Experts have said there is room for another two to five real estate investment trusts (REITs) in Singapore in the next two years. These are likely to be large cap domestic REITs similar to listed ones like CapitaMall Trust and A-Reit. While not giving any specifics, experts attending the annual CapitaLand International Forum also said there may also be more obstacles in creating these REITs. Anthony...
REITS
Mapletree Investments is looking to list a real estate investment trust in Singapore, with as much as S$4 billion in assets. Its CEO Hiew Yoon Khong told Reuters in an interview that Mapletree will launch the initial public offering (IPO) when market conditions are more favourable, such as when yield rates fall to 5 per cent from the current 8 per cent. The proposed Mapletree Commercial Trust will cover...
Asian real estate investment trusts (REITs) have bounced back strongly in the first half of 2009, according to a recent analyst report by property consultancy CBRE. Their total market capitalisation rose 14.3 per cent for the period. Analysts said on Thursday this performance was driven by improving credit conditions, government support for re-financing – especially for Japan REITs (J-REITs) – and...
Mainboard-listed Saizen Reit said Thursday it has made a loss of 183 million yen (about S$2.76 million) in the fourth-quarter ended June. Net property income for the period came in at 708.6 million yen. That is a 12 per cent increase in net property income as compared to the same period last year. The trust, which focuses solely on Japanese property, has recommended the suspension of distribution since...
Mainboard-listed Fortune REIT is launching a HK$1.9 billion or about S$352.6 million rights issue to expand its operations. The REIT will issue about 825 million units in the one-for-one rights offer. The price of HK$2.29 per unit represents a 44 per cent discount to the last traded price of HK$4.10 per unit. Fortune REIT said about HK$1.6 billion of the total amount raised will be used to buy three...
Ascendas Reit said Tuesday it is launching a private placement of new units to raise S$301.6 million in total proceeds. It is placing out 185 million new units at an issue price of between S$1.63 and S$1.70 per unit. At those prices, the new units represent a discount of between 3.4 per cent and 7.4 per cent from the Reit's last closing price of S$1.76. Ascendas Reit said most of the net proceeds or...
Mainboard-listed K-Reit Asia said on Tuesday the CEO of its management firm is stepping down. 49-year-old Tan See Yiow will be resigning on August 17, and will be replaced by Ng Hsueh Ling. Prior to this appointment, Ms Ng has held key positions with other real estate companies. Most recently, she was the CEO of Ascendas Korea and Japan from 2007 to 2009. K-Reit Asia said Mr Tan will remain as an...
Singapore Exchange's Mainboard-listed Parkway Life Real Estate Investment Trust (REIT) has posted a 13.7 per cent rise in its second quarter distributable income per unit (DPU) to 1.89 Singapore cents, from 1.66 cents a year ago. This was on the back of a 27.9 per cent increase in net property income to S$15 million in the same quarter, from S$11.7 million last year. Gross revenue in the three months...
ARA Asset Management has announced a net profit of $22.1 million for the six months ended June 30, 2009 (1H2009), a 22% increase from the $18.1 million achieved in 1H2008. The increase in net profit was achieved on the back of a 13% rise in total revenue to $38.5 million in 1H2009 from $34.1 million in 1H2008. ARA says management fees from REIT and private fund management rose 4% to $32.4 million in...
Suntec Real Estate Investment Trust said its second quarter distribution per unit rose 6.6 per cent to 2.97 cents. This was on the back of higher net property income which rose 6.2 per cent on year to S$149 million for the three months ended June. The property trust said this was mainly due to higher rents achieved for the Suntec City and Park Mall properties. As at June, the committed occupancy for its...