Singapore REITs are expected to pursue more acquisitions in 2010 to drive growth, with deals likely to be funded by private placements, says OCBC Investment Research. “Opportunistic acquisitions will be very much in vogue in 2010 as some REITs shore up declining earnings and others exploit favourable market conditions,” it says in a research note although funding sources may be limited as REIT...
REITS
Mainboard-listed CapitaMall Trust (CMT) said its current chief executive officer, Lim Beng Chee, will relinquish his position with the company to focus on his new role as CEO of newly-listed CapitaMalls Asia. However, Mr Lim will continue as a director and a member of the Executive Committee of CapitaMall Trust. Current Deputy CEO Simon Ho will assume the top position, while head of Investment and Asset...
Shares of CapitaMalls Asia made their much-anticipated debut on the Singapore Exchange on Wednesday. The counter closed at S$2.30 - up 8.5 percent over its IPO price - against expectations for a 10 percent jump. The listing was the largest in Singapore in 16 years. The IPO was 1.7 times oversubscribed, with the institutional portion garnering about 2.5 bids for every available share. Liew Mun Leong,...
Real estate investment trusts (REITs) may have taken a battering in the wake of the global financial crisis, but according to experts, they have rebounded sharply and recovered more quickly than other equities. Some market watchers said REITs hold great potential in the new post-financial crisis investment landscape. Singapore's Raffles City has undergone a major facelift since being managed by a REIT....
The manager of MacarthurCook Industrial REIT said its recapitalisation plan is the only proposal which meets the REIT's substantial and immediate funding requirements. It said this is reinforced by Cambridge Industrial Trust's (CIT's) disclosure on Friday that it has no viable proposal or solution for MI-REIT and its unitholders. CIT said on Friday that the Monetary Authority of Singapore would not allow...
Starhill Global REIT is set to acquire David Jones Building, a retail property located in central Perth, Australia for A$114.5 million ($148 million) from Centro, a real-estate company based in Australia, via a special purpose unit trust structure established in Australia. In addition, Starhill Global REIT says it has entered into an agreement with the trustee of Starhill REIT of Malaysia to indirectly...
The tussle for unitholder support between MacarthurCook Industrial REIT (MI REIT) and Cambridge Industrial Trust (CIT) continues unabated. The latest salvo was fired on Wednesday morning by MI REIT, which questioned CIT's plans for it. MI REIT wants details of CIT's proposed initiative to take charge of MI REIT's assets, as well as the costs involved in such a move. It is also asking how CIT plans to...
MacarthurCook Industrial REIT (MI REIT) has rebutted Cambridge Industrial Trust's (CIT's) assertions that its recapitalisation plan is "massively value destructive". MI REIT said on Tuesday that unitholders should not allow themselves to be distracted by analyses that are inaccurate, incomplete and misleading. It said there are a number of mistakes in CIT's analysis. These include: CIT's claim that new...
Parkway Life Real Estate Investment Trust (REIT) is expanding its Japanese nursing home portfolio by acquiring eight properties for some S$77.6 million. The REIT said it is buying the eight nursing homes at a favourable pricing from Japanese real estate asset manager, Kenedix. Parkway Life REIT said all the nursing homes are strategically located in dense residential districts, making them attractive...
Mainboard-listed Saizen REIT, which owns Japanese properties, said that it will start accumulating cash for distribution in the last quarter of the current financial year. It has suspended distribution since the start of the last financial year to conserve cash. The trust reported a net profit of 164 million yen (S$2.5 million) for the first quarter ended September, up 48.9 per cent from a year...