Ascendas Real Estate Investment Trust said on Thursday it has completed the acquisition of four industrial properties in Singapore for a total cost of S$185.5 million. The properties - named Cintech 1 to 4 - are located at Singapore Science Park I in the island nation's south, and were paid for with cash from internal resources and the drawing down of existing debt facilities, the trust said in a...
REITS
Real estate fund manager ARA Asset Management is exploring the possibility of a yuan-denominated initial public offering of some of its Asian assets in Singapore this year in what would be the first IPO in the city-state in the Chinese currency, people familiar with the situation said yesterday. Singapore-listed ARA, an affiliate of Hong Kong tycoon Li Ka-shing's Cheung Kong Holdings, is looking into the...
Cambridge Industrial Trust Management Limited (CIT) said on Wednesday it is buying its maiden property in the new Paya Lebar iPark precinct for S$72.3 million. The five-storey industrial building, located at 16 Tai Seng Street, has a current gross floor area of about 16,282 square metres that will eventually increase to 19,878 square metres. The purchase is expected to be completed by the second quarter...
Mapletree Logistics Trust (MLT) said it has acquired seven logistics facilities in Japan for JPY 17.5 billion or about S$292 million. In a statement, the Trust said the seven properties, with a total gross floor area of 124,300 square metres are located within the key logistics hubs across Japan in the Hokkaido, Greater Tokyo, Nagoya and Osaka regions. The acquisition is expected to generate a stabilised...
Ascott Residence Trust (Ascott Reit) has entered into a conditional sale and purchase agreement to buy a 60 percent stake in the 124-unit Citadines Karasuma-Gojo Kyoto (Citadines Kyoto) from Mitsubishi Estate Co Ltd and Citadines Ippan Shadan Hojin for S$19.0 million. The balance 40 percent interest is held by The Ascott Limited. The acquisition will be wholly funded by borrowings. Following this...
Global Logistic Properties, a unit of the Government of Singapore Investment Corp, is preparing an initial public offering of its Japanese warehouse assets that may raise about S$1.25 billion, said three sources with knowledge of the matter. The company, known as GLP, may list the real estate investment trust in Tokyo by the middle of the year, said sources of the people, who declined to be identified as...
Singapore REITs (S-REITS) continued to dominate cross-border acquisitions within Asia in 2011, according to a report by CBRE. The real estate consultancy said S-REITS invested S$2.51 billion abroad in 2011 with the vast majority of capital targeted at China. This was comparable to the investments made the previous year, when S-REITS pumped S$2.49 billion into projects abroad. CBRE said 17 out of 26...
Parkway Life Real Estate Investment Trust (PLife REIT) said on Tuesday that it is making further acquisitions to expand its portfolio in Japan and Malaysia. Through its wholly-owned subsidiary, Parkway Life Japan4 Pte Ltd, it has a Tokumei-Kumiai agreement (or silent partnership agreement) for the acquisition of three nursing home properties in Japan at a cost of 3 billion yen (S$50 million). The...
Recent newspaper articles have increasingly laid blame on real estate investment trusts (REITs) for the rising occupancy costs in retail and industrial properties. In fact, in my earlier article in this newspaper titled "Hawker centres and REITs: An inflation face-off?" (Nov 25, 2011), I also highlighted that REITs, in their relentless pursuit of superior shareholder returns, have generally been very...
CapitaMalls Asia said it has acquired the remaining 73.71 percent stakes each in La Park Mizue in Tokyo, Izumiya Hirakata in Osaka and Coop Kobe in Kobe. The acquisition price for the three shopping malls was about S$217.4 million. This represents a 16.9 percent discount to the malls' latest valuations as at December 2011. CapitaMalls Asia, the retail arm of Southeast Asia's biggest developer...