A SASSEUR Real Estate Investment Trust (Reit) : CRPU 0%&rsquo s wholly-owned subsidiary has extended an unsecured interest-bearing loan of 308 million yuan (S$58.1 million) from its sponsor by a year, the Reit&rsquo s manager announced on Thursday (Dec 7).

 

In a filing to the Singapore Exchange, Sasseur Asset Management said that the loan from a wholly-owned subsidiary of sponsor Sasseur Cayman Holding has been extended by another year from March 2024 to March 2025.

 

In February 2023, the parties entered into a one-year loan agreement with extension for up to another year with mutual agreement. The terms and conditions of the sponsor loan agreement remain unchanged under the extension, but were not disclosed in the bourse filings.

SASSEUR Real Estate Investment Trust : CRPU -2.22% (Reit) has posted a distribution per unit (DPU) of S$0.01512 for the third quarter ended Sep 30, down 17.7 per cent on the year from S$0.01838.

 

The drop in DPU came mainly from unfavourable foreign exchange (FX) rates and higher finance costs, its manager said in a business update on Friday (Nov 10).

 

The China retail-focused Reit&rsquo s entrusted management agreement income was 6.5 per cent higher in yuan terms at 161.9 million yuan, but 1.5 per cent lower at S$30.3 million in Singapore dollar terms.

 

Total outlet sales for the quarter rose 15.8 per cent to 1.1 billion yuan.

 

As at end-September, portfolio occupancy stood at 97.9 per cent &ndash a record high since its initial public offering (IPO) in 2018, the manager said. The Reit&rsquo s weighted average lease expiry by net lettable area stood at 2.4 years.

 

Gearing, meanwhile, was 25.4 per cent &ndash the Reit&rsquo s lowest since its IPO, down from 26.2 per cent at end-June. Sasseur Reit&rsquo s interest coverage ratio remained unchanged at four times from the previous quarter.

 

The distribution will be paid out on Dec 27, after the record date on Dec 11.

 

The Reit&rsquo s portfolio includes outlets in China, such as Sasseur (Hefei) Outlet.