[SINGAPORE] United Hampshire US Reit has acquired a freehold grocery-anchored shopping centre in Pennsylvania for a purchase consideration of S$16.4 million, the manager said on Saturday (Aug 2).
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.
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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.