United Hampshire US Reit acquires freehold Pennsylvania shopping centre for US$16.4 million
The acquisition of Dover Marketplace, a retail neighbourhood shopping centre, is set to expand the Reit's grocery-anchored portfolio and increase its exposure to the sector, the manager said.
The Reit's third acquisition in Pennsylvania extends its footprint in the densely populated and affluent US North-east markets, the manager said.
Built in 2001, the property is located in Dover Township in York County, Pennsylvania, in the stable suburban community in the York Metropolitan Area.
With a net lettable area of around 61,044 square feet and a committed occupancy rate of 96.1 per cent, it has a total of nine tenants, comprising its anchor tenant, supermarket operator Giant, and a diverse mix of other tenants, including Fortune 500 company M&T Bank and global fast-food chain Subway.
Giant, which has a long-term lease at the property, has been its anchor tenant for nearly 25 years.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
Dover Marketplace also benefits from strong regional and local accessibility with its proximity to major roadways, the manager said.
Its US$16.4 million purchase consideration is around 4.8 per cent below the property's independent valuation of US$17.2 million as at Jun 30, 2025, said Gerard Yuen, chief executive officer of the manager.
As part of the Reit's capital recycling and portfolio optimisation strategy, the acquisition was fully funded by proceeds from the divestment of the Reit's supermarket property in Albany, New York – completed in Q1 2025.
It is expected to increase the Reit's distribution per unit from US$0.0395 to US$0.0403 on a pro forma FY2024 basis.
Back in October 2024, Yuen noted that the Reit was on the lookout for accretive acquisitions that would diversify its portfolio as part of plans to achieve its target of US$1 billion in assets under management by 2026.
Listed on the mainboard of the Singapore Exchange since March 2020, United Hampshire US Reit's investment strategy focuses on investing in a diversified portfolio of stabilised income-producing, grocery-anchored and neccesity-based properties.
Its portfolio comprises 19 predominantly freehold grocery and necessity properties and two self-storage properties concentrated in the US east coast, with a carrying value of around US$731 million.
Its malls typically have a major grocer as an anchor tenant, such as Walmart or Best Buy. Such businesses draw customers living in suburban areas and are able to attract footfall to physical stores despite the trend of online shopping, the Reit noted previously.
Units of United Hampshire US Reit closed on Friday 1.1 per cent or US$0.005 lower at US$0.47.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
14 minutes ago
- Straits Times
Jackie Bezos, who funded her son Jeff's start-up Amazon, dies at 78
Jeff Bezos wrote that his mother, Jackie Bezos, passed away 'surrounded by so many of us who loved her". Seattle - Jackie Bezos, a fierce protector of her son Jeff before he founded and a deep-pocketed advocate for early childhood education, has died. She was 78. Ms Bezos died at her home in Miami on Aug 14, according to the Bezos Family Foundation's website. In a tribute on social media, Jeff Bezos wrote that his mother passed away 'surrounded by so many of us who loved her,' saying her death followed 'a long fight with Lewy body dementia.' With her husband, Miguel, Ms Bezos was the first to invest in Amazon. Their two cheques, totaling US$245,573 (S$315,400) in 1995, backed the start-up that Jeff Bezos warned would probably fail. It didn't, of course, and the investment – along with subsequent purchases of Amazon shares – netted them a fortune estimated to be as large as US$30 billion in 2018. Starting in 2000 – decades before their son or his company launched their own philanthropic endeavours – the couple funded educational programmes through the Bezos Family Foundation. For years, it was the highest-profile charity giving away a slice of the fortunes created by the e-commerce giant. 'At the core of the foundation's work is Jackie's belief that rigorous, inspired learning – in the classroom and in children's hundreds of daily interactions with adults – will allow students from birth to high school to put their education into action,' the organisation says on its website. It says her 'vision' is behind two in-house programmes – Vroom, which disseminates parenting tips via an app and other methods, and the Bezos Scholars Program, which chooses 17 young Americans and Africans to be trained in a leadership development programme each year. The foundation has backed hundreds of other organisations, primarily focused on kids and young adults. It made its biggest single gift in August 2024 – US$185.7 million to the Aspen Institute to underwrite a new centre focused on young people. Jacklyn Marie Gise was born in Virginia on Dec 29, 1946. She grew up in New Mexico, where her father, Lawrence Preston Gise, was a senior official at the US Atomic Energy Commission, the agency that then oversaw US nuclear laboratories. During her sophomore year in