated 26 May 2006 (asamended and supplemented by six supplemental deeds),and has been listed on The Stock Exchange of Hong Kong Limited on 21 December2006. 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 over 1.2 million sq. ft.. The office propertiesare primarily located in core business areas, includingWan Chai and Sheung Wan/Central, as well as in decentralized business areassuch as Mong Kok and North Point. The retail properties are situated inregional transportation hubs and new towns including Sheung Shui, Tseung Kwan Oand Yuen Long, as well as in urban areas with high population density.
About the Manager
The Manager ofSunlight REIT is an indirect wholly-owned subsidiary of Henderson LandDevelopment 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:
Theinformation contained in this press release does not constitute an offer orinvitation to sell or the solicitation of an offer or invitation to purchase orsubscribe for units in Sunlight REIT in Hong Kong or any other jurisdiction.
