World View

Geographical breakdown of the ASI Global Real Estate Fund's assets across the globe.

Australia

Melbourne

1651-1657 Centre Road, Springvale

  • Purchased this well located Melbourne logistics unit in August 2018 at a net initial yield of 6.0%.
  • Melbourne logistics were towards the top of the Asia Pacific House View at the time of purchase due to our rental growth forecasts and continued demand for the logistics sector in general.
  • Asset is situated in a good location which will improve further due a number of imminent infrastructure projects.
  • Constructed in the 1990s however the spec remains suitable for a number of uses (distribution, e-commerce, final mile delivery).

Melbourne

432 St Kilda Rd

  • Purchased this newly refurbished modern office building on St Kilda Road, south of Melbourne, in January 2015 at a net initial yield of 7.9%.
  • Melbourne offices were towards the top of the Asia Pacific House View at the time of purchase due to our rental growth forecasts for the sector and continued demand from domestic and overseas investors.
  • The majority of leases were subject to fixed annual uplifts of between 3.5-4.5% at the time of purchase which is normal practice in Australia.
  • Asset bought with 100% occupancy, strong rental growth forecasts as vacancy rate continues to fall in St Kilda Road market given its excellent transport links to the central business district.

Sydney

3-5 John Morphett Place, Erskine Park

  • Purchased this 9,000 sqm industrial asset within Erskine Park, one of Sydney's established industrial locations, in November 2018 for c£10m.
  • The passing rent was significantly below the market level on acquisition ensuring the asset has strong revisionary potential.
  • The tenant’s lease expiry is in 2021, but having invested heavily in the unit there is a high likelihood that they will exercise their prolongation option and remain in situ for a further 5 years.
11 Armour Street

Sydney

11 Amour Street, Milperra

  • Purchased this logistics  asset in Sydney, Australia in December 2019 for A$31.9m reflecting at a net initial yield of 4.7%
  • Located 24kms to the south-west of Sydney city centre in an area of high population density and in close proximity to Sydney’s major orbital road network
  • Constructed in the 1980s however the spec remains suitable for a number of uses and can be easily subdivided
  • At the time of purchase, the Australian industrial/logistics sector was expected by the ASI Real Estate Research team to continue to outperform

  • Melbourne

    1651-1657 Centre Road, Springvale
    • Purchased this well located Melbourne logistics unit in August 2018 at a net initial yield of 6.0%.
    • Melbourne logistics were towards the top of the Asia Pacific House View at the time of purchase due to our rental growth forecasts and continued demand for the logistics sector in general.
    • Asset is situated in a good location which will improve further due a number of imminent infrastructure projects.
    • Constructed in the 1990s however the spec remains suitable for a number of uses (distribution, e-commerce, final mile delivery).

  • Melbourne

    432 St Kilda Rd
    • Purchased this newly refurbished modern office building on St Kilda Road, south of Melbourne, in January 2015 at a net initial yield of 7.9%.
    • Melbourne offices were towards the top of the Asia Pacific House View at the time of purchase due to our rental growth forecasts for the sector and continued demand from domestic and overseas investors.
    • The majority of leases were subject to fixed annual uplifts of between 3.5-4.5% at the time of purchase which is normal practice in Australia.
    • Asset bought with 100% occupancy, strong rental growth forecasts as vacancy rate continues to fall in St Kilda Road market given its excellent transport links to the central business district.

  • Sydney

    3-5 John Morphett Place, Erskine Park
    • Purchased this 9,000 sqm industrial asset within Erskine Park, one of Sydney's established industrial locations, in November 2018 for c£10m.
    • The passing rent was significantly below the market level on acquisition ensuring the asset has strong revisionary potential.
    • The tenant’s lease expiry is in 2021, but having invested heavily in the unit there is a high likelihood that they will exercise their prolongation option and remain in situ for a further 5 years.
  • 11 Armour Street

    Sydney

    11 Amour Street, Milperra
    • Purchased this logistics  asset in Sydney, Australia in December 2019 for A$31.9m reflecting at a net initial yield of 4.7%
    • Located 24kms to the south-west of Sydney city centre in an area of high population density and in close proximity to Sydney’s major orbital road network
    • Constructed in the 1980s however the spec remains suitable for a number of uses and can be easily subdivided
    • At the time of purchase, the Australian industrial/logistics sector was expected by the ASI Real Estate Research team to continue to outperform

Czech Republic

Olomouc

Retail Park Hana

  • The Fund acquired this modern shopping centre in June 2013 reflecting a net initial yield of 8.74%.
  • Largest Retail Park in the region with a catchment population of 480,000 people.
  • Hana Retail Park consists of 16 units in total and forms part of a wider area which includes a Tesco hypermarket anchored shopping centre.
  • Value creation opportunities through the extension of leases and the potential development of additional space.

