UBS said more instability is expected in the relatively cool real estate investment trust (REIT) market before it picks up, and this turnaround could happen as early as the last quarter this year. Although REITs have been under pressure in the current volatile market, some other market-watchers said they expect to see new REITs being launched within the next six to 12 months. Retail and healthcare REITs,...
REITS
Mapletree Investments has formed a joint venture with Arcapita Bank of Bahrain to hold a portfolio of industrial properties bought from JTC Corp. The assets are worth a combined 1.7 billion Singapore dollars. Arcapita will hold a 56.5 per cent stake in the joint venture called Mapletree Industrial Trust (MIT). Mapletree will own 25.1 per cent, while the rest will be held by Mapletree Industrial Fund, a...
Suntec REIT has secured a S$400 million loan to refinance its bridging loans. It will be carried out through an unsecured club loan facility from a panel of banks. The facility is for a period of three years. The loan will help Suntec refinance an outstanding loan after its acquisition of one third of the One Raffles Quay building in the central business district. With this new deal, Suntec REIT will...
Allco Commercial REIT has been given the green light to build a 10-storey hotel with about 350 rooms at China Square Central. The Urban Redevelopment Authority (URA) has granted Allco REIT permission to add 16,000 square metres of gross floor area to the development in the central business district. The development currently consists of a 15-storey office block and 38 conservation shop house...
Mapletree Logistics Trust is planning to raise nearly S$607 million through a renounceable rights issue. It is issuing about 831 million rights units at 73 Singapore cents each, representing a 21.4 per cent discount to MapletreeLog's volume weighted average price on June 24. Unit holders will get three rights units for every four units held. The net proceeds will be used to finance or refinance the...
Macquarie Prime Real Estate Investment Trust (MP REIT) has secured 19.75 percent higher rent from its tenant Toshin Development. But when contacted, MP REIT declined to reveal details of the rent, saying it is confidential. Toshin is the master lessee for about 226,000 square feet of retail space in Ngee Ann City. The new rent will be locked in for three years from June 8 this year. MP REIT says this...
Indiabulls Properties Investment Trust has raised S$262 million from its initial public offering after pricing its units at S$1 each. This is at the lower end of its indicative range of S$1.00 to S$1.10. Analysts said the lower pricing could be a sign of a subdued IPO market. Indiabulls had offered 262 million units to investors. It also extended the closing date for its IPO to Friday, June 6. Based on...
Indiabulls Properties Investment Trust has extended the closing date for its initial public offering to June 6. Analysts are reading the extension as a sign of a subdued market for IPOs. Indiabulls had offered 262 million units at a range of S$1.00 to S$1.10 each. If the units are priced at the top end of the indicative range, the IPO would have raised S$289 million. Based on the minimum offering price...
Amid the market turmoil in the past half year, Singapore-listed real estate investment trusts, or REITs, have been under pressure. They are now trading below their 12-month price targets set by analysts. But market-watchers said that they're optimistic REITs have not lost their appeal among investors and they expect the REITs sector to keep growing. It's been a honeymoon period since the first REIT was...
Singapore-based real estate investment house Pacific Star Group has agreed to buy the 25 percent stake held by MEAG Munich Ergo Asset Management in Prime REIT Management Holdings. Prime REIT owns 100 percent of listed Macquarie Pacific Star Prime REIT Management. It is also the sole owner of Macquarie Pacific Star Property Management, which is the property manager of MMP REIT. The purchase will increase...