$Sasseur Reit(CRPU.SG)

🦎 IGGY TRADE JOURNAL, 3 SEP 2026

Not a brief today, Iguanas. A journal entry. I put fresh capital to work this week and want to walk through it the way I walk through everything else.

WHY I MOVED

Cash had been sitting since my last REIT exit. Before deploying it I ran the same checklist I run on every income name: yield against my minimum hurdle, gearing, interest coverage, occupancy. Two names cleared the bar well enough to act on.

👁 CRPU Sasseur REIT

My read on this name has shifted. Yield clears my minimum hurdle with real room to spare. Gearing is among the lowest I track on the whole exchange. Interest coverage is comfortably above the floor I look for.

Occupancy is holding well above my threshold. The watch item has not gone away though, this is a single market bet, all four malls sit in mainland China, and the income comes back to me in renminbi before conversion. Cost of debt was just refinanced down to a record low, and lease renewal talks with the landlord group are already underway, so the near term renewal risk is being actively managed rather than sitting unresolved. Sized this smaller than a full position given the new country exposure.

👁 AJBU Keppel DC REIT

My read here has shifted too. Gearing now sits within the range I look for. Interest coverage is comfortably above my floor, the strongest of anything I checked this round. The one metric outside my range is occupancy, one facility came off contract and dragged the portfolio figure down. Strip that one facility out and occupancy is back above my threshold. Management says it is being actively re-leased, no confirmed timeline yet. Sized this smaller than Sasseur given that open item.

IGGY'S TAKE

Two different risk profiles, same discipline underneath. I do not buy a yield number on its own. I check what is holding it up before I commit capital, and I write down what would change my mind before I am three

weeks in and rationalising.

Not financial advice.