Spring Real Estate Investment Trust : Unaudited Operating Statistics for the Three Months Ended 30 September 2019

The Securities and Futures Commission of Hong Kong, Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Spring Real Estate Investment Trust

(a Hong Kong collective investment scheme authorized under section 104 of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong))

(Stock Code: 01426)

Managed by

Spring Asset Management Limited

UNAUDITED OPERATING STATISTICS FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2019

The board of directors (the "Board") of Spring Asset Management Limited (the "Manager"), as manager of Spring Real Estate Investment Trust ("Spring REIT"), hereby announces certain unaudited operating statistics of Spring REIT's property portfolio for the three months ended 30 September 2019 as follows:

1. Office Tower 1 and 2 of China Central Place in Beijing ("CCP Property")

	For the Three Months Ended			30 September			30 June			Change
			2019			2019
	Average Monthly Passing Rent (RMB/sqm)		362		362		0.0%
	Average Occupancy (%)		94		93			+1 ppts

For the three months ended 30 September 2019, CCP Property achieved an average monthly passing rent of approximately RMB362 per square meter ("sqm"), remain unchanged from that of previous quarter, and the average occupancy rate was approximately 94%, representing an increase of 1 percentage points from that of the previous quarter.

2. Commercial properties located in the United Kingdom ("UK Portfolio")

Each of the 84 properties in the UK Portfolio is under a long-term lease with the tenant Kwik-Fit (GB) Limited, a leading car servicing operator in the United Kingdom. All but one of the leases expire in March 2032. Currently, the UK Portfolio has an occupancy rate of 100%, with an annual contract rental income of approximately £4.51 million. The rent under each lease is subject to mark-to-market rent review every 5 years, under which the rent can only be revised upward.

The abovementioned operating data is based on preliminary internal management records. It has not been audited or reviewed by external auditor. As such the data contained herein is for investors' reference only.

By order of the Board

Spring Asset Management Limited

(as manager of Spring Real Estate Investment Trust)

Mr. Toshihiro Toyoshima

Chairman of the Manager

Hong Kong, 25 October 2019

As at the date of this announcement, the directors of the Manager are Toshihiro Toyoshima (Chairman and non-executive director); Nobumasa Saeki and Leung Kwok Hoe, Kevin (executive directors); Hideya Ishino (non-executive director); and Simon Murray, Lam Yiu Kin and Liping Qiu (independent non-executive directors).