Elite UK REOT – From Distressed to De-stressed

Met up with Elite UK REIT CEO Josh Liaw and IR Head Pearl L. for coffee. When Josh took over the helm at Elite in 2023, it was, in his words, distressed.

Leverage was flirting with the regulatory limit of 50%, and the clock on the bulk of the assets were ticking down to 2028 expiries. The REIT has a 99% exposure to the UK government, with the lion’s share of its assets leased to Department for Work and Pensions (DWP).

Since then, he has brought gearing down to a comfortable 37%, and extended the majority of the leases by another 7-10 years.

From distressed to de-stressed – that’s quite a turnaround.