Elite Commercial REIT revenue surges in Q1, due to 100% occupancy

Revenue was further boosted by the acquisition of 58 commercial properties in the UK.

Elite Commercial REIT reported earnings of $12.15m (£6.6m) in Q1 2021, mainly boosted by its newly acquired portfolio of 58 commercial properties in the UK.

The company’s earnings were 15.1% higher than the forecast of $10.55m (£5.73m).

Elite Commercial REIT Management Pte. Ltd., the manager of Elite Commercial REIT said that they completed the $391.23m (£212.5m) acquisition of 58 commercial properties in the UK on 9 March 2021.

According to Shaldine Wang chief executive officer of Elite Commercial REIT Management, the completion of the acquisition has set the number of assets in the group’s portfolio to 155 properties and market capitalisation by 39%.

“Our enlarged portfolio is fully occupied, 97% freehold with long WALE and generating strong cashflows, which is consistent with our investment strategy. Furthermore, we diversified our occupier mix to include other UK government agencies, apart from the Department for Work and Pensions,” Wang added.

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