high school in Albuquerque, she became pregnant by Theodore Jorgensen, a senior. They married in 1963 and their son, Jeffrey Preston Jorgensen, was born the following January. Jacklyn, known as Jackie, moved back in with her parents and filed for divorce from Mr Jorgensen when their son was 17 months old. Newly single, Jackie completed high school on conditions imposed by administrators: that she not speak to classmates, loiter on campus or attend graduation. She later enrolled in community college, seeking out professors who would permit her to bring a toddler to class. It was around this time, while working in the Bank of New Mexico's bookkeeping department, that she met Miguel Bezos, a Cuban-born college student who was a night teller at the bank. He had arrived in the United States at age 16, a refugee among the thousands of other children sent to live in the US after Fidel Castro's revolution. The two married in April 1968 and moved to Texas, where Miguel took a job as a petroleum engineer with what became Exxon Corp. They had two children: Christina, in 1969, and Mark, in 1970. Jeff, who had no relationship with his biological father, was adopted by Miguel and took the Bezos surname. Jackie got Jeff – a curious child who at age 3 took apart the walls of his crib so he could sleep in a bed – into a pilot programme for gifted students at a Houston elementary school. She did the same when the family later moved to Pensacola, Florida. She indulged Jeff's passions, regularly ferrying him to Radio Shack so he could tinker with homemade electronics. After Jeff gave up his New York hedge fund job to found Amazon near Seattle, his parents put much of their nest egg into the company – a decision they would later say was a bet on their son rather than the prospects of an internet bookseller. When Amazon became a Wall Street darling after its 1997 initial public offering, Jackie visited newsstands to find stories about her son, then left the magazine open to that page. BLOOMBERG
Straits Times
44 minutes ago
- Straits Times
Thousands ask Harvard not to ‘give in' and pay fine to Trump
Sign up now: Get ST's newsletters delivered to your inbox The letter, signed by more than 14,000 Harvard alumni, students, faculty and members of the public, comes as the school is at the negotiating table with the Trump administration. A coalition of groups at Harvard urged the university to reject striking a deal with the Trump administration that would relinquish 'the university's autonomy in unconstitutional or unlawful ways'. The letter, signed by more than 14,000 Harvard alumni, students, faculty and members of the public, comes as the school is at the negotiating table with the Trump administration. The university is trying to restore the billions of dollars in research funds that the Trump administration has frozen and put an end to attacks on several other fronts. 'A settlement with the Trump administration will have a chilling effect on the Harvard community and on all of higher education,' stated the letter, sent by Crimson Courage, a new alumni group that formed to defend academic freedom. It was addressed to Harvard's president Alan M. Garber and the board that governs the university. The government has targeted top universities, claiming that they have failed to protect Jewish students from antisemitism and allowed diversity programming to flourish. It has cut off or frozen research money, forcing universities to negotiate to turn the funding tap back on. Top stories Swipe. Select. Stay informed. Singapore No service on Sengkang-Punggol LRT due to power fault: SBS Transit Singapore Owners call for stronger management rules in ageing condos, but seek to avoid being overburdened Asia Johor seizes four Singapore-registered vehicles for illegal e-hailing Singapore More families in Singapore using childminding and elder-minding services Business US Treasuries a draw as yield gap with S'pore govt bonds widens, but analysts urge caution Asia Attack on my son is a 'warning' to silence me, says Malaysian MP Rafizi Ramli World Trump says Putin ready to make deal on Ukraine as leaders prepare for Alaska meeting Singapore From quiet introvert to self-confident student: How this vulnerable, shy teen gets help to develop and discover her strength Several universities recently struck agreements with the Trump administration that could inform the terms of the negotiations. Columbia University signed a deal that included more than US$200 million (S$256.72 million) in payment to the government in exchange for the restoration of more than US$400 million in grants that were terminated or frozen by the Trump administration. Brown University agreed to pay US$50 million to state workforce development programs along with other demands to restore frozen funding. The University of Pennsylvania also recently struck a deal that limits how transgender athletes can participate in sports. The Aug 14 letter urged Harvard to reject that trend. 'Columbia and Brown's settlements represent a dangerous capitulation that risks eroding the foundation of American higher education,' the letter stated. 