Sasseur REIT property, Hefei Outlets. (Photo: Sasseur REIT)

Data from Sasseur REIT’s latest results have been updated into the Singapore REITs table.

Sasseur REIT’s portfolio of four outlet malls in China has delivered higher 2Q 2020 sales, rental income and distributable income as compared to 1Q 2020.

As a result, the REIT’s distribution per unit for 2Q came in at 1.512 cents, 13.3% higher than 1Q 2020 DPU of 1.334 cents

The REIT’s malls generated combined sales of RMB835.7 million in the quarter 18.6% lower year-on-year.

But the figure is 56% higher than the combined sales of RMB534.5 million in 1Q 2020.

Overall portfolio occupancy of 93.6% for 2Q 2020 showed slight decrease compared to 1Q 2020, mainly due to the decrease of occupancy rate of Bishan Outlets as a result of impact of the virus.

Sasseur REIT’s team continues to work closely with all mall tenants to attract more customers and drive up sales during this period of recovery, said the REIT.

Asset enhancement initiatives (AEIs) for Hefei and Chongqing Outlets are underway.

These include the re-configuration of the retail units and floor plates to achieve better efficiency to enhance rental potential, and refurbishing the interior of the outlets to improve the shopping experience for shoppers.

“While there still remains economic uncertainty and health concerns across the globe, China has thankfully recovered from the worst of the virus outbreak”, said the REIT.

“Businesses are gradually reopening and the people are gradually resuming their normal activities”, it added.

Sasseur REIT was last done on the Singapore Exchange (SGX) at SGD0.76.

This implies a yield of about 7.9% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.