All Real Estate Investment Trusts (REITs) will have to hold an AGM by 31 Dec 2010 under revisions introduced by the MAS. The Monetary Authority of Singapore issued the requirement that come into effect in January next year, under a revised Property Funds Appendix for REITs. It states that REITs must hold Annual General Meetings (AGMs) not more than 15 months from the last preceding AGM, a move said the...
REITS
Singapore-listed Ascendas India Trust said that two of its subsidiaries have obtained term loan facilities amounting to around S$74 million from DBS Bank. The facilities will mature in December 2015 and carry an interest rate of 10 per cent a year. They will be used to fund the construction of a retail mall development in Bangalore and a multi-tenanted building development in Chennai. The property trust...
Mapletree Logistics Trust said on Tuesday its private placement to raise net proceeds of about S$78 million has been over-subscribed, with strong participation from both existing and new unit holders. The new units were allocated to over 20 quality institutional investors from Asia, Australia, Europe and the US. About 80 per cent of the new units were allocated to long-only fundamental investors. The...
Mapletree Logistics Trust said Monday it is raising net proceeds of about S$78 million in a private placement. It is offering 115 million new units at a price of between 69 and 71 Singapore cents per unit. The net proceeds will be used to finance two proposed acquisitions in Singapore amounting to S$78 million. One of the acquisitions is a six-storey warehouse facility in the west of Singapore for S$43...
Singapore-listed Parkway Life Real Estate Investment Trust has reported a third-quarter distribution per unit (DPU) of 1.91 cents, up 12.1 per cent from a year ago. Net property income for the three months ended September grew 23.3 per cent to S$15.4 million. Parkway Life said it saw continued growth in the third quarter as a result of increased rental income from its Japanese properties and an upward...
Lippo-Mapletree Indonesia Retail Trust says it achieved a distributable income of $13.1 million for the quarter ended Sept 30, 2009 (3Q 2009), 23.1% below the distributable income of $17.0 million recorded in the quarter ended Sept 30, 2008 (3Q 2008). DPU for 3Q 2009 is 1.22 cents compared to 1.60 cents in 3Q 2008. Lippo-Mapletree says the lower distributable income year-on-year is due to lower specialty,...
Mainboard-listed Saizen Real Estate Investment Trust said it has defaulted on a commercial mortgage-backed securities loan worth 7.3 billion yen or about S$113 million. It said despite efforts since early last year, it was unable to find a commercially viable solution before the maturity of the YK Shintoku loan. The loan is non-recourse and Saizen said the default is not expected to affect its other...
Healthcare real estate investment trust First Reit says it is enhancing its existing Adam Road Hospital. It says it will collaborate with Health Promise, the tenant of Adam Road Hospital, and Pacific Healthcare for the enhancement. First Reit will revamp Adam Road Hospital and turn it into a modern 3-storey purpose built cancer hospital with a basement. The new building will have a gross floor area of...
K-REIT Asia says it has completed the acquisition of levels 20 to 25 of Prudential Tower located at 30 Cecil Street. K-REIT Asia says it paid $106 million for the property and the acquisition will be funded by a bridging loan facility of up to $110 million from Kephinance Investment. K-REIT Asia says the bridging loan is to be repaid from the net proceeds of the underwritten and renounceable rights issue...
Mainboard listed CDL Hospitality Trusts said it will pay 2.23 Singapore cents per unit in the third quarter, down about 24 per cent on-year. Its total income available for distribution in the quarter came to S$18.6 million. Mr Vincent Yeo, CEO of M&C REIT Management, said the weaker on-year performance reflects the impact of the global recession on travel since the beginning of this year. For the...