非一般的房地產信託基金 An unusual REIT

邊隻是非一般的房地產信託基金?

網主心目中答案是小弟在2005年第三次用白表認購新股的領匯(領展前身)。

領展由2015年11月25日上市至今大約14年, 拓展方式如下:-

1. 先做好原有香港商場增值, 之後收購中國大中華地區一線北上廣深大城市商場,之後現在看來開始行第三步棋:國際化,今次先收購澳洲物業,小試牛刀;

2. 資產類別由上市時主要是零售商場,街市,停車場到購入和發展商業寫字樓;

領展剛宣佈向黑石集團（Blackstone）管理的若干基金購入一棟位於澳洲雪梨100 Market Street的10層高甲級商業樓宇，作價約6.83億澳元（折合約36.7億港元）， 而目前物業的加權平均租約約滿期為8.45年，將會於2027年至2030年間完約，平均年利率為4%。

領展將會以物業按揭的方式向銀行借貸及動用內部資金進行收購。領展是次收購很明顯是為了分散投資，令資產更多元化。

展望: 我估計經過今年收購後,唔排除領展下一個目標是去英國買物業收租, 為成為一隻國際化綜合房地產信託基金鋪路。

Which is an unusal REITs?

The LINK REITS that I purchased in my third IPO bought in 2005.

LINK REITs used the following growth method after listing at 25 Nov, 2005 during the past 14 years.

First, she added value with existing shopping mall, next she took over and bought Greater China major cities like Beijing, Shanghai, Guangzhou and Shenzhen. Then, she starts the third step globalization as her foot print. The Australia purchase deal is a globalization try.

The catrgory diversifies from retail shopping malls, markets and carparks to develop and purchase business apartments and towers.

The LINK REIT has just declared to purchase a grade A business building in 100 Market Street, Sydney Australia with the consideration price of 683 million AUD$, the existing average leasing length is 8.54 years and leasing contracts will be expired from 2027 to 2030 with around 4% annual return.

The LINK REIT will use mortage and internal financial resource to close this take over deal. It is very obvious that she wish to diversify investment in her property portfolio.

Prospect: I guess after this deal, her next target may buy U.K. property to earn rental income and pave way to become a global REIT.