Parkway Trust Management , the manager of Parkway Life Real Estate Investment Trust, is investing in two nursing homes in Japan for some S$34m. One of the homes is located in Yokohama City, Kanagawa Prefecture and the other is in Ibaraki City, Osaka. The vendor of both properties is nursing home operator ZECS Community Co. Under the sale and leaseback agreements, ZECS CC will lease back 100% of the...
REITS
CapitaMall Trust (CMT) has bought The Atrium@Orchard office development for about S$840 million. CMT said the purchase from the Singapore Land Authority (SLA) will be funded by a mix of debt and convertible bonds. Describing the acquisition as yield-accretive, the Trust plans to issue at least S$650 million worth of bonds. The Atrium@Orchard is a commercial development comprising two Grade A office...
Following the S$13 million makeover of Anchorpoint Shopping Centre, Frasers Centrepoint Trust has plans to turn its attention to other suburban malls under its stable. Anchorpoint's new look appears to be getting the thumbs up from retailers. Lee Hsien Yang, chairman of Fraser & Neave, said: "Anchorpoint used to be occupied by furniture shops, but I think we felt there was a niche in the market for...
Ascendas Real Estate Investment Trust (A-REIT) is buying a business park building in Jurong for S$246.8 million. The property at 31 International Business Park is currently owned by multimedia firm Creative Technology. It has a gross floor area of about 62,000 square metres and a net lettable area of some 50,000 square metres. It includes three office towers, an auditorium and a 2,000-capacity outdoor...
ARA Asset Management has posted first-quarter earnings of S$9.2 million, up 137 percent from a year ago. Revenue more than doubled to S$17.5 million. The growth was mainly due to higher management fees from its REIT portfolio, as well as higher net property income. ARA is expecting its asset enhancement initiatives to boost income for the full year of 2008. It is looking to set up REITs in new asset...
Allco Commercial REIT said on Wednesday it is putting its stakes in two properties in Australia up for sale and has appointed sales agents for these properties. The properties are Central Park in Perth and Centrelink Headquarters in Canberra. Together, they are valued at around A$483 million or S$624 million. CB Richard Ellis and Jones Lang LaSalle (JLL) will sell Allco's 50 percent interest in Central...
Mainboard-listed Parkway Life REIT has booked a distributable income of S$9.8 million for the first quarter. That works out to a distribution per unit (DPU) of 1.62 cents. All in, gross revenue hit S$11.9m on the back of sustained demand for private healthcare. The REIT's portfolio includes Mount Elizabeth Hospital, Gleneagles Hospital and East Shore Hospital. - CNA/ir Source : Channel NewsAsia - 6 May...
The real estate investment trust (REIT) market appears to be holding up for now, despite the current cautious sentiment in the property market. Strong dividend yields, on the back of rising inflation, continue to make Singapore REITs attractive to investors. But industry watchers said these REITs are starting to feel the impact of the global credit crunch. Marjan Van Der Weijden, Head, Structure Finance...
CapitaCommercial Trust (CCT) has decided to defer the planned redevelopment of the Market Street car park. In January 2008, CCT was granted an outline planning permission by urban planners to redevelop the property into a Grade A office building. Since then, it has been working with its appointed architect and consultants to finalise and submit design plans to the Urban Redevelopment Authority. In a...
Mainboard-listed Macquarie MEAG Prime REIT (MMP REIT) has booked a distributable income of S$17 million for the first quarter, up nearly 22 per cent compared to the same period a year ago. MMP REIT said that its earnings were driven by attractive acquisitions, tenancy remix as well as asset enhancement initiatives. The REIT saw strong rental rates in Singapore. Its retail space was at full occupancy,...