K-REIT Asia’s Q1 distributable income up 166% to S$11.4m on-year

K-REIT Asia has booked a first quarter distributable income of S$11.4 million, up 166 per cent from the same period a year ago.

The jump was mainly due to contributions from its one-third interest in One Raffles Quay, which was acquired in December 2007.

K-REIT said it saw strong rental and occupancy rates.

The company is hoping to raise almost S$552 million through a rights issue in March. Proceeds of the rights issue will be used to repay the loan for its stake in One Raffles Quay.

For the first quarter ended March, K-REIT Asia will distribute S$0.046 per unit.

K-REIT Asia’s portfolio includes Prudential Tower, Keppel Towers, GE Tower, Bugis Junction Towers and one-third interest in One Raffles Quay, which were worth a total of S$2.1 billion as of December 2007. – CNA/ac

Source : Channel NewsAsia – 21 Apr 2008

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