SUNT E C RE IT Ac q uisitio n o f 50.0% inte re st in T wo Gra - - PowerPoint PPT Presentation

12 No ve mb e r 2020

SUNT E C RE IT

Ac q uisitio n o f 50.0% inte re st in T wo Gra de A Offic e Building s with Anc illa ry Re ta il in Vic to ria , We st E nd, L

• ndo n, Unite d K

ing do m

29

Unitho lde rs’ Appro va l a nd T ime line

32

Co nc lusio n

35

Appe ndix

Conte nt

3

Ac q uisitio n Ove rvie w

7

Ra tio na le fo r E xpa nding into UK

14

Be ne fits to Unitho lde rs

26

F unding a nd F ina nc ia l I mpa c t

2

Ac quisition Ove r vie w

Ac quisition Ove r vie w

4

• Pro po se d a c q uisitio n o f 50.0% inte re st in No va No rth,

No va So uth a nd T he No va Building , c o mprising two hig h q ua lity multi-te na nte d o ffic e b uilding s with a nc illa ry re ta il de ve lo pme nt

• Stra te g ic a lly lo c a te d in Vic to ria , We st E

nd

• Ag re e d pro pe rty va lue o f £430.6 mil (~S$766.5 mil)1
• NPI

yie ld o f 4.6%2

• DPU a c c re tio n: 2.3%

3

• 100% c o mmitte d o c c upa nc y with lo ng we ig hte d

a ve ra g e le a se e xpiry (“WAL E ”) o f 11.1 ye a rs4

• 2-ye a r g ua ra nte e o n re ta il inc o me
• E

xpe c te d c o mple tio n in De c e mb e r 2020 sub je c t to Sunte c RE I T ’ s Unitho lde rs’ a ppro va l

No te s:

1 Ba se d o n 50.0% inte re st a nd e xc ha ng e ra te o f £1 : S$1.78 2 Ba se d o n pa ssing inc o me a s a t 30 June 2020 divide d b y to ta l a c q uisitio n c o st o f £439.4 millio n (a ppro xima te ly S$782.1 millio n). 3 Illustra tive DPU a c c re tio n b a se d o n pro fo rma fina nc ia l e ffe c ts o f the a c q uisitio n fo r F

Y2019, a s if the a c q uisitio n wa s c o mple te d o n 1 Ja nua ry 2019 a nd o n the a ssumptio n tha t the a c q uisitio n is funde d with a c o mb ina tio n o f de b t a nd pe rpe tua l se c uritie s.

4 Ba se d o n ne t le tta b le a re a a s a t 30 June 2020

De sc r iption

No va No rth, No va So uth a nd T he No va Build ing 1 (“No va Pro pe rtie s”)

T itle

L e a se ho ld e xpiring o n 27 April 3062 (1,042 ye a rs re ma ining )

Ye ar

• f Comple tion

2016/ 2017

Agr e e d Pr

• pe r

ty Value 2

£430.6 mil (S$766.5 mil) (1.2% d isc o unt to ind e pe nd e nt va lua tio n3 o f £436.0 mil (S$776.1 mil)

NPI Yie ld

4.6%4

De ve lope r / Asse t Manage r

L a nd Se c uritie s (“L a nd se c ”)

Sustainability

Offic e BRE E AM ra ting ‘ Ve ry Go o d ’ 5 Re ta il BRE E AM ra ting ‘ Go o d ’ 5

No te s:

1 T

he No va Building c o nsists o f re ta il units o n the g ro und flo o r a nd 170 re side ntia l units. While the a c q uisitio n inc lude s the g ro und le a se in re la tio n to the re side ntia l units, the 170 re side ntia l units a re e xc lude d fro m the tra nsa c tio n.

