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Circular to Unitholders

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Circular to Unitholders CIRCULAR DATED 28 DECEMBER 2020 THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. Singapore Exchange Securities Trading Limited (the “SGX-ST”) takes no responsibility for the accuracy of any statements or opinions made, or reports contained, in this circular dated 28 December 2020 (“Circular”). If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser immediately. If you have sold or transferred all your units in Elite Commercial REIT (the “Units”), you should immediately forward this Circular, together with the Notice of Extraordinary General Meeting and the accompanying Proxy Form in this Circular, to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee. This Circular does not constitute an offer of securities in the United States of America (“U.S.”) or any other jurisdiction. Any proposed issue of New Units described in this Circular will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the securities laws of any state or other jurisdiction of the United States, and any such New Units may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable laws. The Manager does not intend to conduct a public offering of any securities of Elite Commercial REIT in the United States. Oversea-Chinese Banking Corporation Limited and UBS AG, Singapore Branch are the Joint Issue Managers for the initial public offering of units in Elite Commercial REIT. Oversea-Chinese Banking Corporation Limited, UBS AG, Singapore Branch, CGS-CIMB Securities (Singapore) Pte. Ltd. and China International Capital Corporation (Singapore) Pte. Limited are the Joint Bookrunners and Underwriters for the initial public offering of units in Elite Commercial REIT. (a real estate investment trust constituted on 7 June 2018 under the laws of the Republic of Singapore) Managed By Elite Commercial REIT Management Pte. Ltd. CIRCULAR TO UNITHOLDERS IN RELATION TO: (1) THE PROPOSED ACQUISITION OF 58 PROPERTIES LOCATED ACROSS THE UNITED KINGDOM, AS AN INTERESTED PERSON TRANSACTION; (2) THE PROPOSED ISSUE OF NEW UNITS AS PARTIAL CONSIDERATION FOR THE PROPOSED ACQUISITION; (3) THE PROPOSED TRANSFER OF A CONTROLLING INTEREST TO ELITE UK COMMERCIAL FUND II AS A RESULT OF THE ISSUE OF CONSIDERATION UNITS; (4) THE PROPOSED WHITEWASH RESOLUTION; AND (5) THE PROPOSED GENERAL MANDATE FOR THE ISSUE OF NEW UNITS AND/OR CONVERTIBLE SECURITIES. Independent Financial Adviser to the Independent Directors, the Non-Interested Director and the Audit and Risk Committee of Elite Commercial REIT Management Pte. Ltd., and the Trustee of Elite Commercial REIT Deloitte & Touche Corporate Finance Pte Ltd (Company Registration No: 200200144N) (Incorporated in the Republic of Singapore) IMPORTANT DATES AND TIMES FOR UNITHOLDERS Last date and time for pre-registration, : Friday, 22 January 2021 at 4.00 p.m. submission of questions in advance, and submission of Proxy Forms Date and time of Extraordinary General Meeting : Monday, 25 January 2021 at 4.00 p.m. convened and held by electronic means TABLE OF CONTENTS Page CORPORATE INFORMATION ............................................... ii OVERVIEW ............................................................... 1 INDICATIVE TIMETABLE ................................................... 12 LETTER TO UNITHOLDERS 1. Summary of Approvals Sought ........................................... 13 2. Resolution 1: The Proposed Acquisition ................................... 14 3. Resolution 2: The Proposed Issue of Consideration Units ..................... 18 4. Rationale for and Key Benefits of the Proposed Acquisition and Issue of 20 Consideration Units .................................................... 5. Details and Financial Information of the Proposed Acquisition ................. 30 6. Resolution 3: The Proposed Transfer of a Controlling Interest to Elite UK Commercial Fund II as a result of the Issue of Consideration Units ............. 35 7. Resolution 4: The Proposed Whitewash Resolution .......................... 37 8. Resolution 5: The Proposed General Mandate for the Issue of New Units and/or Convertible Securities .................................................. 40 9. Interests of Directors and Substantial Unitholders ........................... 42 10. Recommendations .................................................... 45 11. Extraordinary General Meeting .......................................... 47 12. Abstentions from Voting ................................................ 47 13. Action to be Taken by Unitholders ........................................ 