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

By   /  October 12, 2018  /  Comments Off on Sunlight Real Estate Investment Trust (“Sunlight REIT”) Operational Statistics for the Quarter Ended 30 September 2018

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Source: Media Outreach
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 30 September 2018, the overall portfolio occupancy of Sunlight REIT was 97.7% (30 June 2018: 98.2%). The slight decline was mainly attributable to the higher vacancy recorded at Bonham Trade Centre (“BTC”) in preparation for the upcoming asset enhancement initiative. Passing rent of the overall portfolio was HK$47.1 per sq. ft. at 30 September 2018, representing a quarterly increase of 1.3%. Office and retail rental reversions, calculated on the basis of change in effective rent of the leases that have been renewed and commenced during the quarter, were 9.6% and 9.4% respectively. During the quarter, Sunlight Tower continued to benefit from the favourable leasing environment and brisk demand for decentralized office spaces, as illustrated by its occupancy rate of 99.5% and a rental reversion of 12.2%. On the retail front, solid consumer sentiment supported the performances of Sheung Shui Centre Shopping Arcade and Metro City Phase I Property. Both shopping malls were almost fully occupied and achieved rental reversions of 8.6% and 11.4% respectively. In respect of the Grade B office portfolio, the enhancement plan of BTC which is in the final planning stage, will involve the renovation (and vacating) of approximately 28% of its gross rentable area. Meanwhile, Fung Shun Commercial Building maintained full occupancy during the quarter under review.  However, its vacancy rate is expected to rise transiently given that the existing (sole) office tenant will vacate more than half of the occupied area.  As disclosed in Sunlight REIT’s 2017/18 annual report, the Manager will capture this opportunity to execute minor facility upgrade and to diversify the trade profile of the property. Remarks: Attached operational statistics of Sunlight REIT for the first quarter of the financial year 2018/19.
Operational statistics for the first quarter of the financial year 2018/19 
Property
Location
Occupancy (%) 1
Passing Rent (HK$/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 Sunlight REIT Sunlight REIT (Stock Code: 435) is a real estate investment trust authorized by the Securities and Futures Commission and constituted by the trust deed dated 26 May 2006 (as amended and supplemented by six supplemental deeds) (the “Trust Deed”), and has been listed on The Stock Exchange of Hong Kong Limited since 21 December 2006. Sunlight REIT offers investors the opportunity to invest in a diversified portfolio of 11 office and five retail properties in Hong Kong with a total gross rentable area of approximately 1.2 million sq. ft.. The office properties are primarily 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 primarily situated in regional transportation hubs and new towns including Sheung Shui, Tseung Kwan O and Yuen Long, as well as in urban areas with high population density. About the Manager
The Manager of Sunlight REIT is an indirect wholly-owned subsidiary of Henderson Land Development Company Limited (恒基兆業地產有限公司) and is responsible for managing Sunlight REIT in accordance with the Trust Deed in the sole interest of the unitholders. Disclaimer:The information contained in this press release does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in Sunlight REIT in Hong Kong or any other jurisdiction.
Published and distributed with permission of Media-Outreach.com.

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