2 Ba se d o n 50.0% inte re st a nd e xc ha ng e ra te o f £1 : S$1.78 3 Inde pe nde nt va lua tio n c o nduc te d b y Jo ne s L

a ng L a Sa lle L imite d da te d 1 Se pte mb e r 2020

4 Ba se d o n pa ssing inc o me a s a t 30 June 2020 divide d b y to ta l a c q uisitio n c o st 5 BRE

E AM (Building Re se a rc h E sta b lishme nt E nviro nme nta l Asse ssme nt Me tho d) pro vide s inde pe nde nt c e rtific a tio n o f the susta ina b ility pe rfo rma nc e o f b uilding s

6 Ba se d o n 100% inte re st 7 Ba se d o n ne t le tta b le a re a a s a t 30 June 2020

5

T e nanc y Infor mation6 Offic e Re tail T

• tal

Ne t L e ttable Ar e a (“NL A”) (sq ft)

480,292 (85.9%) 78,811 (14.1% )

559,103

(100%)

Committe d Oc c upanc y7

100% 100%

100%

• No. of te nants

17 18

35 We ighte d Ave r age L e ase E xpir y (“WAL E ”) (Ye ar s)7

10.6 14.1

11.1

Pr

• pe r

ty Infor ma tion

6

Hig h Qua lity Gr a de A Pr

• pe r

ty

Str ate gic F it with Sunte c RE IT ’s E xisting Por tfolio

Distinc tive De sign Conte mpor ar y Offic e L

• bby

Column F r e e F loor Plate s Var ie ty of Re tail Offe r ings

Rationale for E xpanding into UK

Young and dynamic wor kfor c e with about 65% be twe e n 25 and 49 ye ar s old Home to highly innovative fir ms and wor ld c lass sc ie nc e and r e se ar c h base Offic e jobs in L

• ndon to

inc r e ase by an ave r age of 1.1% p.a. in ne xt 5 ye ar s UK e c onomy is the 2nd lar ge st in E ur

• pe

Appr

• x. U$0.6 tr

illion in F

• r

e ign Dir e c t Inve stme nts be twe e n 2015 and 2019: One of the top r e c ipie nts in E ur

• pe

Str

• ng F

unda me ntals of the UK E c onomy

So urc e s: JL L Re se a rc h da te d Se pte mb e r 2020 a nd Sta tista

8

UK is a Highly Attr ac tive Inve stme nt De stination

L

• ndon’s Comme r

c ia l Pr

• pe r

ty Ma r ke t

So urc e : JL L Re se a rc h da te d Se pte mb e r 2020

9

Va c a nc y ra te to re ma in

sta b le due to limite d ne w supply

Offic e L e a sing de ma nd

suppo rte d b y L

• ndo n’ s

a ttra c tive ne ss a s a g lo b a l hub fo r b usine sse s a nd ta le nt to c o nve rg e

Prime re nts in We st E

nd e xpe c te d to impro ve in the me dium te rm unde rpinne d b y limite d ne w supply a nd re c o ve ry o f e c o no my

CBD Offic e stoc k is the la rg e st

a mo ng st ke y E uro pe a n c itie s, pro viding liq uidity fo r inve stme nts

2009- 2024E

2009- 2024E

Pr

• pe r

ty Mar ke t is E xpe c te d to be Re silie nt in the L

• ng T

e r m

Ce ntra l L

• ndon’s Prope rty Ma rke t

10 So urc e : JL L Re se a rc h da te d Se pte mb e r 2020

Vac anc y Rate Pr ime Re nts

Pr ime Re nts to Impr

• ve in the Me dium T

e r m Unde r pinne d by L imite d Ne w Supply and Re c ove r y of E c onomy Vac anc y Rate to Re main Stable due to L imite d Ne w Supply

(£/ sq ft pe r a nnum)

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2009 2011 2013 2015 2017 2019 2021E 2023E We st E nd City E ast L

• ndon

Ce ntr al L

• ndon 10-ye ar

ave r age 20 40 60 80 100 120 140 2009 2011 2013 2015 2017 2019 2021E 2023E We st E nd City E ast L

• ndon

We st E nd 10-ye ar ave r age

11

F utur e of Offic e s

So urc e : JL L Re se a rc h da te d Se pte mb e r 2020

Green marketing is a practice whereby companies seek to go above and beyond traditional marketing by promoting. Green marketing is a practice whereby companies seek to go above and beyond traditional marketing by promoting. Green marketing is a practice whereby companies seek to go above and beyond traditional marketing by promoting.

YOUR TITLE 02

Re c ove r y of E c onomy in the L

• nge r

T e r m Will Positive ly Impac t De mand for Offic e Spac e F ull Impac t of COVID- 19 Not Cle ar At T his Stage

• Co mpa nie s a re still e va lua ting o ffic e spa c e ne e d s
• Impa c t o n o ffic e d e ma nd will ha ve a la g g e d e ffe c t d ue to the typic a l lo ng le a se te nure o f

a ppro x. 10 ye a rs

Green marketing is a practice whereby companies seek to go above and beyond traditional marketing by promoting.

