Singapore-listed Elite Commercial REIT has seen revenue nudge up over the start of the year as it sets out on a new strategy to focus on the UK living sectors.
In a business update for the first three months of 2024, the REIT posted a 0.8% rise in revenue to £9.2m and distributable income to unit-holders of £4.4m.
Chief executive Joshua Liaw said: “While market uncertainty persists, we have reinforced our capital structure with new credit facilities and have started putting our asset repositioning strategies into action…
“With our expanded investment mandate to include the defensive living sector, we have identified several potential opportunities in our portfolio. The UK student housing market and build-to-rent segments are currently facing a supply-demand imbalance, which presents an opportunity for our assets to be repositioned to fill this gap. We remain focused on bolstering our foundation for future growth.”
The REIT said last month that its investment strategy would be expanded to include a wider scope of living asset classes within the UK.
Photo by Image Source/REX/Shutterstock (482286a)
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