【SoilbuildBizREIT SV3U 交流专区】SOILBUILD BUSINESS SPACE REIT

icy97

Soilbuild Business Space REIT plans $452-$469 mln IPO
http://www.theedgesingapore.com/the-daily-edge/business/44928-soilbuild-business-space-reit-plans-452-469-mln-ipo.html

Tue, 30 Jul 18:45
Soilbuild Business Space REIT, which owns seven business and industrial properties in Singapore, plans to raise as much as $469 million  in an initial public offering, it said in a prospectus on Tuesday.

Sponsored by property developer Soilbuild Group Holdings, the REIT is offering 586.5 million units at a price range of $0.77-S$0.80 per unit, which translates to forecast dividend yields of 7.3-7.6% for 2013 and 7.5-7.8% for 2014.

Bookbuilding will be conducted from July 31 to Aug. 6 with the listing targeted for Aug. 16, according to IFR, a Thomson Reuters publication.

The IPO has an institutional tranche of 499 million units and a public portion of 87.5 million units. There is an overallotment option of 56.3 million units, or 9.6 percent of the total offer. There is no cornerstone tranche.

Citigroup, DBS and OCBC are the joint global co-ordinators. Religare Capital and United Overseas Bank are co-managers.

The draft prospectus of Soilbuild REIT has been lodged with the MAS

icy97

速美商业空间房地产投资信托计划上市筹资4亿5,200万元
http://www.sharesinv.com/zh/articles/40679/

文： 汤森路透 （译：麦美莹） 2013年08月01日 汤森路透

速美商业空间房地产投资信托(Soilbuild Business Space REIT)在新加坡拥有7个商用及工用产业, 它在其招股书表示将透过首次公开售股(IPO)筹集4亿6,900万元(3亿7,027万美元)。

这个信托的保荐人是产业发展商速美建筑集团(Soilbuild Group Holdings)。它将会发售5亿8,650万股，每单位售价预期为0.77元至0.80元，这意味着其2013年及2014年的股息回报率估计分别为7.3至7.6%及7.5至7.8%。

汤森路透旗下的《国际金融评论(IFR)》透露，询价圈购将会在2013年7月31日至8月6日进行，而这只股预计将会在8月16日上市。

在这次公开售股中，配售给机构投资者部分占了4亿9,900万个单位，而供公众认购部分为8,750万个单位。超额配售部分为5,630万个单位，或总发售量的9.6%。这次售股没有包含基石投资者部分。

环球联合协调商包括花旗集团、星展集团及华侨银行；而联合主理商是Religare Capital及大华银行。

icy97

Soilbuild Business Space REIT said to raise $626.7 mil in IPO
http://www.theedgesingapore.com/the-daily-edge/business/45034-soilbuild-business-space-reit-said-to-raise-6267-mil-in-ipo.html

Tue, 6 Aug 22:51  
Soilbuild Business Space REIT, part owned by Soilbuild Group Holdings, plans to raise $626.7 million in Singapore’s biggest initial public offering since May, said two people with knowledge of the matter.

Soilbuild Business Space REIT is poised to price units at 78 cents each, the people said, asking not to be identified as the information is private. The company had offered 586.5 million units at 77 cents to 80 cents each, and Soilbuild Group co-founder Lim Chap Huat pledged to buy an additional 216.9 million units, according to a preliminary prospectus filed last month with the central bank.

The REIT’s initial portfolio holds seven properties, including two business park developments and five industrial projects, with a net leaseable area of about 3 million square feet. At 78 cents, Soilbuild Business Space REIT offers a dividend yield of 7.7% based on projections for fiscal 2014, the people said.

Citigroup Inc., DBS Group Holdings  and Oversea-Chinese Banking Corp. are managing the offering.

icy97

新股(IPO)上场：速美商业空间房地产投资信托(Soilbuild Business Space REIT)
http://www.sharesinv.com/zh/articles/40749/

文： IPO先生 （译：麦美莹） 2013年08月07日 新股

速美商业空间房地产信托已经提交了初步招股书。创办人很聪明，他在几年前把公司私有化(我听说他从中赚了几百万元)，然后通过两个首次公开售股(IPO)再重出江湖！其中一个IPO是建筑业务，而现在推出的IPO是房地产投资信托(REIT)业务。

我在考虑是否应该买入一些配售股，因此写了这篇概述。值得大家注意的是，这是今年首个没有基石投资者在内的IPO。

速美商业空间房地产投资信托将会发售5亿8,650万个单位，每单位售价预期为0.77元至0.80元（如果5,630万7,000个超额配售单位获认购），配售单位及供公众认购的单位数目还未有落实，但预计前者将为4亿9,900万个单位；后者则为8,750万个单位。