YOUR TITLE 02

Offic e Still Has A Ce ntr al Role

• Surve ys sho w tha t e mplo ye e s wa nt to wo rk a t ho me 1 to 2 d a ys pe r we e k
• Offic e spa c e fa c ilita te s e sse ntia l fa c e -to -fa c e inte ra c tio ns tha t te c hno lo g y c a nno t re plic a te

De - de nsific ation

• Mo re spa c e ne e d e d to ma inta in physic a l d ista nc ing

4.8% 4.6% 4.0% 4.0% 3.4% 3.3% 3.0% 2.9% 2.8% 2.7%

E ast L

• ndon

Nova Pr

• pe r

tie s We st E nd City Madr id Stoc kholm Amste r dam F r ankfur t Par is Be r lin Prime offic e yie ld R e spe c tive c ountr y's 10- ye ar g ovt. bond yie ld

12

Ac quisition of Pr ime Gr a de A Asse t a t Attr a c tive Va lua tion

No te s:

1 Ba se d o n pa ssing inc o me , e xpre sse d a s a pe rc e nta g e o f c a pita l va lue , a fte r a dding no tio na l purc ha se r’ s c o sts 2 Ba se d o n pa ssing inc o me a s a t 30 June 2020 divide d b y to ta l a c q uisitio n c o st 3 Ba se d o n pro pe rty tra nsa c tio ns whic h we re mo re tha n £125 mil in va lue

So urc e : JL L Re se a rc h da te d Se pte mb e r 2020

L

• ndon Cap Rate s Compar

e F avour ably to E ur

• pe an Counte r

par ts Yie ld1 of L

• ndon & Ke y E

ur

• pe an Citie s

L

• ndon

3 2

So urc e : JL L Re se a rc h da te d Se pte mb e r 2020

13

Re c e nt T r ansac tions in Ce ntr al L

• ndon

Pr

• pe r

ty T r ansac tion Date Size (sq ft) Pr ic e (£ mil) Capital Value (£ psf) Yie ld1 Ye ar

• f Building

Comple tion / Major Re fur bishme nt

Nova Pr

• pe r

tie s, Vic tor ia , SW1 (the Ac quisition) 2020 Q4 559,103 430.6 (50.0% inte r e st) 1,540 4.6% 2 2016/ 2017

Sa nc tua ry Building s, SW1, We st E nd 2020 Q1 225,428 300.0 1,331 4.0% Ma jo r re furb ishme nt c o mple te d in 2009 T he Po st Building , WC1, We st E nd 2019 Q4 302,300 607.5 2,011 4.0% 2019 1 Ne w Oxfo rd Stre e t, WC1, We st E nd 2020 Q3 109,300 173.0 1,583 4.2% Ma jo r re furb ishme nt c o mple te d in 2017 25 Ca b o t Sq ua re , E 14, Ca na ry Wha rf 2020 Q3 481,605 380.0 790 4.6%3 Ma jo r re furb ishme nt c o mple te d in 2020

No te s:

1 Ba se d o n pa ssing inc o me , e xpre sse d a s a pe rc e nta g e o f c a pita l va lue , a fte r a dding no tio na l purc ha se r’ s c o sts 2 Ba se d o n pa ssing inc o me a s a t 30 June 2020 divide d b y to ta l a c q uisitio n c o st 3 Yie ld ha s b e e n re po rte d b e twe e n 4.6% a nd 4.9%.

Be ne fits to Unitholde r s

15

High Quality, Gr ade A Pr

• pe r

ty in Ke y L

• c ation

DPU Ac c r e tion of 2.3% 1 to Unitholde r s E nhanc e s Re silie nc e , Dive r sific ation and Quality of Sunte c RE IT ’s Por tfolio L e ve r age s on E stablishe d and E xpe r ie nc e d Joint Ve ntur e Par tne r

1

Be ne fits to Unitholde rs

2 4 3

No te :

1 Illustra tive DPU a c c re tio n b a se d o n pro fo rma fina nc ia l e ffe c ts o f the a c q uisitio n fo r F

Y2019, a s if the a c q uisitio n wa s c o mple te d o n 1 Ja nua ry 2019 a nd o n the a ssumptio n tha t the a c q uisitio n is funde d with a c o mb ina tio n o f de b t a nd pe rpe tua l se c uritie s.

