Reit History: Sabana Reit

There is now an on-going movement by a group of minority unitholders for a proposal to remove the Manager of the Sabana Reit.  This is unprecedented in Singapore Reits.  As a Reit investor, I do hope for their success as this would be a wakeup call for all the other Reit managers.

Sabana Reit is the first and only Shari'ah Compliant Reit in Singapore.  Shari'ah Compliant Reits must have taken a certain level of commitment towards partaking in activities that are deemed to be acceptable according to principles of Islamic jurisprudence.  These include refraining from taking in tenants that are not seen to be aligned with Islamic values such as alcoholic beverages dealers, karaoke lounges, wine cellars, etc.

Beside the need for compliant to SGX listing rules, Shari’ah Compliant Reit is also subjected to Shari’ah audit.

I dug out the short history of Sabana Reit from the Internet and I am particularly interested on its placements and rights issues in the past.

Nov 2010:
- IPO at $1.05. First Shari’ah Compliant Reit in Singapore. 
- 15 properties in its initial portfolio
- End 2010, unit price $0.98

2011: 
- Acquired 5 properties
- End 2011, unit price $0.88

2012: 
- Acquired 1 property
- End 2012, unit price $1.14 

2013: 
- Private Placement at $1.00 (to acquire 508 Chai Chee Lane)
- End 2013, unit price $1.08

2014:
- Acquired 1 property
- End 2014, unit price $0.94

2015:
- End 2015, unit price $0.72

2016: 
- Divested 2 properties
- End 2016, unit price $0.38
(unit price plunged on news of the proposed right issues)

2017:
- Renouceable Rights: $0.258 (42 for 100) 

I did not follow Sabana Reit in its early days, the early history may not be complete or accurate.  Someone in the know please correct my error(s).

This is another IPO that I missed as I was not in Singapore at Sabana Reit's IPO.  Don't really know if can breakeven now if I got in at IPO?  I have quite a few toxic IPOs over the years, e.g., CitySpring (now Keppel Infra Tr), Yellow Pages, HPH Trust and Rickmers. 

Sabana Reit actually did not ask for money often, unlike some Reits that asked for money every year, e.g. Viva Ind Tr and Fraser Htrust.

Is it enough blood in the street?  I may "busybody" a bit and buy some Sabana Reit.

I do not know which path Sabana Reit will go.  Will Sabana Reit reborn like Macarthurcook Industrial Reit (AIMSAMP Capital Industrial Reit) and Allco Reit (Frasers Commercial Trust)? Buy out like Saizen Reit? Or challenge Indiabulls Trust for the title of the worst Reit/business trust?

REIT History: Frasers Commercial Trust

Fraser Commercial Trust is one of my smaller REIT counters.  Like AIMSAMPI Capital Industrial Reit, it is another reit that rises from the ashes.  I dug out history of the Reit from the Internet and I am particularly interested on its placements and rights issues in the past.

Mar 2006:
- IPO at $1.00 as Allco Reit. First commercial reit with properties in Singapore (China Square Central) and Australia [Central Park, Perth (50% interest)]; and 15.7% interest in Australian Wholesale Property Fund in its initial portfolio
- Acquired 55 Market Street

2007:
- 1 for 1 Rights at $1.04. Excess rights priced at $1.14 (to acquire 50% interest in a property, Canberra)
- Acquired 4 properties in Japan
- Acquired Keypoint, Singapore 
- End 2007, unit price $0.90 

2008: 
- FCL bought Allco Reit (17.7%) and its Manager (100%) ($0.83 per unit) 
- Renamed Frasers Commercial Trust 
- Global Financial Crisis
- End 2008, unit price $0.24
(Perhaps FCL bought in at the wrong time?)