48 14. Directors’ Responsibility Statement ....................................... 49 15. Consents ............................................................ 50 16. Documents on Display ................................................. 50 IMPORTANT NOTICE ...................................................... 51 GLOSSARY .............................................................. 52 APPENDICES Appendix A Details of the New Properties, the Existing Portfolio and the Enlarged Portfolio ....................................................... A-1 Appendix B Valuation Certificates ............................................ B-1 Appendix C Independent Financial Adviser’s Letter ............................. C-1 NOTICE OF EXTRAORDINARY GENERAL MEETING .......................... D-1 PROXY FORM i CORPORATE INFORMATION Directors of Elite Commercial : David Lim Teck Leong (Chairman and Independent REIT Management Pte. Ltd. Non-Executive Director) (the manager of Elite Nicholas David Ashmore (Independent Non-Executive Commercial REIT) (the Director) “Manager”) Koo Tsai Kee (Independent Non-Executive Director and Chairman of the Nominating and Remuneration Committee) Tan Huay Lim (Independent Non-Executive Director and Chairman of the Audit and Risk Committee) Evan Cheah Yean Shin (Non-Independent Non-Executive Director) Victor Song Chern Chean (Non-Independent Non-Executive Director) Tan Dah Ching (Non-Independent Non-Executive Director) Tan Hai Peng Micheal (Non-Independent Non-Executive Director) Tan Kok Heng (Alternate Director to Evan Cheah Yean Shin) Registered Office of the : 9 Temasek Boulevard Manager #17-01 Suntec Tower Two Singapore 038989 Trustee of Elite Commercial : Perpetual (Asia) Limited REIT (the “Trustee”) 8 Marina Boulevard #05-02 Marina Bay Financial Centre Singapore 018981 Legal Adviser to the Manager : Allen & Gledhill LLP for the Proposed Acquisition One Marina Boulevard and as to Singapore Law #28-00 Singapore 018989 Legal Advisers to the : Eversheds Sutherland (International) LLP Manager as to UK Law 1 Wood Street London EC2V 7WS United Kingdom DLA Piper UK LLP 160 Aldersgate Street London EC1A 4HT United Kingdom Legal Adviser to the Trustee : Dentons Rodyk & Davidson LLP 80 Raffles Place #33-00 UOB Plaza 1 Singapore 048624 ii Unit Registrar : Boardroom Corporate & Advisory Services Pte. Ltd. 50 Raffles Place #32-01 Singapore Land Tower Singapore 048623 Independent Financial : Deloitte & Touche Corporate Finance Pte Ltd Adviser to the Independent 6 Shenton Way Directors of the Manager (the #33-00 OUE Downtown “Independent Directors”), the Singapore 068809 Non-Interested Director (as defined below) the Audit and Risk Committee of the Manager and the Trustee (the “IFA”) Independent Valuers : Colliers International Valuation UK LLP (appointed by the Manager) 50 George Street London W1U 7GA United Kingdom BNP Paribas Real Estate Advisory & Property Management UK Limited (appointed by the Trustee) 5 Aldermanbury Square London EC2V 7HR United Kingdom iii OVERVIEW The following overview is qualified in its entirety by, and should be read in conjunction with, the full text of this Circular. Meanings of defined terms may be found in the Glossary on pages 52 to 56 of this Circular. Any discrepancies in the tables, graphs and charts included herein between the listed amounts and totals thereof are due to rounding. Accordingly, figures shown as totals in this Circular may not be an arithmetic aggregation of the figures that precede them. OVERVIEW OF ELITE COMMERCIAL REIT Elite Commercial REIT is a Singapore real estate investment trust (“REIT”) established with the investment strategy of principally investing, directly or indirectly, in a diversified portfolio of income-producing commercial assets and real estate-related assets in the United Kingdom (“UK”). As at 21 December 2020, being the latest practicable date prior to the issuance of this Circular (the “Latest Practicable Date”), Elite Commercial REIT has a market capitalisation of approximately £222.2 million1. Elite Commercial REIT’s existing portfolio (the “Existing Portfolio”) comprises 97 commercial buildings located across the UK with a total net internal area (“NIA”) of approximately 2.6 million square feet (“sq ft”) over a total site area of approximately 47 hectares, and a valuation of approximately £319.12 million as at 31 August 2019. OVERVIEW OF THE PROPOSED ACQUISITION On 17 October 2020, Elite Commercial REIT, through its wholly-owned subsidiary, Elite Kist Limited (the “Elite Buyer”), entered into a conditional share purchase agreement (the “Share Purchase Agreement”) with
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