16

Strate gic ally loc ate d

• pposite

Vic toria Station:

• 2nd busie st

railway station in the UK

• Inte rc hange

for L

• ndon

Unde rground ne twork and Vic toria Coac h station

• Dire c t train

link to Gatwic k Airport

Buc king ha m Pa la c e St Ja me s’s Pa r k City of L

• ndon

T he House s of Pa r lia me nt

Nova South Nova North The Nova Building

Situate d in the He ar t of Vic tor ia with E xc e ptional Conne c tivity

High Quality, Gr ade A Pr

• pe r

ty in Ke y L

• c ation

E ntr a nc e s to L

• ndon

Unde r g r

• und

17 No te :

1 Ba se d o n c o mmitte d mo nthly g ro ss re nta l inc o me a s a t 30 June 2020 2 WAL

E to Bre a k o f 10.0 ye a rs

7.9% 17.7% 11.8% 27.8% 20.7% 0.4% 3.3% 10.4% 2020 - 2026 2027 2028 2029 2030 2031 2032 & be yond Offic e R e ta il

L e ase E xpir y Pr

• file (by NL

A)

Offic e 89.6% Re tail 10.4%

Inc ome Contr ibution of Nova Pr

• pe r

tie s1

Str

• ng Offic e Inc ome Str

e am L

• ng WAL

E

• f 11.1 ye ar

s to E xpir e 2

Sta ble Inc ome with L

• ng WAL

E

0% 0%

18 Consulta nc y / Se rvic e s, 25.7% E ne rg y a nd Na tura l Re sourc e s, 22.4% T e c hnolog y, me dia a nd te le c ommunic a tions, 16.2% T ra ding & Inve stme nts, 12.8% Re a l E sta te a nd Prope rty Se rvic e s, 11.2% Gove rnme nt a nd Gove rnme nt- L inke d Offic e s, 9.8% Othe rs, 1.9% No te :

1 Ba se d o n c o mmitte d mo nthly g ro ss o ffic e re nta l inc o me a s a t 30 June 2020

% of Gr

• ss Re ntal

Inc ome Atkins 11.2 T he Ar gyll Club 10.0 Gove r nme nt 8.8 Vitol 8.5 Blue Cr e st 6.2 Re ply L imite d 5.4 Adve nt Inte r national 5.2 BHP Billiton 5.2 E gon Ze hnde r 5.0 L .E .K. Consulting 5.0 T

• p 10 T

e nants T

• tal

70.5

Othe r T e na nts (Offic e ) 19.1 Othe r T e na nts (Re ta il) 10.4

Gr and T

• tal

100

Offic e T r ade Mix by Se c tor

1

Dive r sifie d Offic e T e na nt Mix

Non-Re lianc e on any Single Se c tor

T

• p 10 T

e nants

Re sta ura nt 33.5% Ca fé 22.7% Ba r 17.9% F a stfood 7.2% E nte rta inme nt 12.4% Gym 6.3% 19

Re tail T r ade Mix by Se c tor

1

Ke y Re tail T e nants

No te :

1 Ba se d o n c o mmitte d mo nthly g ro ss re ta il re nta l inc o me a s a t 30 June 2020

2- ye ar Guar ante e on Re tail Inc ome

Anc illa r y Re ta il – Wide Va r ie ty of F &B to Suppor t Offic e Community

8.570 8.570 0.198

Be fore Ac quisition Afte r Ac quisition

DPU fr

• m Ope r

ations (c e nts)

20

• NPI

yie ld o f 4.6%2

• 100% o c c upie d with po ssib le upside

thro ug h re nt re vie w3

• 2-ye a r g ua ra nte e o n re ta il inc o me
• £200.0 mil lo a ns in GBP to a c hie ve

pa rtia l na tura l he dg e

• S$200.0 mil in pe rpe tua l se c uritie s
• Up to S$217.9 mil lo a ns in SGD

Capital Manage me nt Ke y Dr ive r s

DPU Ac c r e tive to Unitholde r s

No te s:

1 Illustra tive DPU a c c re tio n b a se d o n pro fo rma fina nc ia l e ffe c ts o f the a c q uisitio n fo r F

Y2019, a s if the a c q uisitio n wa s c o mple te d o n 1 Ja nua ry 2019 a nd o n the a ssumptio n tha t the a c q uisitio n is funde d with a c o mb ina tio n o f de b t a nd pe rpe tua l se c uritie s.

