Elite REIT expands investment strategy to include PBSA

Elite Commercial REIT (Elite REIT) expands its investment strategy and enters the purpose-built student accommodation (PBSA) sector with the support of Sunway RE Capital Pte. Ltd (Sunway).

Lindsay House, Dundee, a conversion opportunity identified by Elite REIT to create a PBSA scheme | PBSA News
Lindsay House, Dundee, a conversion opportunity identified by Elite REIT to create a PBSA scheme.

Elite Commercial REIT Management Pte. Ltd – the manager of the Singapore real estate investment trust, Elite Commercial REIT (Elite REIT) – that was established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the UK, is expanding its investment strategy to include PBSA.

The expansion will see the trust reposition some if its properties, with the diversification further enhancing the resilience of its portfolio. High-potential, high-yield assets within its current portfolio have already been identified for strategic asset repositioning.

A conversion opportunity for Lindsay House, Dundee into a PBSA asset has been identified. The trust will tap into the expertise and network of one of its Sponsors – Sunway – as it ventures into this new asset class.

Sunway has been active in the PBSA sector in the UK, owning a portfolio of quality assets in Bristol, Manchester, Sheffield and Southampton.

“While market uncertainty persists, we have reinforced our capital structure with new credit facilities and have started putting our asset repositioning strategies into action.

“Unlocking value for Unitholders remains a key priority. This entails further strengthening of our balance sheet and exploring ways to unlock the intrinsic value of our portfolio.

“With our expanded investment mandate to include the defensive Living Sector, we have identified several potential opportunities in our portfolio. The UK student housing market and Build to Rent segments are currently facing a supply-demand imbalance, which presents an opportunity for our assets to be repositioned to fill this gap. We remain focused on bolstering our foundation for future growth.”

Mr. Joshua Liaw, Chief Executive Officer, Elite Commercial REIT Management

Elite REIT is the only UK REIT listed in Pound sterling on the Singapore Exchange. Its expansion also includes other asset classes within the Living Sector.