The strategic review of Macquarie MEAG Prime REIT or MMP REIT is still ongoing. This is according to a filing with the SGX on Friday. It said that key shareholder Macquarie Real Estate continues to support the review. In February, Macquarie Pacific Star, the manager of MMMP REIT, announced that it was conducting a strategic review to maximise value for its unitholders. This was after unsolicited offers...
REITS
CapitaCommercial Trust (CCT) is planning to sell S$280 million worth of five-year convertible bonds. The bonds are being targeted at mainly institutional investors. CCT said it could issue more convertible bonds to raise another S$90 million. This will take the total amount raised to S$370 million. The Trust said it could also pay cash in lieu of issuing new units on conversion of the bonds. It will be...
Ascendas Real Estate Investment Trust (A-REIT) said the value of its industrial properties gained 14 percent to about S$484 million as at 29 February 2008. The numbers are likely to boost its performance for the financial year ending in March. A-REIT said the gains were booked after independent annual valuations for 80 properties in its portfolio by consultants DTZ Debenham Tie Leung, CB Richard Ellis,...
CapitaCommercial Trust (CCT) has been given a call option to buy the 1 George Street building for nearly S$1.2 billion. This translates to S$2,600 per square foot of net lettable area. CapitaLand will also provide yield protection to CCT, ensuring a minimum net property income of some S$50 million per annum. This means a net property yield of 4.25% per annum on the purchase price for five years until...
Ascendas Real Estate Investment Trust (A-REIT) on Monday bought a light industrial property at Loyang Way for S$25 million. It signed a put and call option agreement with Seow Khim Polythelene, a manufacturer of consumer plastic products. Seow Khim will lease back the property for 12 years with stepped increases in rentals. It also has an option to renew the lease for another three years. A-REIT said the...
Fitch Ratings expects property trusts to see more mergers and acquisitions (M&As) in the near-to-medium term, with those trading below their book values likely to become targets of acquisitions. Under certain conditions, the ratings firm said: “Such M&As could affect the credit ratings of the affected” real estate investment trusts (Reits). “Fitch believes that consolidation of the Singapore...
Office park developer Ascendas is taking full control of the manager of Ascendas Real Estate Investment Trust (A-REIT). Under a deal announced on Wednesday, Ascendas is buying over the 40 percent stake in Ascendas-MGM Funds Management Limited that is now held by Goodman Group. Upon completion of the sale, Ascendas-MGM Funds Management Limited will become a wholly-owned subsidiary of Ascendas, and will be...
Ratings agency Moody's Investors Service has placed two key debt ratings for Macquarie MEAG Prime REIT (MMP REIT) under review for possible downgrade. The ratings in question are MMP REIT's Baa1 corporate family and Baa2 senior unsecured debt ratings. Moody's says the move has been prompted by MMP's announcement on 19 February to undertake a comprehensive strategic review of the REIT. The review seeks...
Singapore's real estate investment trust (REIT) market is holding up, despite the current weak market conditions, according to the Asian Public Real Estate Association. It said that Singapore REITs are attractive to investors because of their well-diversified and cross-border assets as well as the good regulatory framework here. Singapore is a key player in Asia's REIT space. Together with Japan and Hong...
There has been a number of unsolicited offers for Macquarie MEAG Prime (MMP) REIT, and one of them involves buying 100 percent of MMP REIT units and taking the trust private. The trust's manager, Macquarie Pacific Star, says it will now conduct a strategic review of the trust to maximise value for its unit-holders. MMP REIT has been trading at a substantial discount to its net asset value of S$1.61 a...