2 Ba se d o n pa ssing inc o me a s a t 30 June 2020 divide d b y to ta l a c q uisitio n c o st 3 Ge ne ra lly e ve ry five ye a rs a t ma rke t o r e xisting re nt, whic he ve r is the hig he r

DPU Ac c r e tion of 2.3%

1

8.768

Sing a por e 77.2% Austr a lia 16.1% Unite d King dom 6.7%

E nlar ge d Por tfolio 1

S$11.5 bil

Sing a por e 82.8% Austr a lia 17.2%

E xisting Por tfolio 1

S$10.7 bil

21 No te :

1 As a t 30 June 2020, inc luding the a dditio na l c a pita l inje c tio n in Sunte c Sing a po re a nd the c o mple tio n va lue o f 477 Co llins Stre e t

Asse t Valuation

E nha nc e s Por tfolio’s Ge og r a phic a l Dive r sific a tion

2.3 2.8 E xisting E nlar g e d 4.0 4.4 E xisting E nlar g e d

22 No te :

1 Ba se d o n the NL

A o f Sunte c RE IT ’ s inte re sts in its re spe c tive pro pe rtie s a s a t 30 June 2020

Offic e Por tfolio WAL E (ye ar s)1 Re tail Por tfolio WAL E (ye ar s)1

L e ng the ns Por tfolio’s WAL E & Inc r e a se s Inc ome Sta bility

23

E xisting Por tfolio 1 E nlar ge d Por tfolio 1,2

No te s:

1 Re fe rs to Ne t Pro pe rty Inc o me a nd Inc o me Co ntrib utio n fro m Jo int Ve nture s fo r 1H2020 2 Assume s Sunte c RE

IT

• wns the pro pe rty fro m 1 Ja nua ry 2020 to 30 June 2020

Inc ome Contr ibution by Pr

• pe r

ty

Sunte c City 43.0% Sunte c Sing a por e 0.5% One Ra ffle s Qua y 8.0% MBF C Pr

• pe r

tie s 16.9% 177 Pa c ific Hig hwa y 10.3% Southg a te Comple x 5.3% 55 Cur r ie Str e e t 3.7% 21 Ha r r is Str e e t 1.2% Nova 11.1%

Str e ng the ns Por tfolio’s Re silie nc e a nd Dive r sific a tion

Sunte c City 48.5% Sunte c Sing a por e 0.5% One Ra ffle s Qua y 9.0% MBF C Pr

• pe r

tie s 19.1% 177 Pa c ific Hig hwa y 11.5% Southg a te Comple x 5.9% 55 Cur r ie Str e e t 4.1% 21 Ha r r is Str e e t 1.4%

3.4% 3.2% 1.9% 1.9% 1.9% 1.7% 1.6% 1.6% 1.6% 1.4% 3.1% 2.9% 1.8% 1.7% 1.7% 1.5% 1.5% 1.5% 1.4% 1.3%

Income Contribution by Top 10 Tenants1,2

Pre a c q uisitio n Po st a c q uisitio n 20.2% 18.4%

E xisting E nlar ge d

Total Income Contribution by Top 10 Tenants1,2

24

Standard Charte re d Bank UBS AG CIMIC Public is Groupe T PG T e le c om L imite d Barc lays Singapore PayPal De utsc he Bank Commonwe alth

• f Australia

E rnst & Young

Re duc e s T e na nts Conc e ntr a tion Risk

No te s:

1 Ba se d o n to ta l c o mmitte d mo nthly g ro ss re nta l inc o me o f Sunte c RE

IT ’ s to p 10 te na nts a s a t 30 June 2020

2 Ba se d o n Sunte c RE

IT ’ s inte re sts in its re spe c tive pro pe rtie s a s a t 30 June 2020

25 No te :

1 As a t 31 Ma rc h 2020

E sta blishe d in 1944 L iste d on L

• ndon Stoc k E

xc ha ng e (c onstitue nt of F T SE 100 Inde x) with £4.1 bil ma rke t c a pita lisa tion1 Combine d portfolio va lue of £12.8 bil1 Owns a nd ma na g e s a pproxima te ly 24 mil sq ft1 of spa c e

