Elite Commercial REIT

UOB Kay Hian analysts Nicole Ho and Jonathan Koh are maintaining their “buy” recommendation for Elite Commercial REIT, a Singaporean company with commercial and real-estate assets in the UK, with a target price of £0.88 ($1.57).

The DPU represents a 1.0% increase from its forecast of 1.93 pence.

“ECR offers investors stability and growth, backed by a long lease profile and inflation-linked lease structure,” say CGS-CIMB analysts.

The managers of Mainboard-listed Elite Commercial REIT has reported a distribution per unit of 0.74 pence (1.296 Singapore cents) for the financial period from February 6 to March 31.

SINGAPORE (Feb 17):  Victor Song was all smiles after Elite Commercial REIT (Elite REIT) got off to a flying start in its trading de-but on Feb 6. Singapore’s first sterling-denominated REIT with a fo-cus on assets in the United Kingdom opened at GBP0.

Overall, the £78.0 million IPO comprising the placement and public tranches was approximately 3.4 times subscribed, receiving total subscription valued at about £266.8 million.

Elite Commercial REIT is offering 108.98 million units to international investors outside of the US and 5.74 million units to the Singapore public. The IPO price is £0.68 per unit, the equivalent of $1.21 per unit. The yield at this price will be 7.1%. Th