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Fundraising and capital markets

Data room for S-REIT listings and acquisitions

Short answerS-REIT IPOs and acquisitions involve large property document sets: titles, leases, tenancy schedules, valuations, building reports and financing. A data room with folder upload, strong permissions and Q&A keeps sponsors, managers, valuers, lawyers and lenders working from the same records.

How it works in Singapore

Singapore is one of Asia's largest REIT markets, with S-REITs holding properties in Singapore and abroad: offices, retail, industrial, logistics, data centres and hospitality. REIT managers are regulated by MAS under the Code on Collective Investment Schemes, including the property funds appendix.

Every acquisition needs due diligence, independent valuations and often unitholder approval for interested party transactions.

Best data rooms for reit listings

Our five measures re-weighted for this use case, with a small bonus for rooms built for it. Prices before 9% GST.

  1. 1 Ellty ~S$191/mo 9.2 Visit Ellty
  2. 2 iDeals On quote 8.7
  3. 3 Datasite On quote 8.7
  4. 4 Ansarada On quote 8.5
  5. 5 Drooms On quote 8.4
  6. 6 Intralinks On quote 8.3
  7. 7 Firmex On quote 8.3
  8. 8 Box ~S$19/user/mo 8.0
  9. 9 SmartRoom On quote 7.9
  10. 10 DealRoom On quote 7.9
26%Security25%Deal tools17%Permissions16%Ease of use16%Cost

Folder index for reit listings

01
PropertiesOne folder per property: title, plans, permits.
02
LeasesTenancy schedules and lease agreements.
03
ValuationsIndependent valuation reports.
04
TechnicalBuilding condition and environmental reports.
05
FinancingFacility agreements and hedging.
06
Offering or circularProspectus or circular drafts.

Singapore rules that apply

Property funds rules (CIS Code)

Gearing limits, valuation requirements and interested party rules for REITs.

SGX Listing Rules

Disclosure and unitholder approval for significant or interested party acquisitions.

Take-over Code

Applies to listed REITs.

More detail: SGX listing rules, Take-over Code.

Features you need

FeatureWhy it matters hereRooms in our top 10 that list it
Folder uploadA whole folder tree goes up in one drag, keeping its numbering.10 of 10
View and download controlEach file can be set to view-only, print or download, and the setting can be changed later.9 of 10
Q&A workflowBidders post a question against a file; your team drafts, approves and publishes the reply, and the whole thread is kept.9 of 10
Audit trailTime-stamped history of who opened, printed or downloaded each document, exportable for a dispute, insurer or regulator.10 of 10

How to set it up

  1. One folder per propertySame sub-folders for every asset.
  2. Tenancy schedule firstReconcile leases with the schedule.

Mistakes to avoid

  • Tenancy schedules that do not match leases.
  • Valuations without supporting documents.

Questions people ask

What does a REIT acquisition room contain?

Titles, leases, tenancy schedules, valuations, technical reports and financing documents for each property.

Who regulates S-REITs?

MAS regulates REIT managers under the CIS Code; SGX regulates the listing.

Do overseas properties change the room?

Yes, add local title and lease records and translations for each country.