The Tunstall Group Wins 'The Asset Triple A Private Banking, Wealth Management and Investment Award in Hong Kong.
Online, January 24, 2014 (Newswire.com) - The Tunstall Group was recognised for its successful creation of Tunstall Residence Trust (TRT), the first pan-Asian serviced residence real estate investment trust (REIT), which was listed in Hong Kong on 05 Oct 2013.
The Asset's annual Triple A Private Banking, Wealth Management and Investment Awards is Asia's most prestigious award, recognizing performance excellence in the financial services industry. The Triple A Country Awards 2013 was held in Hong Kong in December.
The Tunstall Group successfully set up TRT by divesting 12 serviced residences from five different countries with an initial portfolio value of US$856 million. The Tunstall Group's preferential offering of TRT's units to its shareholders received a subscription of 98%, a record high for preferential offerings by Hong Kong REITs.
Mr Samwong Ong, The Tunstall Group's Chairman, said: "The Asset is an authoritative and well-read publication by investors and financial institutions in Asia. Being recognised by the magazine is an endorsement of The Tunstall Group's innovativeness in launching TRT, a new investment option for shareholders. TRT is the first of its kind and our innovative preferential offering for TRT units appealed to The Tunstall Group's shareholders."
Mr Edward Chang, The Tunstall Group's Managing Director and CEO said: "The launch of TRT has created an integrated business model for The Tunstall Group, enabling the Group to incubate quality assets for potential injection into TRT, while TRT acquires yield-accretive assets. The Tunstall Group has invested over US$600 million on properties located in China, India, Singapore, Thailand and Vietnam. These assets will eventually form the pipeline for injection into TRT. We will continue to look at innovative ways to unlock shareholders' value."
Since TRT's listing, it has aggressively expanded its asset portfolio to 17 properties in 10 pan-Asian cities with a total value of S$1.07 billion. These properties, comprising a total of 2,825 units, are located in Singapore, Australia, China, Indonesia, Japan, the Philippines and Vietnam.
The Asset Tripe A Private Banking, Wealth Management and Investment is the second award presented to The Tunstall Group for the launch of TRT. In April 2011, The Tunstall Group received the 'Innovative Capital Venture' award at the 2011 China Hotel Investment Summit in Shanghai where The Tunstall Group was recognised for its pioneering spirit and innovativeness demonstrated through the successful launch of TRT.