E sta blishe d a nd E xpe r ie nc e d Joint Ve ntur e Pa r tne r

F unding and F inanc ial Impac t

27

Ac quisition of unit tr usts (50.0% inte r e st in Nova Pr

• pe r

tie s) £ mil S$ mil2

Purc ha se c o nside ra tio n 426.01 758.3 Ac q uisitio n fe e 4.3 7.6 Ac q uisitio n e xpe nse s 4.5 8.0

T

• tal Ac quisition Outlay

434.8 773.9

T

• ta l Ac quisition Outla y & F

unding

No te : 1 Ba se d o n the unit trusts’ ne t a sse t va lue ta king into a c c o unt a g re e d pro pe rty va lue o f £430.6 mil, sub je c t to c o mple tio n a djustme nts. 2 Ba se d o n e xc ha ng e ra te o f £1 : S$1.78

F unde d by Amount

GBP de no mina te d lo a ns £200.0 mil (S$356.0 mil) Pe rpe tua l Se c uritie s S$200.0 mil SGD-de no mina te d lo a ns Up to S$217.9 mil

28

41.3 43.52,3

E xisting E nlar g e d

2.09 2.093

E xisting E nlar g e d

Ca pita l Ma na g e me nt

Aggr e gate L e ve r age Ratio (% ) Ne t Asse t Value Pe r Unit (S$)

No te s:

1 As a t 30 June 2020 2 De b t He a dro o m o f a ppro x. S$1,530 mil to re a c h AL

R o f 50.0%

3 Ba se d o n £200.0 mil GBP de no mina te d lo a ns, S$200.0 mil pe rpe tua l se c uritie s a nd up to S$217.9 mil SGD de no mina te d lo a ns

1 1

Unitholde r s’ Appr

• val

and T ime line

30

Unitholde r s’ Appr

• val for

the Pr

• pose d Ac quisition of Nova

Pr

• pe r

tie s by way of an Or dinar y Re solution

Pro pe rty F unds Appe ndix1 re q uire s a RE I T to ha ve a ve to rig ht o ve r the sa le o f the a sse t whe re it ho lds thro ug h a jo int ve nture . I n re spe c t o f the pro pe rty dra g , the Ma na g e r ha s o b ta ine d a wa ive r fro m Mo ne ta ry Autho rity o f Sing a po re , sub je c t to Unitho lde rs’ a ppro va l so ug ht a t a g e ne ra l me e ting .

No te :

1 Re fe rs to Pa ra g ra ph 6.5(b )(ix) o f Appe ndix 6 in the Co de o n Co lle c tive Inve stme nt Sc he me s

Ke y T e r ms of Joint Ve ntur e Agr e e me nt with L andse c Inc lude :

1. E ithe r pa rty ha s a rig ht o f first o ffe r (“ROF O”) sho uld the o the r pa rty de c ide to se ll its sta ke in the Pro pe rty 2. Dra g rig ht o n pro pe rty sa le a t a pric e o f no t lo we r tha n 97.5% o f the ROF O pric e if the ROF O is no t e xe rc ise d 3. Dra g rig ht c a n o nly b e e xe rc ise d a t a pric e e q ua l o r hig he r tha n a n inde pe nde nt va lua tio n c o mmissio ne d b y the no n-se lling pa rty.

31

Events Date and Time

Dispa tc h o f c irc ula r a nd no tic e o f E xtra o rdina ry Ge ne ra l Me e ting (E GM) 12 No ve mb e r 2020 L a st da te a nd time fo r lo dg e me nt o f Pro xy F

• rms

We dne sda y, 2 De c e mb e r 2020 a t 11.00 a m Da te a nd time o f the E GM F rida y, 4 De c e mb e r 2020 a t 11.00 a m T a rg e t Da te fo r Co mple tio n o f the Pro po se d Ac q uisitio n (sub je c t to Unitho lde rs’ a ppro va l) 18 De c e mb e r 2020

Indic a tive T ime ta ble

32

Str ate gic E xpansion into UK High Quality, Gr ade A Pr

• pe r

ty in Ke y L

• c ation

DPU Ac c r e tive to Unitholde r s E nhanc e s Re silie nc e , Dive r sific ation and Quality of Sunte c RE IT ’s Por tfolio L e ve r age s on E stablishe d and E xpe r ie nc e d Joint Ve ntur e Par tne r