Ostrava

Retail Park Futurum

  • The Fund acquired this specialised Retail Park in June 2013 reflecting a net initial yield of 6.19%.
  • The property benefits from a highly visible location within close proximity of the city centre.
  • Value creation opportunities through the letting of vacant units as well as the extension of existing leases.

  • Olomouc

    Retail Park Hana
    • The Fund acquired this modern shopping centre in June 2013 reflecting a net initial yield of 8.74%.
    • Largest Retail Park in the region with a catchment population of 480,000 people.
    • Hana Retail Park consists of 16 units in total and forms part of a wider area which includes a Tesco hypermarket anchored shopping centre.
    • Value creation opportunities through the extension of leases and the potential development of additional space.

  • Ostrava

    Retail Park Futurum
    • The Fund acquired this specialised Retail Park in June 2013 reflecting a net initial yield of 6.19%.
    • The property benefits from a highly visible location within close proximity of the city centre.
    • Value creation opportunities through the letting of vacant units as well as the extension of existing leases.

Germany

Niu Hotel Munich

Munich

Niu Hotel

  • Purchased this hotel asset in Munich, Germany in December 2019 for €25.2m reflecting at a net initial yield of 4.3%
  • Munich is a buoyant hotel market with the highest occupancy rates and revenues per room rates in Germany
  • Located close to the Munich exhibition centre (a world leading international trade fair facility)
  • The asset provides CPI linked long dated income with an unexpired term of 20 years+ therefore helping to extend the WAULT of the Fund
  • This was the Fund’s first direct acquisition in the favoured alternatives market
  • Niu Hotel Munich

    Munich

    Niu Hotel
    • Purchased this hotel asset in Munich, Germany in December 2019 for €25.2m reflecting at a net initial yield of 4.3%
    • Munich is a buoyant hotel market with the highest occupancy rates and revenues per room rates in Germany
    • Located close to the Munich exhibition centre (a world leading international trade fair facility)
    • The asset provides CPI linked long dated income with an unexpired term of 20 years+ therefore helping to extend the WAULT of the Fund
    • This was the Fund’s first direct acquisition in the favoured alternatives market

Ireland

Dublin

3&5 Custom house Plaza

  • Purchased two adjoining office buildings (c.60k sq ft in total) in the International Financial Services Centre in Dublin in January 2015.
  • Dublin offices sat at the top of our House View at time of acquisition given the strong recovery forecast for this part of the market.
  • The offices are in a strong core location in one of Dublin’s main business districts and benefit from excellent transportation links around the city.
  • Latent value within the property given that it was purchased with two vacant floors which we were confident of filling given the vacancy rate for Grade A offices in Dublin was around 1.9% on acquisition.

Dublin

Fleming Court

  • Purchased this newly refurbished 30k sq ft office asset within the Ballsbridge area of Dublin, at the southern edge of the central business district in October 2015.
  • Dublin offices sat at the top of our House View at time of acquisition given the strong recovery forecast for this part of the market.
  • This was our second direct acquisition in the Dublin Office market, increasing the Fund’s exposure to this attractive market.
  • Fully let with average weighted unexpired lease length of 5.1 years at time of purchase.

  • Dublin

    3&5 Custom house Plaza
    • Purchased two adjoining office buildings (c.60k sq ft in total) in the International Financial Services Centre in Dublin in January 2015.
    • Dublin offices sat at the top of our House View at time of acquisition given the strong recovery forecast for this part of the market.
    • The offices are in a strong core location in one of Dublin’s main business districts and benefit from excellent transportation links around the city.
    • Latent value within the property given that it was purchased with two vacant floors which we were confident of filling given the vacancy rate for Grade A offices in Dublin was around 1.9% on acquisition.

  • Dublin

    Fleming Court
    • Purchased this newly refurbished 30k sq ft office asset within the Ballsbridge area of Dublin, at the southern edge of the central business district in October 2015.
    • Dublin offices sat at the top of our House View at time of acquisition given the strong recovery forecast for this part of the market.
    • This was our second direct acquisition in the Dublin Office market, increasing the Fund’s exposure to this attractive market.
    • Fully let with average weighted unexpired lease length of 5.1 years at time of purchase.

