Singapore-listed Ascendas Reit (A-REIT) said on Friday that ratings agency Moody's has upgraded its rating. Moody's has lifted A-REIT's corporate family rating to A3 from Baa1. It did so to reflect A-REIT's operating and financial strength, as evidenced by its revenue growth and high occupancy rates during the downturn. A-REIT said the move recognised its established market position as well as its...
REITS
Logistics REIT MapletreeLog has acquired another property in South Korea. Worth 28 billion won ($32 million), the property consists of a three-storey warehouse and a four-storey warehouse. The entire property spans 28,700 square metres. Its vendor, Multi-Q Logistics, specialises in the storage and distribution of fast-moving consumer goods, said MapletreeLog. The acquisition is set to boost...
Ascott Reit acquisitions make it 6th-largest property trust in S'pore Ascott Residence Trust (Ascott Reit) is acquiring 28 properties from its sponsor and 48-per-cent shareholder, The Ascott, for $969.6 million to become the sixth-largest property trust in Singapore in terms of assets. In turn, The Ascott will buy a serviced apartment building, Ascott Beijing, from Ascott Reit for $214 million, to...
Healthcare trust Parkway Life Reit (P-Life Reit) said it has entered into two agreements for credit facilities of up to S$207 million. It has secured a four-year committed term loan facility for S$103.5 million and another five-year committed term loan facility for the same amount. The firm intends to use the funds to refinance an existing S$207 million facility which will fall due in the second half of...
Mainboard-listed Cambridge Industrial Trust (CIT) is acquiring several properties for some S$37.1 million. It said on Friday that it is entering into two separate put and call option agreements to acquire an asset located at 22 Chin Bee Drive and another located at 1 & 2 Changi North Street 2. The building at Chin Bee comprises two levels of warehousing facilities and a mezzanine level of office...
CapitaMalls Asia has priced an issue of S$350 million unrated fixed rate notes at 3.95 per cent. The notes will mature on August 24, 2017, and the interest on the notes is payable half-yearly in arrears. This is the first series of notes issued under a S$2 billion Euro-Medium Term Note Programme established by CapitaMalls Asia Treasury in April this year. Under the programme, CapitaMalls Asia Treasury...
CapitaLand said its Ascott Residence Trust or Ascott REIT has entered into an agreement to sell a rental housing property, Country Woods, in Jakarta for S$33.9 million. It said this is the highest price submitted in a competitive bidding process and is 60 per cent above the property's valuation as at June 30. It added that Ascott REIT is expected to enjoy an estimated net gain of S$5.7 million from the...
Singapore-listed Parkway Life Real Estate Investment Trust has reported a second quarter distribution per unit of 2.09 Singapore cents, up 10.9 per cent from a year ago. Net property income for the three months ended June grew 15.6 per cent to S$17.3 million. For the first half of the year, net property income was up 14.5 per cent at S$34.5 million. Parkway Life says the higher revenue was due primarily...
Cost efficiencies and incentives encouraging firms to domicile within city-state's borders THE story of Singapore as a resilient and fast-growing financial centre is not a new one. The new story, however, is that Singapore is quickly becoming Asia's real estate investment trust (Reit) hub. A Reit is a fund that allows individual investors to participate in large real estate ventures, such as acquiring...
Singapore-listed CapitaMalls Asia said its second quarter net profit fell 23.7 percent to S$113 million. However revenue over the period grew 31.9 percent to S$73 million. The drop in earnings was attributable to the lower revaluation gain of its properties as compared to the second quarter a year ago. It also received a lower share of results from its three Chinese private equity funds, which was...