At an EGM held at 10 am on Sept 30, 100% of ParkwayLife REIT’s unitholders voted for the proposed entry into the new master lease agreements with IHH Healthcare for Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital and for the Renewal Capex Agreement.
See: IHH’s Ebitda creates buffer for occupancy cost at ParkwayLife REIT
The new master lease agreements will lift rents by 39.6% at the end of Year 4 of the renewal term versus the estimated rent for Year 15 of the IPO master lease agreement. The new portfolio weighted average lease to expiry (WALE) is raised to 16.6 years compared to just 5.7 years, providing stability of income for the long term, with the three hospitals fully leased till 2042.
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