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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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Parkway Life REIT


Parkway Life REIT is established by Parkway Holdings to invest primarily in income-producing real estate and/or real-estate related assets in the Asia Pacific region that are used primarily for healthcare and/or healthcare related purposes. The initial portfolio includes Mount Elizabeth Hospital, Gleneagles Hospital and Eastshore Hospital. The prospectus is here.

Offering: 288,865,000 units at $1.28 per unit. (subject to overallotment).
Public offer closing date: 13 August 2007 12 pm
Listing date: 23 August 2007 2pm

This is the 2nd "healthcare" reit after First Reit. Although the yield is lower than First Reit, it can be considered as a better quality Reit when compared to First Reit as it has 3 well-known hospitals that are located in Singapore (no political or forex risk) and is backed by a reputable sponsor (where Singapore is trying to be a medical hub). Unfortunately the yields from Parkway REIT is not 'spectacular' where it offers 4.74% in 2007, 4.88% in 2008 and 5% in 2009. It could, however, provide an alternative asset class to investors who wants to diversify their exposure from other types of property REITs.

Personally i believe Parkway REIT will be well received by the investors and assuming a yield compression to 4% on blended 2007/2008 yields, the fair value should be between $1.50 to $1.60 and that represent some 10-20% upside from its IPO price. In times of uncertainty, defensive stocks like Parkway REIT should still be well -received by the investing public, especially one from a reputable Sponsor with good properties.
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