主要业务
它是一个本地的房地产投资信托，主要是投资于会带来收入的工业房地产。

速美商业空间房地产投资信托的初步组合



初步组合包含7个产业，收购价为9亿2,100万元。产业的位置可参阅上图。

我喜欢这家公司的地方

• 与其上市竞争者比较，它拥有最长的加权平均租期(约为50.5年)。
• 主租约覆盖净收入的42%，以确保取得稳定收益。
• 公司4个产业的租约中包含加租条款(从2%至4.5%)及长租约期。
  

• 通过尽量利用容积率(或者普遍称为资产提升计划)，其组合拥有34万3,240平方英尺总楼面面积(GFA)。
• 保荐人出售的4个产业，公司拥有优先购买权。
• 9亿2,100万元的收购价是基于高力(Collier)的9亿3,200万元估值及世邦魏理仕(CBRE)的9亿1,100万元估值的平均数。我认为这倒是合理，但如果招股价定在询价圈购范围的低端，即收购价为8亿9,740万元，那么它将会接近CBRE较为保守的估值。
  

我的顾虑

• 市场上的工业REIT过于饱和。
• 政府对这个领域的新规定可能会抑制需求及收益。
• 公司的权益分配并不均匀，公众持有REIT的73%至80%股权；创办人 Lim Chap Huat持有余下股权 (视乎超额认购部分是否全部售出)。保荐人并没有持股。
• 财务策划? 如果FY13及FY14的100%管理费需要以现金支付，那么潜在收益将会下降，2013年为6.7%至6.9%；2014年为6.8%至7.1% 。(我不大喜欢这个提议！)
  

预期收益


2013年的年度化收益预期为7.3%至7.6%；2014年的年度化收益预期为7.5%至7.8%(视乎公司的招股价)。公司的净资产值(NAV)是每单位0.8元，而在首次公开售股时的负债比大约是29.9%。

同行估值
让我们来看看同行在8月2日的交易情况。



视乎其招股价，基于同行的估值，这只股的估值还算合理及存在一些上涨空间(如果我们把胜宝工业信托(Sabana REIT)不计算在内)。

IPO先生的意见
虽然与同行比较，我比较喜欢这只股拥有“最长”的租期，但我不喜欢基金经理为提高FY13及FY14收益所提议的“财务策划”，话虽如此，鉴于近期IPO的市场情绪向好，我认为这只股拥有一点上涨空间。

假设速美商业空间房地产信托的合理交易带来7%至7.5%收益率，它的合理值将会是0.78元至0.83元，如果我利用1.0倍至1.1倍的股价与账面值比来计算，它的合理值将会是0.8元至0.88元。

我给予这个IPO一个辣椒评级。我建议大家最好是对这个领域有兴趣及认为预期收益合理才认购。预期它不会带来惊喜，除非有知名的大股东加入。

Tanlp

有申请认购吗？

icy97

Soilbuild REIT says public offer 5.4 times subscribed
http://www.theedgesingapore.com/the-daily-edge/business/45117-soilbuild-reit-says-public-offer-54-times-subscribed.html

Publish date: Thu, 15 Aug 19:54  
SB REIT Management, the manager of Soilbuild Business Space REIT (Soilbuild REIT), today announced that its Initial Public Offering (IPO) has attracted strong interest from both institutional and retail investors for the 586,532,000 units offered at $0.78 per unit.

At the close of the public offer at 12.00 noon on 14 August 2013, there were 10,093 valid applications for 337,009,000 units. Based on the 62,500,000 Units available to the public for subscription, the public offer was 5.4 times subscribed.

DBS Bank, on behalf of the joint global coordinators for the offering, has over-allotted an additional 56,307,000 units to the placement tranche, to meet the strong demand from the institutional investors during the book building period.

Trading of the units is expected to start at 2 p.m. tomorrow (Aug 16).

icy97

Soilbuild Business Space REIT drops in debut
http://www.theedgesingapore.com/the-daily-edge/business/45132-soilbuild-business-space-reit-drops-in-debut.html

Publish date: Fri, 16 Aug 16:04
Soilbuild Business Space REIT, whose assets include business parks and industrial properties in Singapore, fell in the city-state’s biggest initial public offering since May, tracking declines in the broader market.

The shares opened at $0.77 at 2 p.m. local time and dropped as much as 7.7% to $0.72 compared with the IPO price of $0.78 apiece. The REIT raised $626.7 million, offering 586.5 million units. Lim Chap Huat, co- founder of Soilbuild Group Holdings, the developer which partly owns the REIT, pledged to buy an additional 216.9 million units, according to a preliminary prospectus. The public offer was approximately 5.4 times subscribed, a company statement yesterday showed.

