Corporate History and Profile
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Corporate History and Profile

Link Real Estate Investment Trust (“Link REIT”) is the first real estate investment trust listed in Hong Kong, and currently Asia’s largest REIT and one of the world’s largest retail focused REITs in terms of market capitalisation. Wholly owned by private and institutional investors, with 100% free float, Link REIT has been listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) since 25 November 2005 (stock code: 823). Link REIT is a constituent stock of the Hang Seng Index.

Spanning Hong Kong, Beijing, Shanghai and Guangzhou, the portfolio owned by Link REIT consists of properties with about 10 million sq ft of retail space, around 69,000 car park spaces, and a project under development in Hong Kong, as well as properties with about 3 million sq ft of retail and office space in Mainland China *. The portfolio’s retail facilities primarily serve the daily needs of our shoppers, while office properties support corporate tenants to develop their business. The car parks mainly serve tenants and customers of the retail facilities and residents of the surrounding neighbourhoods.
 
*portfolio data are as at May 2017

​​Corporate Structure 
 
Link REIT is a unit trust authorised by the Securities and Futures Commission (the “SFC”) under section 104 of the Securities and Futures Ordinance ("SFO") and regulated by the provisions of the Code on Real Estate Investment Trusts. It adopts an internal management structure whereby the portfolio of properties it owns is managed by Link Asset Management Limited (the “Manager”) which is licensed by SFC to conduct the regulated activity of asset management. Under the internal management structure, the Manager is a part of Link REIT.
 
Structure of Link REIT-02.jpg 
 
Notes:
(i)  No fee is charged on acquisition, disposal, or as a percentage of assets under management or performance-based.
(ii) Special purpose vehicle holding directly and indirectly all the properties of Link REIT.
 
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Business Model of Link REIT​
 Business Model of Link REIT 
The current investment strategy of Link REIT is to invest in sustainable, income-producing retail and commercial properties (excluding hotels and serviced apartments) in Hong Kong and other jurisdictions outside Hong Kong. With its investment strategy expanded in January 2015 to allow property development and related activities, Link REIT’s business model provides a full range of growth drivers encompassing:

(a) asset enhancement to properties with further income growth potential;
(b) asset management of the entire portfolio;
(c) acquisition of quality assets with both income and capital growth potential;
(d) capital recycling through disposal of non-core assets;
(e) property development to design, build and hold; and
(f) re-development of existing properties for long-term sustainable growth.

The ability to develop retail and commercial assets, together with asset acquisition and disposal, enables Link REIT to accelerate the optimisation of the asset portfolio. These drivers complement each other by adding different capabilities at different points in time, and together they drive the growth at various stages of Link REIT’s development.

Link REIT aims to offer tenants, shoppers and communities with vibrant centres for modern living, and our office tenants with business-friendly facilities and services. These in turn provide unitholders with a prudently growing business and steadily increasing total return.
 
What does Link REIT offer investors?
 
Certainty as to business focus
Current policy to distribute 100% of total distributable income for each financial year 
Financial and operating transparency 
A well established internal corporate governance framework
Enhanced liquidity in comparison to direct investments in real estate​


 
What does Link REIT offer investors?
 
 
 
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Euromoney Real Estate Awards 2013 Best Investment Manager in Hong Kong 2015 Institutional Investor Most Honored Company in Hong Kong 2015 The Asset Triple A Awards Property Investor of the Year DJSI Asia Pacific FTSE4Good GRESB Green Star 2014 Hong Kong Awards for Industries: Customer Service Grand Award Web Accessibility Recognition Scheme