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HONG KONG, Apr 11, 2018 - (Media OutReach) - Henderson Sunlight Asset Management Limited (the "Manager") is pleased to announce the operational statistics of Sunlight REIT for the third quarter of the financial year ending 30 June 2018 ("FY2017/18").
At 97.7%, the overall portfolio occupancy[1] of Sunlight REIT at 31 March 2018 was virtually unchanged from the previous quarter. Office occupancy experienced a slight improvement to 97.5% (31 December 2017: 97.3%), while that of the retail portfolio dropped slightly to 98.3% (31 December 2017: 98.7%[1]).
Passing rent of the overall portfolio was HK$46.3 per sq. ft. at 31 March 2018, while the average rental reversion for the quarter was 5.5%.
In respect of the office portfolio, Sunlight Tower's occupancy improved to 98.2% with a 6.5% rental reversion, while the Sheung Wan and Central office portfolio exhibited a stable performance, demonstrating the resilient demand for inexpensive office space at decentralized locations. The transitory jump in vacancy at Java Road 108 Commercial Centre was mainly due to the clustering of certain non-renewal cases during the quarter.
On the retail front, the portfolio continued to ride on the recovery of the retail sector, as evidenced by the decent performance of Metro City Phase I Property which recorded an 8.3% rental reversion for the quarter. For Sheung Shui Centre Shopping Arcade, its level of occupancy continued to improve, while the negative rental reversion figure should not be a concerning feature, as it did not reflect the more dominant new letting activities in tandem with the ongoing tenant reconfiguration initiatives.
Remarks: Attached key operational statistics of Sunlight REIT for the third quarter of FY2017/18.
Key operational statistics for the third quarter of FY2017/18
https://bit.ly/2HeYN5C
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 eleven office and five retail properties in Hong Kong with an aggregate 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; its responsibility is to manage Sunlight REIT in the sole interest of the unitholders in accordance with the Trust Deed.
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.
This press release is issued by Cornerstones Communications Ltd. on behalf of the Manager. For further information, please contact:
Cornerstones Communications Ltd.
Kylie Yeung / Ivan Kau / Sharon Kwok / Yesan Ma
T: 2903 9293 / 2903 9285 / 2903 9288 / 2903 9287
F: (852) 2887 1712
E: sunlightreit@cornerstonescom.com
Topic: Press release summary
Source: Sunlight REIT
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