United Kingdom

St Helier

44 Esplanade

  • The Fund acquired this Grade A office building in January 2015.
  • The property is a single-let modern headquarters office building totalling approximately 76k sq ft and occupies a prime location on the Esplanade in St Helier.
  • The building was fully let at the time of purchase on a lease until 2033. The unexpired lease term to the first break was 7.5 years, with upward only rent reviews every three years.
  • The acquisition price reflected a net initial yield of 7.5%, significantly above the yields on offer from buildings of similar specifications in the UK office market at that time.

  • St Helier

    44 Esplanade
    • The Fund acquired this Grade A office building in January 2015.
    • The property is a single-let modern headquarters office building totalling approximately 76k sq ft and occupies a prime location on the Esplanade in St Helier.
    • The building was fully let at the time of purchase on a lease until 2033. The unexpired lease term to the first break was 7.5 years, with upward only rent reviews every three years.
    • The acquisition price reflected a net initial yield of 7.5%, significantly above the yields on offer from buildings of similar specifications in the UK office market at that time.

Netherlands

The Hague

ExtraVerde

  • The Fund purchased this multi-let office asset in September 2014.
  • The property was the first office asset in the Netherlands to be awarded a BREEAM (Building Research Establishment Environmental Assessment Methodology) Excellent rating. BREEAM is the world's longest established method of assessing, rating, and certifying the sustainability of buildings.
  • The building was fully let at the time of purchase with an average weighted unexpired lease length of around 11.75 years.
  • The purchase price reflected a net initial yield of 7.8%.

Veghel

DC Goossens

  • The Fund purchased this modern, well-specified logistics unit in Veghel, the Netherlands in an off-market transaction for €29.5m in October 2017.
  • The purchase price reflected a net initial yield of 5.93%.
  • The purchase provided the Fund’s first direct exposure to the logistics sector, a sector which was rated as ‘Very Heavy’ in our Real Estate Research team’s House View at the time of purchase.
  • The asset was fully let at the time of purchase on a triple net lease to a sound covenant with 11.5 years unexpired term at a rent of €1.9m per annum.

  • The Hague

    ExtraVerde
    • The Fund purchased this multi-let office asset in September 2014.
    • The property was the first office asset in the Netherlands to be awarded a BREEAM (Building Research Establishment Environmental Assessment Methodology) Excellent rating. BREEAM is the world's longest established method of assessing, rating, and certifying the sustainability of buildings.
    • The building was fully let at the time of purchase with an average weighted unexpired lease length of around 11.75 years.
    • The purchase price reflected a net initial yield of 7.8%.

  • Veghel

    DC Goossens
    • The Fund purchased this modern, well-specified logistics unit in Veghel, the Netherlands in an off-market transaction for €29.5m in October 2017.
    • The purchase price reflected a net initial yield of 5.93%.
    • The purchase provided the Fund’s first direct exposure to the logistics sector, a sector which was rated as ‘Very Heavy’ in our Real Estate Research team’s House View at the time of purchase.
    • The asset was fully let at the time of purchase on a triple net lease to a sound covenant with 11.5 years unexpired term at a rent of €1.9m per annum.

Poland

Gniezno

Galeria Gniezno

  • The Fund acquired this modern shopping centre in June 2013 reflecting a net initial yield of 8.1%.
  • The property has 49 retail and restaurant units and is anchored by a handful of dominant international tenants.
  • Significant asset management initiatives undertaken since acquisition including renewal of anchor tenants leases, replacement of local tenants with strong operators and market leaders.
  • The renegotiation of more than 30 leases since 2013 meant the asset was fully let as of 28th February 2017.

  • Gniezno

    Galeria Gniezno
    • The Fund acquired this modern shopping centre in June 2013 reflecting a net initial yield of 8.1%.
    • The property has 49 retail and restaurant units and is anchored by a handful of dominant international tenants.
    • Significant asset management initiatives undertaken since acquisition including renewal of anchor tenants leases, replacement of local tenants with strong operators and market leaders.
    • The renegotiation of more than 30 leases since 2013 meant the asset was fully let as of 28th February 2017.

