Elite UK REIT - RHB Research 2026-05-28: Yield Stability Amidst Uncertainty; BUY

• While Elite UK REIT is not fully immune to macroeconomic headwinds in the UK, its stable cash flow profile from the sovereign tenant offers value at ~9% yield.

• Our recent site visit to a few of Elite UK REIT’s assets reinforced the critical nature of its UK Government social infrastructure portfolio. Although some of the assets could be consolidated in future, Elite UK REIT’s pivot into the living sector offers repurposing ability to extract upside potential from housing supply shortage (UK).

Key site visit takeaways.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• asset utilisation from tenants and end users seem to have noticeably improved;
• Prime asset location and standalone facilities with freehold land title provide good alternate usage (living sector) opportunities in the medium-term;
• shortage of quality living sector assets due to permit and construction delays while demand, particularly for high quality assets, remains strong; and
• rising concerns over inflationary impact from the Middle East conflict but Elite UK REIT’s portfolio is partially mitigated from triple-net leases and strong government tenant credit profile.

Consultant meeting takeaways.

• Read more at SGinvestors.io.

Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2026-05-28

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