Sunlight Real Estate Investment Trust (“Sunlight REIT”) Operational Statistics for the Quarter Ended 30 September 2019

HONG KONG, CHINA –
Media OutReach�- 17 October 2019 - Henderson Sunlight Asset Management
Limited (the ”
Manager“), as manager
of Sunlight Real Estate Investment Trust (”
Sunlight
REIT
“), announces the operational statistics of Sunlight REIT for the first
quarter of the financial year 2019/20.

At 30 September 2019,
the average occupancy rate of the overall portfolio of Sunlight REIT was 95.9%
(30 June 2019: 95.3%). Office occupancy rate improved to 95.9% (30 June 2019:
94.0%), mainly attributable to the partial handover of the new co-working space
at Strand 50. On the other hand, retail occupancy rate declined to 95.9% as compared
with 98.1% at 30 June 2019, principally reflecting a trade mix reshuffling
exercise at Metro City Phase I Property (”
MCPI“).

Passing rent of the
overall portfolio was HK$49.1 per sq. ft. at 30 September 2019, representing a
quarterly increase of 1.0%. Rental reversions for the office and retail
portfolios, calculated on the basis of change in effective rent of the leases
that have been renewed and commenced during the quarter, were 13.3% and 9.1%
respectively.

On the office front,
Sunlight Tower was fully let as passing rent improved 0.3% quarter on quarter.
The Sheung Wan/Central office portfolio performed well with an average passing
rent increase of 3.8%.

Regarding the retail
portfolio, Sheung Shui Centre Shopping Arcade recorded an occupancy rate of
97.7% with passing rent unchanged at HK$118.4 per sq. ft.. Meanwhile, both MCPI
and Kwong Wah Plaza Property recorded reasonable passing rent improvement
during the quarter under review.

Remarks: Attached operational statistics of Sunlight REIT
for the first quarter of the financial year 2019/20.

Operational statistics for the first quarter of the
financial year 2019/20

Property	Location	Occupancy Rate (%) 1		Passing Rent (HK$/sq. ft.) 2
		at 30 Sep 19	at 30 Jun 19	at 30 Sep 19	at 30 Jun 19
Office
Sunlight Tower	Wan Chai	100.0	98.2	39.7	39.6
Strand 503	Sheung Wan	78.8	68.44	34.0	31.8
The Harvest	Mong Kok	91.3	96.4	52.5	51.2
135 Bonham Strand Trade Centre Property	Sheung Wan	98.0	100.0	30.0	29.4
Winsome House Property	Central	100.0	100.0	45.5	43.8
Righteous Centre	Mong Kok	100.0	100.0	36.6	36.3
235 Wing Lok Street Trade Centre	Sheung Wan	94.9	93.8	22.6	22.6
Java Road 108 Commercial Centre	North Point	96.1	96.1	26.6	26.4
On Loong Commercial Building	Wan Chai	100.0	100.0	32.1	31.6
Sun Fai Commercial Centre Property	Mong Kok	96.5	100.0	23.4	22.7
Wai Ching Commercial Building Property	Yau Ma Tei	100.0	97.2	16.9	16.1
Average		95.9	94.0	36.0	35.5
Retail
Sheung Shui Centre Shopping Arcade	Sheung Shui	97.7	98.1	118.4	118.4
Metro City Phase I Property	Tseung Kwan O	94.1	98.9	59.7	57.5
Kwong Wah Plaza Property	Yuen Long	100.0	100.0	54.8	54.3
Beverley Commercial Centre Property	Tsim Sha Tsui	75.4	62.9	45.0	45.6
Supernova Stand Property	North Point	100.0	100.0	54.5	54.5
Average		95.9	98.1	77.3	75.8
Average		95.9	95.3	49.1	48.6

Notes:

1.        
Calculated on the basis of occupied
gross rentable area (”
GRA“) as a
proportion of total GRA on the relevant date.

2.        
Calculated on the basis of average
rent per sq. ft. for occupied GRA on the relevant date.

3.        
The property was previously known as
Bonham Trade Centre.

4.        
Excluding the renovated area, the
occupancy rate would have been 95.4%.

About Sunlight REIT

Sunlight REIT (Stock
code: 435) is a real estate investment trust authorized by the Securities and
Futures Commission and constituted by the trust deed dated 26 May 2006 (as
amended and supplemented by six supplemental deeds),
and has been listed on The Stock Exchange of Hong Kong Limited on 21 December
2006. Sunlight REIT offers investors the opportunity to invest in a diversified
portfolio of 11 office and five retail properties in Hong Kong with a total
gross rentable area of over 1.2 million sq. ft.. The office properties
are primarily located in core business areas, including
Wan Chai and Sheung Wan/Central, as well as in decentralized business areas
such as Mong Kok and North Point. The retail properties are situated in
regional transportation hubs and new towns including Sheung Shui, Tseung Kwan O
and Yuen Long, as well as in urban areas with high population density.

About the Manager

The Manager of
Sunlight REIT is an indirect wholly-owned subsidiary of Henderson Land
Development Company Limited (??????????); its responsibility
is to manage Sunlight REIT in the sole interest of the unitholders in
accordance with the Trust Deed.

 

Disclaimer:

The
information contained in this press release does not constitute an offer or
invitation to sell or the solicitation of an offer or invitation to purchase or
subscribe for units in Sunlight REIT in Hong Kong or any other jurisdiction.