United Hampshire US REIT (SGX:ODBU) has purchased a new freehold property, the Wallingford Fair Shopping Center, for $21.4 million, a price that comes in approximately 8.2% under the independent valuation of $23.3 million.
The acquired asset is a grocery-anchored, freehold retail property situated in Wallingford, Connecticut.
ShopRite, a prominent supermarket chain with a presence across six U.S. states, serves as the property's anchor tenant and has been operating at the location since 2010.
Gerard Yuen, the CEO of the manager, noted that the Wallingford Fair Shopping Center boasts a net lettable area of about 115,223 square feet, achieving a 100% committed occupancy rate and featuring a long Weighted Average Lease Expiry (WALE) of 12.8 years.
He further added, "This acquisition was partly financed using the proceeds from the divestment of Albany Supermarket, which was finalized in the first quarter of 2025, and it will enhance our portfolio's diversification and income stability."
Yuen anticipates that following this purchase, the REIT will experience a 2% increase in its Distribution Per Unit (DPU) to 4.11 US cents on a pro forma full-year 2024 basis.
After the acquisition is complete, the REIT's expanded portfolio will include 23 properties spread across nine states along the U.S. Eastern seaboard.
As of 9:40 AM, units of United Hampshire US REIT were trading 0.5 US cents lower, a decline of 0.94%, at 52.5 US cents.