2009: 
- 3 for 1 Renouceable Rights at $0.095 (to acquire Alexandra Technopark)
- End 2009, unit price $0.14 

2010:
- End 2010, unit price $0.17

2011:
- Divested Cosmo Plaza, Japan
- Divested Australian Wholesale Property Fund 
- 5 to 1 unit consolidation
- End 2011, unit price $0.74

2012:
- Acquired remaining 50% of Caroline Chisholm Centre, Canberra
- Divested Keypoint 
- End 2012, unit price $1.32 

2013:
- Divested all remaining Japanese properties 
- End 2013, unit price $1.27

2014: 
- End 2014, unit price $1.42 
(My maiden purchase into the Reit at $1.46. Attracted by the high yield, I went in too high and the counter was in the red by year end)

2015:
- Private Placement at $1.48
- Acquired 357 Collins Street, Melbourne
- End 2015, unit price $1.27

2016:
- End 2016, unit price $1.26


Quite a checkered history for this Reit.  As I did not follow Allco Reit in its early days, the early history may not be complete or accurate.  Someone in the know please correct my error(s).

This is another IPO that I missed as I was not in Singapore at Allco Reit's IPO.  Don't really know if can breakeven now if I got in at IPO?  I have quite a few toxic IPOs over the years, e.g., CitySpring (now Keppel Infra Tr), Yellow Pages, HPH Trust and Rickmers. 

I have a high risk appetite and tolerance and FCOT is part of my higher risk holdings.  Hope this is a phoenix that rises from the ashes.

REIT History: AIMSAMP Capital Industrial Reit

AIMSAMP Capital Industrial Reit is the 2nd largest of my REIT counters.  I dug out history of the Reit from the Internet and I am particularly interested on its placements and rights issues in the past.

Apr 2007:
- IPO at $1.20 as Macarthurcook Industrial Reit, with 12 properties in the initial portfolio
- End 2007: 15 properties. Unit price: $0.97
(20% decline from IPO price)

2008:
- Increased number of properties since IPO to 21
- Global Financial Crisis
- End 2008: 21 properties. Unit price: $0.22
(Perhaps expanding too aggressively, MI Reit faced escalating debt issues compounded by GFC.  Crashed 82% from IPO price just one year ago)

2009:
- Cambridge Industrial Trust sought to take over control of MI Reit. The move blocked by MAS because of potential conflict of interest issues
- Recapitalisation of MI Reit with Private Placement at $0.28
- 2 for 1 Rights at $0.159
- MI Reit acquired by AIMS Financial Group and AMP Capital
- Name changed to AIMSAMP Capital Industrial Reit
- End 2009: 22 properties. Unit price: $0.19 

2010:
- 7 for 20 Rights at $0.155
- End 2010: 27 properties. Unit price: $0.21

2011:
- Private Placement at $0.1976
- Private Placement at $0.205
- 5 to 1 unit consolidation
- End 2011: 26 properties. Unit price: $0.91
(Not very clear whether one or two private placements?)

2012:
- End 2012: 25 properties. Unit price $1.44

2013:
- Private Placement at $1.60
- End 2013: 25 properties. Unit price $1.38
(My maiden purchase into the Reit at $1.70. Attracted by the high yield, I went in too high and the counter was in the red by year end) 

2014:
- 7 for 40 Rights at $1.08
- Acquired Optus Centre in Australia
- End 2014: 26 properties. Unit price $1.42
(I took up the rights and subscripted to extra units) 

2015:
- End 2015: 26 properties. Unit price $1.38

2016:
- Current price (16/12): $1.27 
(The unit price has come down below $1.30 after the rate hike)

Quite a checkered history for this Reit.  As I did not follow MI Reit in its early days, the early history may not be complete or accurate.  Someone in the know please correct my error(s).

If I was in Singapore at MI Reit's IPO, most likely I would buy into MI Reit then.  Don't really know if can breakeven now if I got in at IPO?  I have quite a few toxic IPOs over the years, e.g., CitySpring (now Keppel Infra Tr), Yellow Pages, HPH Trust and Rickmers.

I like AIMSAMP Capital Industrial Reit for its high yield and its "off-sync" dividend payment months (3-6-9-12) to the common 2-5-8-11 for other REITS.   

I have a high risk appetite and tolerance and AIMSAMPI Reit is part of my higher risk holdings.  Hope this is a phoenix rising from the ashes.