Elite Commercial REIT Management Pte. Ltd., the manager (the “Manager”) of Elite Commercial REIT (“Elite REIT”), is pleased to announce the successful completion of Elite REIT’s preferential offering to raise gross proceeds of approximately £28 million (the “Preferential Offering”).

A total of 103,354,690 Preferential Offering units were offered to existing Unitholders at a ratio of 214 Preferential Offering units for every 1,000 existing units in Elite REIT at an issue price of £0.27 per Preferential Offering unit. The Preferential Offering issue price represents an attractive discount of 10% to the volume weighted average price of £0.30 per Unit1 on 18 December 2023.

Oversubscription of Preferential Offering As at the close of the Preferential Offering on 10 January 2024, valid acceptances of pro rata provisional allotments and applications for excess Preferential Offering units totalling 125,225,541 Preferential Offering units were received. This translates to an overall subscription rate of approximately 121.2%, based on the 103,354,690 Preferential Offering units available.

Elite Partners Holdings Pte. Ltd. and Sunway RE Capital Pte. Ltd. (each, a “Sponsor” and collectively, the “Sponsors”) as well as its substantial unitholders – Ho Lee Group Trust2, and Partner Reinsurance Asia Pte. Ltd., Partner Reinsurance Company Ltd. and Partner Reinsurance Europe SE, being key strategic investors of Elite REIT, have each accepted, subscribed and paid in full for its total pro rata provisional allotment of the Preferential Offering units.

Sunway RE Capital Pte. Ltd. further subscribed for excess Preferential Offering units and has been allotted a total of 37,276,884 Preferential Offering units – representing the aggregate of its provisional allotments of 6,037,800 Preferential Offering units and 31,239,084 excess Preferential Offering units – increasing its unitholding from 5.8% to 11.2%.

Mr. Joshua Liaw, Chief Executive Officer of the Manager said: “The strong support we received from our Unitholders and Sponsors for this Preferential Offering is a resounding endorsement of the long-term growth potential of Elite REIT and the underlying value in Elite REIT’s portfolio of assets. As we forge ahead to position Elite REIT for growth, reinforcing our capital structure is our near-term focus. With the successful completion of the Preferential Offering, we are turning our attention next to the refinancing task at hand, extending Elite REIT’s leases, and future phases of growth.”

The Manager expects the Preferential Offering units to be listed and quoted on the Mainboard of the SGX-ST with effect from 9.00 a.m. on 18 January 2024.

Both CGS-CIMB Securities (Singapore) Pte. Ltd. and RHB Bank Berhad, acting through its Singapore branch, were the joint underwriters for the Preferential Offering.