Saizen REIT starts cash accumulation to prepare to resume distribution payouts

Mainboard-listed Saizen Reit says it has started to accumulate cash in preparation for its resumption of distribution payouts.

It says it has turned the corner and expects payment of its 2010 financial year distributions to unitholders to take place in September this year.

Saizen says its net property income for the third quarter ended in March fell 12.4 per cent to S$10.1 million compared to the same period last year.

It saw a healthy overall occupancy rate of 93.4 per cent at the end of March.

Saizen has also repaid all but one of its commercial mortgage-backed securities (CMBS) loans.

It adds that its financial position has been strengthened with the establishment of a new banking relationship, where it obtained a 2 billion yen loan.

Saizen, which offers access to purely Japanese residential real estate, suspended its payout of distributable income in the wake of the collapse of the Japanese CMBS market.

Source : Channel NewsAsia – 12 May 2010

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