CapitaMalls Asia (CMA) says it has received approval from the Securities Commission of Malaysia to list its assets across the Causeway. It says CapitaMalls Malaysia Trust (CMMT) will hold its Malaysia shopping malls and be listed on the main market of Bursa Malaysia. Some 1.35 billion CMMT units will be listed. A total of some 786.5 million units will be offered for sale, with CMA retaining a 41.74 per...
REITS
The Government of Singapore Investment Corporation could be looking to list the logistics business of its real estate arm by as early as the fourth quarter of this year. A Reuters report said the sovereign wealth fund is seeking to raise at least S$1 billion in the initial public offering. This could make it the biggest IPO on the Singapore market since CapitaMalls Asia's listing last year. The report...
CapitaCommercial Trust has repurchased some S$49.5 million worth of convertible bonds from an issue it had made in May 2008, which are due in 2013. This reduces the outstanding principal amount of the bonds from the original S$370 million to S$180 million, following a series of prior buy-backs and cancellations in February and April this year. The repurchase was funded by the net cash proceeds of a...
Mainboard-listed Parkway Life REIT on Wednesday said it is buying six properties in Japan worth about S$60.5 million. The properties are nursing home and care facilities, and will be funded by borrowings. Five of the properties are located in densely populated residential areas in Japan's Fukuoka Prefecture, with the remaining one in Akita Prefecture. Parkway Life REIT said the purchases are...
Credit ratings agency Moody's has upgraded its outlook for Singapore's real estate investment trusts (S-REITs) from negative to stable. This reflects its view that the sector's fundamental credit conditions over the next 12 to 18 months will remain stable. Moody's said that the outlook is supported by three factors, which include the strong rebound in Singapore's economy and the stabilisation of rents...
Singapore's real estate investment trusts (REITs) have toughened up and are ready to hit the acquisition trail, according to analysts. The country's REITs have recapitalised their balance sheets and refinanced debt, which will put them in a better position to grow this year. After a difficult 2009, REIT managers have lowered their gearing levels. But observers said the REITs are now comfortable with...
Developer Sim Lian Group, through its subsidiary Geo-Tele, has offered to sell its property at 9 Tai Seng Drive to Sabana Investment Partners (SIP) for S$46.3 million. The construction and property company said the offer price represents a premium of 78 per cent over the book value and presents an attractive opportunity for it to dispose of the asset. The firm will require the approval of JTC...
The Government of Singapore Investment Corporation (GIC) has agreed to acquire a 5 per cent stake in the proposed real estate investment trust of the Malaysian developer, Sunway City. Sunway City said it has entered into a cornerstone agreement with GIC for the sale of 134 million units of the REIT. In its stock exchange filing, Sunway City said GIC will buy the units at 98 Malaysian sen per unit or at...
CapitaCommercial Trust plans to spend about S$92 million for asset enhancement work on its existing Grade A office building at Six Battery Road. Based on the property's valuation as at end December 2009, the cost is equivalent to approximately eight per cent. CCT says Six Battery Road will be physically, technically and functionally enhanced to meet the modern-day needs of office tenants and improve the...
The real estate arm of the Government of Singapore Investment Corp may list its logistics business in an initial public offering, according to reports. The listing, possibly in Singapore, will reportedly involve GIC Real Estate's Japanese assets, including ProLogis Holdings, which provides distribution facilities. The IPO is estimated to be valued at between US$500 million and US$1 billion and could take...