Singapore

48 56 Peck Seah Street

Singapore

48-56 Peck Seah Street

  • Purchased this mixed use office and retail asset in Singapore in January 2020 for S$55.3m reflecting at a net initial yield of 3.5%
  • The asset is located within the core CBD next to Tanjong Pagar train station with a 33m wide main road frontage
  • The asset is classed as a conservation shophouse and boasts attractive larger floor plates and limited new supply in the pipeline
  • The precinct is specifically targeted by URA’s plan to increase the CBD's live-in population; the Showroom / F&B components will benefit from the following increase in footfall
  • At the time of purchase, the Singapore office sector was expected by the ASI Research team to  continue to outperform given tight vacancy, stock withdrawal and low new supply
  • 48 56 Peck Seah Street

    Singapore

    48-56 Peck Seah Street
    • Purchased this mixed use office and retail asset in Singapore in January 2020 for S$55.3m reflecting at a net initial yield of 3.5%
    • The asset is located within the core CBD next to Tanjong Pagar train station with a 33m wide main road frontage
    • The asset is classed as a conservation shophouse and boasts attractive larger floor plates and limited new supply in the pipeline
    • The precinct is specifically targeted by URA’s plan to increase the CBD's live-in population; the Showroom / F&B components will benefit from the following increase in footfall
    • At the time of purchase, the Singapore office sector was expected by the ASI Research team to  continue to outperform given tight vacancy, stock withdrawal and low new supply

Spain

Barcelona

WTC Almeda Park Building 4

  • The Fund purchased this modern Grade A multi-let office asset in April 2015 producing a net equivalent yield of 6.45%.
  • The property is situated in the World Trade Centre Park between the airport and city centre and benefits from excellent transportation links by rail, bus or road.
  • The Barcelona office market sat towards the top of our European Non-Core House View at the time of purchase given that we forecasted further yield compression and strong rental growth for this part of the market.
  • There were also asset management opportunities available on acquisition given that the property had around 15% vacant space and a weighted average unexpired lease term of around 4.5 years.

  • Barcelona

    WTC Almeda Park Building 4
    • The Fund purchased this modern Grade A multi-let office asset in April 2015 producing a net equivalent yield of 6.45%.
    • The property is situated in the World Trade Centre Park between the airport and city centre and benefits from excellent transportation links by rail, bus or road.
    • The Barcelona office market sat towards the top of our European Non-Core House View at the time of purchase given that we forecasted further yield compression and strong rental growth for this part of the market.
    • There were also asset management opportunities available on acquisition given that the property had around 15% vacant space and a weighted average unexpired lease term of around 4.5 years.

Japan

Tokyo

Nishi-Shinbashi

  • Acquired this high quality Grade A multi-let office asset in an off-market transaction in June 2014.
  • Accessed this opportunity through our strategic relationship with Sumitomo Mitsui Trust Bank, a leading commercial real estate broker in Japan.
  • Prime location within walking distance of the main central business district in Marunouchi, the asset also benefits from excellent accessibility to rail and subway networks.
  • The purchase reflected a net initial yield of 3.25% and a net reversionary yield of 4.72%.
  • Tokyo offices were at the top of the Asia Pacific House View at the time of purchase due to our belief that the market could see further inward yield movement as well as strong rental growth over the coming years.

  • Tokyo

    Nishi-Shinbashi
    • Acquired this high quality Grade A multi-let office asset in an off-market transaction in June 2014.
    • Accessed this opportunity through our strategic relationship with Sumitomo Mitsui Trust Bank, a leading commercial real estate broker in Japan.
    • Prime location within walking distance of the main central business district in Marunouchi, the asset also benefits from excellent accessibility to rail and subway networks.
    • The purchase reflected a net initial yield of 3.25% and a net reversionary yield of 4.72%.
    • Tokyo offices were at the top of the Asia Pacific House View at the time of purchase due to our belief that the market could see further inward yield movement as well as strong rental growth over the coming years.
Avertissement

Avertissement - La valeur des investissements peut évoluer aussi bien à la hausse qu'à la baisse et les investisseurs sont susceptibles de ne pas récupérer l'intégralité de leurs placements. Avant tout investissement, veuillez vous référer à la rubrique facteurs de risques du prospectus et plus particulièrement à la catégorie de risques associés.

Les investissements comportent des risques. La valeur des investissements et les revenus qu’ils génèrent peuvent évoluer à la hausse comme à la baisse et les investisseurs sont susceptibles de ne pas récupérer l’intégralité du capital investi. Les performances passées ne préjugent pas des résultats futurs.

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