Ascendas Real Estate Investment Trust (A-REIT) has reported a 10.3 per cent on-year increase in Distribution per Unit (DPU) to 3.53 cents for its first quarter ended 30 June 2012. In a filing on the Singapore Exchange, A-REIT said its DPU grew despite a 7.5 per cent increase in units outstanding. The amount available for distribution increased 16.1 per cent to S$76.5 million in Q1. For the first...
REITS
K-REIT Asia has announced that its second-quarter distribution per unit (DPU) rose 86.5 per cent to 1.94 cents, up from a restated 1.04 cents in the same period last year. Distributable income for the quarter ended June rose 89.5 per cent to S$49.8 million. The strong performance is due primarily to the income contribution from the 87.5 per cent interest in Ocean Financial Centre, acquired on December...
The property market is expected to see demand rise over the next 12 months from deep-pocketed institutional buyers such as real estate investment trusts (REITs), which are starting to see more value in the local marketplace, analysts say. More REIT listings are also likely to spur acquisitions here. The proposed listing of Ascendas Hospitality Trust is set to be Singapore's largest initial public offering...
Shareholders of Orchard Parade Holdings Limited (OPHL) have approved the firm's plans to divest three properties. This was agreed upon at an extraordinary general meeting held Wednesday, where 99.9 per cent of shareholders voted in approval. The three properties are: Orchard Parade Hotel, Albert Court Village Hotel and Central Square Village Residences. OPHL said in a statement that it would now proceed...
Singapore is set to see the launch of its largest initial public offering (IPO) for the year, with Ascendas Hospitality Trust lodging its preliminary prospectus with the Monetary Authority of Singapore (MAS) to list on the SGX Mainboard. The trust, which comprises a real estate investment trust and a business trust, plans to sell between 506 million and 530 million stapled securities in its IPO to raise...
CapitaLand said it will buy an Orchard area property from its associate, Ascott REIT, for S$359 million. It will redevelop the property, Somerset Grand Cairnhill, into an integrated development comprising serviced residences (with hotel licence) and high-end residential properties. CapitaLand is expected to sell the redeveloped serviced residences (with hotel licence) back to Ascott REIT for S$405...
Cambridge Industrial Trust is acquiring the property at 30 Teban Gardens Crescent for S$41m from Eurosports Auto Pte Ltd. The property consists of (a) a 3-storey industrial building with a single storey factory cum car showroom and (b) a brand new annex block of a 2-storey showroom with ancillary office to be completed by the vendor. The total gross floor area of property to be acquired is expected to...
With persistently high property prices in Singapore, Singapore real estate investment trust (REITS) are focusing mainly on asset enhancements to boost their growth. Any acquisitions that they are looking at will have to be yield accretive. When Causeway Point completes its refurbishment works by this December, its occupancy rate is expected to improve to 100 per cent. The heartland mall in Woodlands is...
CapitaMalls Asia, the shopping mall arm of CapitaLand, has set up a US$1 billion private equity fund to invest in malls in China. According to a filing with the Singapore Exchange, CapitaMalls Asia said the new fund - CapitaMalls China Development Fund III - has a fund life of eight years. CapitaMalls will hold a 50 per cent stake in the fund amounting to US$500 million, with institutional investors from...
K-REIT Asia will acquire a 12.39 per cent interest in Ocean Financial Centre for S$228.4 million, raising its stake to 99.9 per cent. In a filing with the Singapore Exchange, K-REIT Asia said the acquisition wil be funded by bank borrowings and the issue of 60 million new units at S$1.17 per unit. The issue price translates to a 15 per cent premium to K-REIT's Monday closing price of S$1.02 per unit. The...