Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust. According to its prospectus, SPH REIT plans to sell its units at 90 Singapore cents each, representing the top-end of the indicative price range of 85 Singapore cents to 90 cents. The trust is selling 308.9 million units to institutional and public investors....
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CapitaCommercial Trust (CCT) said higher revenue and lower interest expenses have pushed its second quarter distributable income up 1.9 per cent on-year to S$59.6 million. Meanwhile, CCT's distribution per unit (DPU) rose 0.5 per cent on-year to 2.07 cents per unit. The real estate trust's gross revenue also grew in Q2, up 1.8 per cent on-year to S$97.5 million. CCT's new and renewed Grade A...
CapitaMalls Asia Limited has won a tender to acquire Grand Canyon Mall in Beijing, China for RMB 1.74 billion (S$356.6 million). The acquisition is subject to approval of the Chinese government. In a news release, the company said the Grand Canyon Mall is an operating mall located in the Fengtai District. The area has a population of about 2.2 million and is one of six core districts in...
Media group Singapore Press Holdings plans to raise at least S$523 million by spinning off some of its property assets via a real estate investment trust (REIT), according to a preliminary prospectus filed on Tuesday. Called SPH REIT, the trust's assets will include the upmarket Paragon mall on the prime shopping belt of Orchard Road and the suburban Clementi Mall. SPH expects gross proceeds of...
CapitaLand has acquired a 70-per cent stake in a mixed-use development in Shanghai for S$397.5 million. In a statement, the property firm said its wholly-owned business unit CapitaLand China bought a 70-per cent stake in Shanghai Guang Chuan Property Co Ltd, a unit of Shanghai Shentong Metro Assets Management (Shentong Assets). Shentong Assets is responsible for the development and asset management...
Singapore Press Holdings (SPH), the newspaper publisher that owns Paragon shopping mall on Orchard Road, has tapped Credit Suisse and DBS Group to manage a listing of its property assets in an initial public offering (IPO) of as much as S$1 billion, according to people with knowledge of the matter. The IPO could take place as soon as the third quarter of this year, said two sources, who asked not to be...
Luxury property developer Ho Bee Group is not ruling out launching a real estate investment trust (REIT) in the next two years. These are for its commercial properties, including its latest mixed development The Metropolis. Ho Bee's chairman Chua Thian Poh said this on Thursday on the sidelines of the ceremony to mark the completion of structural works for The Metropolis. Even before the two towers are...
Property developer Overseas Union Enterprise (OUE) is exploring the establishment of a real estate investment trust (REIT) on the mainboard of the Singapore Exchange (SGX). In a filing with the SGX on Thursday, OUE confirmed that it is in "preliminary discussions" with banks. But the property developer added that details such as the properties to be injected into the REIT, the pipeline assets of the...
Real estate investment trusts (Reits) have become an investment darling in Singapore giving investors attractive returns. But for retailers, Reits are causing them to cough out more in rents. This is because Reits act mainly to boost returns for their shareholders. President of the Singapore Retailers Association (SRA), Jannie Chan, says the higher rentals are adding to the woes in the retail sector...
Ascendas Real Estate Investment Trust (A-REIT) is acquiring The Galen, a property located in Singapore Science Park II, for S$126 million. The Galen is a six-storey multi-tenanted building, with net lettable area of 21,775 square meters. The building has an occupancy rate of about 97.5 percent. In a statement, A-REIT said it will be granted a land lease of 66 years for the property and expects to...