Eversheds Sutherland advises on the listing of Singapore’s first UK-focused REIT

Advising on a Singaporean first

Eversheds Sutherland’s experienced UK investment team has advised Elite Commercial REIT Management Pte. Ltd. on all UK elements relating to its listing of the first UK-focused REIT, Elite Commercial REIT on the Singapore Exchange (SGX).

The Eversheds Sutherland team led on all non-Singaporean legal workstreams, working closely with EY and Allen & Gledhill teams in Singapore to deliver a first for the SGX. A team of more than 40 partners and lawyers within Eversheds Sutherland’s cross-practice UK investment team provided real estate, corporate, tax, regulatory, funds and banking advice throughout the transaction.

Elite Commercial REIT Management Pte. Ltd. is the manager of Elite Commercial REIT. Elite Commercial REIT was listed on the SGX on 6 February 2020 and it has a portfolio of 97 predominantly freehold commercial properties on recently leased space to the UK Government.

Lee Jackson, Real Estate Investment Partner, said:

“This transaction is a clear demonstration of overseas investors interested and willing to deploy capital into UK real estate. Amid an environment of recent political and economic uncertainty in the UK and Europe, this listing should encourage the UK’s real estate sector, which obviously remains an attractive destination for investment.”

“Being the first ever listing of UK-focused REIT on the SGX, the transaction had many challenges but it was great to work with the client, EY and Allen & Gledhill to find solutions and deliver a brilliant result. We expect to see more listings of UK real estate in the future and we look forward to assisting other Singaporean investors in navigating the UK legal system.”

Shaldine Wang, Chief Executive Officer of Elite Commercial REIT Management Pte. Ltd., said:

“We are glad that the IPO was well-received by the investment community. This is a testament to our strong investment proposition of providing investors with attractive yields and steady cash flow. We are grateful to have dedicated professionals including the team from Eversheds Sutherland led by Lee Jackson. We would like to thank the team for their valuable advice and support to make this IPO a huge success.”

The team was led by Lee Jackson, supported by partners Stewart Womersley (Corporate), Paul Beausang (Tax), Simon Mead (Finance) and Jonathan Master (Funds and Regulatory).