'They must not become a precedent guiding Harvard or other higher educational institutions nationwide.' It added: 'Do not give in.' Harvard did not immediately respond to a request for comment. It is the only university that has directly sued the administration, a move that had been praised by some who saw the elite school as one of the few powerful institutions standing up to the Trump administration's conservative agenda. That decision prompted a wave of donations. But as the school has indicated that it is willing to make a deal with the government, professors have worried that if an influential university like Harvard turns over a large sum of money, it would have a cascading effect on higher education as a whole. 'At one level I understand why you do this,' said Dr Todd Wolfson, the president of the American Association of University Professors, a faculty rights group. 'You need to run your institution. It needs to be financially whole. But at another level, I feel like in preserving the institution you're selling out the sector,' he said. Dr Wolfson added that 'the most powerful, well-heeled institutions of higher education in this country are cutting deals with the Trump administration that undermine the future of higher education.' In July 2025, the administration accused Duke University of 'systematic racial discrimination' and froze US$108 million in research funding, before issuing findings or even conducting an investigation. The administration said recently that it was seeking US $1 billion from UCLA after the school settled a lawsuit that accused the university of not interfering when pro-Palestinian protesters blocked campus access to Jewish students. Governor Gavin Newsom of California and other political leaders in that state have said they would push back against the president's targeting of UCLA. Earlier in the week, the governor also criticised Harvard for negotiating with the Trump administration, suggesting Dr Garber should resign for trying to work with the president. NYTIMES
CNA
44 minutes ago
- CNA
Japan posts unexpectedly strong GDP, helped by export rush
TOKYO: Japan's economy grew much faster than expected in the second quarter, helped by a rush of exports ahead of US tariffs taking effect, giving the central bank some of the conditions it needs to resume interest rate hikes this year. Gross domestic product (GDP) rose 1 per cent on an annualised basis, government data showed on Friday (Aug 15), marking the fifth straight quarter of expansion after the previous quarter's contraction was revised to growth. However, analysts warn global economic uncertainties fuelled by US tariffs could weigh on the world's fourth-largest economy in the coming months. "The April-June data masked the real effect of Trump's tariffs," said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute. "Exports were strong thanks to solid car shipment volumes and last-minute demand from Asian manufacturers ahead of tariffs. But these aren't sustainable at all." The increase in GDP was helped by surprisingly resilient exports and capital expenditure and compared with median market expectations for a 0.4 per cent gain in a Reuters poll. It followed a 0.6 per cent rise in the previous quarter, which was revised from a 0.2 per cent contraction. The reading translates into a quarterly rise of 0.3 per cent, better than the median estimate of a 0.1 per cent uptick. Private consumption, which accounts for more than half of economic output, rose 0.2 per cent, compared with a market estimate of a 0.1 per cent increase. It grew at the same pace as the previous quarter. Consumption and wage trends are key factors the Bank of Japan is watching to gauge economic strength and determine the timing of its next interest rate action. Capital spending, a key driver of domestic demand, rose 1.3 per cent in the second quarter, versus a rise of 0.5% in the Reuters poll. Net external demand, or exports minus imports, contributed 0.3 of a point to growth, versus an 0.8 point negative contribution in the January-March period. The government last week cut its inflation-adjusted growth forecast for this fiscal year to 0.7 per cent from the initially projected 1.2 per cent, predicting US, tariffs would slow capital expenditure while persistent inflation weighs on consumption. Exports have so far avoided a major hit from US tariffs as Japanese automakers, the country's biggest exporters, have mostly absorbed additional tariff costs by cutting prices in a bid to keep domestic plants running. The economic resilience, along with a US-Japan trade deal struck last month, supports views the BOJ could hike interest rate later this year. However, economists expect exports will suffer in the coming months as they start passing on costs to US customers. "It's possible the economy could slip into decline in the July-September quarter as exports slow," Shinichiro Kobayashi, principal economist at Mitsubishi UFJ Research and Consulting, said. "For the economy to fully pick up, private consumption holds the key. Consumption could improve towards the end of the year as inflation gradually slows and sentiment recovers," he said.
