Global Logistic Properties (GLP) has signed a strategic partnership framework agreement with Unicharm, a Japan-based leading manufacturer. The agreement outlines a strategic partnership in the development of logistics facilities for manufacturing bases of Unicharm in China. It starts with a Build-to-Suit (BTS) development agreement with Unicharm and Tianjin Xiqing Economic Development Area (XEDA), to...
REITS
Mainboard-listed Global Logistic Properties (GLP) said it has entered into a partnership with Vancl, one of the largest online apparel retailer in China. Under the deal, GLP said it will address Vancl's rapid growth and the need for logistic facilities. GLP will work with the online retailer on site selection, project planning, and logistics facility leasing on a nationwide basis. In a statement, Mr...
The management of CapitaCommercial Trust says it has seen a strong response from investors for its five-year US$645 million bond issued on Tuesday. The Class A secured floating rate notes are due in 2016. The notes are issued out of the trust's multi-currency medium-term note programme valued at S$10 billion. The bonds have been rated AAA by Fitch Ratings and Moody's Investors Service. The notes are...
Global credit rating agency Moody’s Investors Service has maintained its stable forecast on Singapore Real Estate Investment Trusts (S-REITs) over the next 12 to 18 months, on expectations of loose credit conditions and increasing rents. Alvin Tan, an analyst at Moody's, said in a report that most rated S-REITs carry investment-grade ratings which “reflect issuers' relatively stable operating incomes,...
Mapletree Logisitics Trust has completed the acquisition of KPPC Pyeongtaek Centre in South Korea's Gyeonggi-do province for about S$85.9 million. The property, which has been fully funded by debt, is one of the largest facilities in the Gyeonggi-do province, the trust said in a statement. Mapletree Logistics Trust announced the acquisition in May, saying it is a major step to tap opportunities for...
CapitaMalls Malaysia Trust's manager CapitaMalls Malaysia REIT Management (CMRM) is acquiring a mall in Kuantan, Malaysia for RM310 million (S$126 million). Including the acquisition fee and expenses, the total acquisition cost for East Coast Mall works out to be RM330 million (S$134.1 million). The firm plans to fund the acquisition through a mix of debt and equity. Proceeds should come from a proposed...
JTC Corporation has awarded the tender for the business park site at Fusionopolis to Ascendas Real Estate Investment Trust (A-REIT) for S$110 million. Mr Tan Ser Ping, Executive Director and CEO of A-REIT, said the site will be developed into a modern suburban business space facility. The manager of A-REIT said the development is expected to be completed in the third quarter of financial year 2013/2014,...
The initial public offering of Perennial China Retail Trust (PCRT) has gained strong interest from both institutional and public investors. PCRT said in a statement that the S$776.2 million IPO was 1.6 times subscribed. The trust added that its initial eight cornerstone investors make up 46.1 per cent - or 516.6 million units - of PCRT upon completion of the offering. Together with the additional units...
Singapore's next big listing, Perennial China Retail Trust (PCRT), is hopping on board the transportation phenomenon that is sweeping over China. Plans for developments in high-speed rail are already underway across the country, such as the line between Beijing and Shanghai which cuts travel time in half. PCRT may not be involved in the development of such tier one city stations but it does have...
Global Logistic Properties (GLP) said its Japanese operations are back on, after being hit by the Japanese earthquake in March. It said its warehouse in Sendai, the epicentre of the earthquake, should be up and running by end of June. GLP said there will be high demand for modern logistic facilities once Japan begins rebuilding its supply chain networks. The Japanese earthquake in March caused minor...