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Key Investment Highlights of Sf Reit

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Key Investment Highlights of Sf Reit THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. KEY INVESTMENT HIGHLIGHTS OF SF REIT SF REIT is the first logistics-focused REIT to be [REDACTED] in Hong Kong. Its key investment objectives are to provide Unitholders with stable distributions, sustainable and long-term distribution growth, and enhancement in the value of SF REIT’s properties. The investment focus of SF REIT shall be income-generating real estate globally, with an initial focus on logistics properties. The three Properties in SF REIT’s initial portfolio offer investors direct exposure to modern logistics properties in Hong Kong and the PRC. Backed by SFH, the largest express delivery company in China, and managed by a highly experienced management team at the REIT Manager, SF REIT presents Unitholders with an attractive investment proposition for the following reasons. PRIME PROPERTY PORTFOLIO LOCATED AT STRATEGIC LOCATIONS IN HONG KONG AND THE PRC According to the Market Consultant Report, there is a growing shortage of modern logistics properties in Hong Kong and the PRC. The shortage is primarily attributable to the combination effect of the scarcity of suitable sites in the Greater Bay Area and other prime cities in the PRC, as well as increasing demand from tenants in the logistics, express delivery, e-commerce and cold storage sectors due to their rapid growth as a result of shifting consumer demands globally. SF REIT’s initial portfolio at [REDACTED] comprises three modern logistics properties with distribution centres equipped with automatic sorting and supply chain support facilities. Modern logistics properties can be distinguished from other logistics properties due to their relatively low age and relatively high degree of modernisation, allowing them to be used by tenants for multiple purposes and more efficiently. The Hong Kong Property is certified by the U.S. Green Building Council as meeting the Leadership in Energy and Environmental Design (LEED) Gold Certification standards. According to the Market Consultant Report, as at 30 September 2020, the Foshan Property was the sixth largest (by Gross Floor Area) modern logistics property in the Nanhai District of Foshan and the 16th largest in Foshan, while the Wuhu Property was the fourth largest modern logistics property in Wuhu. As the Properties are relatively new, with a weighted average age by Gross Lettable Area of approximately three years and a weighted average remaining land tenure by Gross Lettable Area of 38 years as at 30 September 2020, they have been developed with modern technologies and automated guided vehicles in mind which are attractive to tenants and allow the Properties to command a rental premium compared to non-modern logistics properties. Given their age and specifications, the REIT Manager does not expect substantial capital expenditure for maintenance, refurbishment or upgrade of the Properties in near term. The Properties are situated at strategic locations close to major airports and seaports, and accessible by major roads and expressways, in their respective cities. –112– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. KEY INVESTMENT HIGHLIGHTS OF SF REIT Hong Kong Property Completed in 2014, the Hong Kong Property, comprising a distribution centre equipped with automatic sorting and supply chain support facilities, is a 15-storey ramp-up modern logistics property, which is characterised as a modern logistics property that provides vehicular ramp access to each warehouse floor. The Hong Kong Property has an aggregate Gross Lettable Area of 1,725,692.5 sq.ft. (equivalent to 160,322.2 sq.m.) and is the largest of the Properties by size and Appraised Value, comprising approximately 52.1% of the total Gross Lettable Area and 86.6% of the total Appraised Value of the Properties as at 31 December 2020. Located in Tsing Yi adjacent to Kwai Tsing Container Terminal No. 9 that connects to other business ports in the world, the Hong Kong Property is in close proximity to Hong Kong International Airport, and accessible by major roads and transportation infrastructure such as the Hong Kong-Zhuhai- Macao Bridge and Guangzhou-Shenzhen-Hong Kong Express Rail Link. Hong Kong, being a key node city under the “Belt and Road Initiative” and a core city in the Greater Bay Area, is recognised as an international logistics and trade hub. Benefiting from Hong Kong’s free trade policies, low tax rates and proximity to the PRC, the logistics sector has grown and expanded rapidly over the last decade, giving rise to an increasing demand for more and higher quality warehouse space in Hong Kong. Modern logistics properties with built-in smart