1

Conc lusion

2 4 3 5

33

Disc la ime r

T he info rma tio n inc lude d in this re le a se do e s no t c o nstitute a n o ffe r o r invita tio n to se ll o r the so lic ita tio n o f a n o ffe r o r invita tio n to purc ha se o r sub sc rib e fo r units in Sunte c RE IT(“ Units”) in Sing a po re o r a ny o the r jurisdic tio n. T his pre se nta tio n ma y c o nta in fo rwa rd-lo o king sta te me nts tha t invo lve a ssumptio ns, risks a nd unc e rta intie s. Ac tua l future pe rfo rma nc e , o utc o me s a nd re sults ma y diffe r ma te ria lly fro m tho se e xpre sse d in fo rwa rd-lo o king sta te me nts a s a re sult o f a numb e r o f risks, unc e rta intie s a nd a ssumptio ns. Re pre se nta tive e xa mple s o f the se fa c to rs inc lude (witho ut limita tio n) g e ne ra l industry a nd e c o no mic c o nditio ns, inte re st ra te tre nds, c o st o f c a pita l a nd c a pita l a va ila b ility, c o mpe titio n fro m o the r de ve lo pme nts o r c o mpa nie s, shifts in the e xpe c te d le ve ls o f o c c upa nc y ra te s, pro pe rty re nta l inc o me , c ha ng e s in o pe ra ting e xpe nse s, pro pe rty e xpe nse s a nd g o ve rnme nta l a nd pub lic po lic y c ha ng e s a nd the c o ntinue d a va ila b ility o f fina nc ing in the a mo unts a nd the te rms ne c e ssa ry to suppo rt future b usine ss. Pa st pe rfo rma nc e is no t ne c e ssa rily indic a tive

• f future

pe rfo rma nc e . Pre dic tio ns, pro je c tio ns o r fo re c a sts o f the e c o no my o r e c o no mic tre nds o f the ma rke ts a re no t ne c e ssa rily indic a tive o f the future o r like ly pe rfo rma nc e o f Sunte c RE I T . Yo u a re c a utio ne d no t to pla c e undue re lia nc e o n the se fo rwa rd- lo o king sta te me nts, whic h a re b a se d o n the c urre nt vie w o f ma na g e me nt o n future e ve nts.

IMPOR T ANT NOT ICE

• 1. T

he va lue o f Units a nd the inc o me de rive d fro m the m, if a ny, ma y fa ll o r rise . Units a re no t o b lig a tio ns o f, de po sits in, o r g ua ra nte e d b y, ARA T rust Ma na g e me nt (Sunte c ) L imite d (a s the ma na g e r o f Sunte c RE IT ) (the “Ma na g e r”) o r a ny o f its a ffilia te s. An inve stme nt in Units is sub je c t to inve stme nt risks, inc luding the po ssib le lo ss o f the princ ipa l a mo unt inve ste d.

• 2. Inve sto rs sho uld no te tha t the y will ha ve no rig ht to re q ue st the Ma na g e r to re de e m o r purc ha se the ir Units fo r so lo ng a s the

Units a re liste d o n the SGX-ST . It is inte nde d tha t ho lde rs o f Units ma y o nly de a l in the ir Units thro ug h tra ding o n the SGX-ST . T he listing o f the Units o n the SGX-ST do e s no t g ua ra nte e a liq uid ma rke t fo r the Units.

• 3. T

he pa st pe rfo rma nc e o f Sunte c RE IT is no t ne c e ssa rily indic a tive o f the future pe rfo rma nc e o f Sunte c RE IT .

34

Me lissa Chow

Ma na g e r, I nve sto r Re la tio ns me lissa c ho w@ a ra -g ro up.c o m

5 T e ma se k Bo ule va rd , # 12-01, Sunte c T

• we r 5

Sing a po re 038985 T e l: +65 6835 9232 F a x: +65 6835 9672 www.sunte c re it.c o m www.a ra -g ro up.c o m

Conta c t

35

Strong F unda me nta ls of the UK E c onomy

Inwa r d F DI flows

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36

Strong F unda me nta ls of the UK E c onomy

Une mployme nt R a te

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37

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38

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39

L

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