Unitholders of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) on Tuesday voted "resoundingly" in favour of the proposed merger of CMT and CCT to form a new real estate investment trust (Reit), though CCT unitholders had lower percentage approvals than CMT unitholders. In a joint statement, the managers said more than 3,000 unitholders voted by proxy at CMT's extraordinary general...
REITS
Ascendas Real Estate Investment Trust (Reit) is selling a two-storey ramp-up warehouse building along Changi South Street 1 to minimart chain operator Hao Mart for S$20.3 million, the fund manager announced on Monday. The sale price for 25 Changi South Street 1 is 14 per cent more than the original purchase price of S$17.8 million, and 2 per cent higher than the property's market valuation of S$19.9...
Eagle Hospitality Trust's (EHT) sponsor is working on a 30-year plan to preserve and improve the trust's Queen Mary floating hotel docked in Long Beach, California. Urban Commons (UC), which operates the historic ship, announced this in a statement released to Singapore media on Monday, although it did not disclose when the plan will be published. The preservation blueprint will be accessible to the...
ARA US Hospitality Trust (ARA H-Trust) has completed the acquisition of three US hotels for US$84 million, its managers said in a bourse filing on Monday. The freehold properties are AC by Marriott Raleigh North Hills in North Carolina, as well as Courtyard San Antonio and Residence Inn San Antonio both in The Rim shopping district in Texas. Parties agreed on a final price of US$84 million, which is...
SPH Reit has obtained A$205 million (S$194.8 million) in secured loans from Westpac Banking Corp to finance its proposed acquisition of a half-stake in Westfield Marion Shopping Centre. Inked in November, the A$670 million deal for the freehold mall in Adelaide, South Australia, will also be funded by a S$300 million issuance of perpetual securities in August plus S$164.5 million raised from a private...
A S$1.58 billion merger between Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) has been proposed by the managers of both real estate investment trusts (Reits). The proposed deal will be by way of a trust scheme of arrangement, which will see FLT acquiring all units of FCOT for about S$1.54 billion, the managers said on Monday in a bourse filing. FLT will pay the scheme...
The risk that Singapore real estate investment trusts (S-Reits) will face significant price corrections in the coming year is limited as long as global borrowing rates stay low, Credit Suisse said at an investment outlook for 2020 on Monday. Strategists at the Swiss wealth manager noted unit prices for S-Reits remain supported even though the near-term upside could be more constrained after the asset...
Underpinned by a global hunt for yield, Singapore's real estate investment trusts are having a bumper year in deal-making as well as fundraising. The mantra that bigger is better will continue to drive capital market activity in the sector, analysts say. Singapore-listed Reits have forked out US$16.9 billion to purchase assets this year, already triple the previous peak reached in 2014. The sector has...
SPH REIT is expanding its footprint Down Under, with a deal inked on Thursday for a half-stake in a freehold mall, Westfield Marion Shopping Centre, in the state of South Australia. The transaction with Lendlease Real Estate Investments comes at a price tag of A$670 million (S$627.9 million), to be funded by a recent perp issue, plus debt and/or equity fund-raising, the manager said. The price tag,...
Ascendas Real Estate Investment Trust said on Friday (Oct 31) it is buying 30 business parks in the United States and Singapore for about S$1.66 billion from its controlling unit holder CapitaLand. The deal marks Ascendas REIT's entry into the United States, where it is buying 28 business parks located in Raleigh, Portland and San Diego. It plans to fund the acquisition mainly through a S$1.3 billion...