facilities and systems are preferred by logistics operators over traditional warehouses. There is a limited supply of modern logistics properties in Hong Kong. According to the Market Consultant Report, approximately 76.0% of the modern logistics properties in Hong Kong are more than 20 years of age and only approximately 18.8% are less than ten years of age as at the end of 2020, with the average vacancy rate of the latter being as low as 2.4% in the second quarter of 2020. Further, no additional modern logistics pipeline projects in Hong Kong are expected to complete before 2022. It is also difficult to convert non-modern logistics properties to modern logistics properties since conversion would involve significant physical transformation, such as loading capacity and net ceiling height, which is costly and time-consuming. Conversion may not be feasible, for example, where a traditional warehouse is located in a place with low power distribution that fails to meet the high energy consumption requirements of modern warehouses. Due to the limited supply of modern logistics properties in Hong Kong, they commanded a 17.7% premium in rent over non-modern logistics properties in 2019. These market conditions, together with the Hong Kong Property’s prime location, modern facilities and optimised leasing strategies, give the Hong Kong Property a competitive edge that is conducive for future growth. –113– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. KEY INVESTMENT HIGHLIGHTS OF SF REIT Foshan Property Completed in February 2021, the Foshan Property is a modern logistics property which has an aggregate Gross Lettable Area of 84,890.8 sq.m. and is equipped with intelligent technology and built-to-suit facilities, such as automatic sorting and supply chain support facilities. It is strategically located close to Foshan Shadi Airport, Foshan West Railway Station, Guangzhou Railway Station and Guangzhou Baiyun Airport. Foshan is a core city located at the Pearl River Delta in the south-central part of Guangdong Province. It is one of the 11 cities in the Greater Bay Area, with established transport links to other parts of the Greater Bay Area. Foshan serves as the main interchange station for a number of railway routes, including the Guangzhou-Zhuhai intercity railway which links Foshan with Guangzhou, Zhongshan, Zhuhai, Hong Kong and Macao. Due to the synergetic development of cities in the Greater Bay Area and the position of Foshan as the manufacturing centre of west Greater Bay Area, there is a robust demand for logistics properties and other logistics facilities in Foshan. According to the Market Consultant Report, the demand for modern logistics properties in Foshan has risen with an average year-on-year rental growth rate of 38.8% from 2016 to 2020, with the average annual vacancy rate of such properties being 10.3% as at 30 June 2020. With emerging demand for modern logistics properties in Foshan, the average rent for these properties increased from RMB0.89 per sq.m. per day in 2015 to approximately RMB1.15 per sq.m. per day during the second quarter of 2020. The Market Consultant estimates that by 2025, the vacancy rate will fall further to 7.1%, while rent will continue to rise to approximately RMB1.39 per sq.m. per day. Wuhu Property Completed in 2018, the Wuhu Property is a modern logistics property with an aggregate Gross Lettable Area of 62,777.8 sq.m. and comprises of two high standard warehouses, a distribution centre equipped with automatic sorting and supply chain support facilities, a research and development building and two ancillary buildings. The Wuhu Property is located within the Jiujiang Economic Development Area, a national level development zone and a cluster for logistics and industrial enterprises in Wuhu. It enjoys close proximity to Wuhu East High Speed Railway Station, Wuhu International Cargo Port and Ningwu Highway. Following the opening of the Shangqiu-Hefei-Hangzhou High Speed Railway in June 2020, Wuhu is approximately 4 hours commute from Beijing and 1.5 hours commute from Hangzhou. Wuhu is also located near the Wuhu Port along the southern end of the Yangtze River, which is one of the 28 major river ports in the PRC. With advanced highway, railway and shipping networks boosting inter-city connectivity, Wuhu’s positioning as a key transportation hub in the Yangtze River Delta Economic Region and a national transportation hub in the PRC drives its logistics industry and logistics property market. –114– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. KEY INVESTMENT HIGHLIGHTS OF SF REIT Leveraging on its competitive capabilities in automobile, mechanical, materials, electronics and cables industries, Wuhu is able to connect with comprehensive industrial chains nationwide.
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