“I would attribute the decline to the market weakness today,” Tricia Song, an analyst at Barclays Plc in Singapore, said. “Soilbuild had a decent response to the IPO.”

Stocks in Asia fell with Singapore’s benchmark Straits Times Index dropping as much as 1.3%, while bond risk rose after an unexpected drop in U.S. jobless claims fueled speculation the U.S. Federal Reserve will cut stimulus. Property trusts in the island-state face refinancing risks when borrowing costs rise, which may force them to sell assets or shares to boost their funding, Fitch Ratings said in March.

Soilbuild REIT’s initial portfolio holds seven properties, comprising two business park developments and five industrial projects, with a net leaseable area of about 3 million square feet.

BUSINESS PARKS
Of the estimated $928.8 million raised from the IPO, the units subscribed by Lim and a term loan facility, $820.5 million will be used to pay for Solaris business park, Eightrium @ Changi Business Park, Tuas Connection and West Park BizCentral, the company said in a statement yesterday. Another $84.8 million will go toward repaying existing private-trust debt and the balance for the payment of IPO-related costs and working capital.

REITs and business trusts were the biggest fundraisers in Singapore’s IPO market in the past year, according to data compiled by Bloomberg. Soilbuild REIT offers a dividend yield of 7.7% based on projections for fiscal 2014. That compares with an average yield of 3.24% for the Straits Times Index.

Citigroup Inc., DBS Group Holdings and Oversea-Chinese Banking Corp. managed the offering.


速美工商房产信托基金上市首日下滑8.3%
http://www.sharesinv.com/zh/articles/40971/

2013年08月19日
在报业控股房地产投资信托(SPH REIT)及华联酒店信托(OUE Hospitality REIT)相继上市后，速美工商房产信托基金(Soilbuild Business Space REIT)也于上个星期五(8月16日)登场，开市报0.77元，收市报0.715元，比其0.78元招股价下跌了8.3%。表现欠佳是因为市场情绪受到美国可能即将缩减量化宽松计划影响。再者，房地产投资信托(REIT)领域的展望灰暗，因为如果一旦加息，REIT的借贷成本将会增加。然而，在首次公开售股(IPO)行动中，速美工商房产信托基金也获5.4倍的超额认购，并筹集到约6亿2,670万元。除了用来偿还债务外，IPO收益也将为其初步组合中所收购的产业融资。基于2014财政年度的预测，以招股价计算，公司的股息获益率为7.7%。

启示: 在过去一年，REIT及商业信托是新加坡IPO市场中，筹资最多的企业。尽管市场情绪不佳，但速美工商房产信托基金在招股时受到热烈的追捧，而其组合的质素及业务的吸引力也为其带来支持。

icy97

Name of Announcer *	DBS BANK LTD
Company Registration No.	196800306E
Announcement submitted on behalf of	SOILBUILD BUSINESS SPACE REIT
Announcement is submitted with respect to *	SOILBUILD BUSINESS SPACE REIT
Announcement is submitted by *	LIONEL CHENG
Designation *	VICE PRESIDENT
Date & Time of Broadcast	14-Aug-2013 17:56:24
Announcement No.	00146

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

STABILISATION ANNOUNCEMENT

Description

PLEASE SEE ATTACHMENT.

Attachments

SBReit_stabilisation.pdf

Name of Announcer *	SB REIT MANAGEMENT PTE. LTD. AS MANAGER OF SOILBUILD BUSINESS SPACE REIT
Company Registration No.	201224644N
Announcement submitted on behalf of	SOILBUILD BUSINESS SPACE REIT
Announcement is submitted with respect to *	SOILBUILD BUSINESS SPACE REIT
Announcement is submitted by *	Shane Hagan
Designation *	Chief Executive Officer
Date & Time of Broadcast	15-Aug-2013 19:49:56
Announcement No.	00150

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

BALLOTING ANNOUNCEMENT

Description

Please refer to the attached file.

Attachments

Balloting_Announcement.pdf

Announcement Title *

MEDIA RELEASE - SOILBUILD REITS IPO ATTRACTS STRONG RESPONSE FROM INVESTORS

Description

Please refer to the attached file.

Attachments

Media_Release_Soilbuild_REIT_IPO.pdf

Announcement Title *

FIXING OF INTEREST RATE OF TERM LOAN FACILITY

Description

Please see attached.

Attachments

SBREIT_ANNOUNCEMENT.pdf

icy97

Name of Announcer *	DBS BANK LTD
Company Registration No.	196800306E
Announcement submitted on behalf of	SOILBUILD BUSINESS SPACE REIT
Announcement is submitted with respect to *	SOILBUILD BUSINESS SPACE REIT
Announcement is submitted by *	LIONEL LIM
Designation *	VICE PRESIDENT
Date & Time of Broadcast	16-Aug-2013 18:19:31
Announcement No.	00110

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

STABILISING ACTION IN RELATION TO THE INITIAL PUBLIC OFFERING OF SOILBUILD BUSINESS SPACE REIT

Description

PLEASE SEE ATTACHED.

Attachments

SBREIT_ANNOUNCEMENT.pdf

icy97

Soilbuild REIT announces maiden DPU of 0.76 cents
Source: The Edge   |   Publish date: Wed, 30 Oct 22:39  
http://www.theedgesingapore.com/the-daily-edge/business/46082-soilbuild-reit-announces-maiden-dpu-of-076-cents.html

Soilbuild REIT has recorded its first DPU of 0.76 cents for the period from listing date to Sep 30. This is an increase of 3% over the forecast DPU of 0.738 cents.

Shane Hagan, CEO of Soilbuild REIT, said: “We are pleased to announce a result that has exceeded the Forecast set out in the Soilbuild REIT Prospectus, with most of the key drivers to the result performing better than expectation. Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.”

Distributable income to unitholders came in at $6.1 million, 3.1% higher than its forecast of $5.9 million. Soilbuild REIT reported higher gross revenue of $8.2 million because of higher carpark income from its Eightrium property and rental income from Tuas Connection.

Net property income was 2% higher than its forecast of $6.9 million, thanks to lower than expected operating expenses.

icy97

速美建筑集团赢得樟宜商业园的第四个项目
2014年01月03日
http://www.sharesinv.com/zh/articles/43776/

速美建筑集团(Soilbuild Construction Group)的全资子公司Soil-Build私人有限公司(Soil-Build (Pte) Ltd)(一家获建设局给予甲一等认证的建筑公司)赢得价值2,680万元的合约，为珠宝商Soo Kee Jewellery Group建筑企业总部大楼。

该项目位于樟宜的一个商业园Changi Business Park Vista，它将包含一座七层楼高的工业大厦及地下停车场。大厦将成为该珠宝商的区域研究与设计中心。

建筑工程定于2014年1月展开，并将于2015年第二季度完工。此项目把公司到目前为止的总订单额推高至3亿8,950万元。

启示：上述合约是公司在同一个商业园的第四个项目，并料不会对其截至2014年12月31日财年里的净资产值和每股盈利带来任何具体影响。

icy97

每日头条 | 2014年03月17日
http://www.sharesinv.com/zh/articles/45435/

速美工商房产信托基金(Soilbuild Business Space REIT)将以1,830万元收购一座现成的四层楼高工业大厦和一个将建于兀兰一带的单层车间。卖家Tellus Marine Engineering将把相关产业租回去，为期10年，租金将逐年提高。


投资者角落 | 2014年03月20日
http://www.sharesinv.com/zh/articles/45480/

文 : 陈挚文

速美工商房产信托基金(Soilbuild Business Space REIT)
股价– $0.765
目标 – $0.90

公司同意以1,830万元收购圣诺歌大道39号。这座产业包含现有的一栋楼高4层的工业大楼及一个建议中的加建项目，即一个单层的工场。它的租期剩余10年，但可选择把租期延长30年。 当收购在2Q14完成后，这座产业将会租回给目前的租客Tellus Marine，并会每年把租金提高。我们认为这项收购将令每股派息(DPU)增加，因为圣诺歌大道产业的中位数租金在2013年为每平方英尺1.70元。我们也注意到，公司在2014年1月的总杠杆比率为29.4%，意味着公司有足够的空间让这次收购全面以债务来融资。我们喜欢这家公司的原因是其表现稳健：它的DPU比预期高出3%；借贷获得审慎处理，让其整体利率只得3.1%，比招股书的3.3%预期来得低。维持买入。 – 大马费利舍证券 (3月17日)

icy97

每日头条 | 2014年04月30日
http://www.sharesinv.com/zh/articles/46550/

速美工商房产信托基金(Soilbuild Business Space REIT)在1Q14录得总收入下跌0.2%至1,680万元，由于本季度与上一年同期的租赁结构不相同。产业营运开支下降43.9%(210万元)有助净产业收入增加16.6%至1,420万元。供分配收入提高18.4%至1,260万元。公司宣布派发每单位0.01562元的股息。

ezio

下午经过
工程接近完工了