Keppel Corporation on Friday (Jan 23) launched a voluntary unconditional cash offer for all the remaining shares of subsidiary Keppel Land. Keppel Corp, the world's largest maker of offshore oil rigs, currently owns 54.6 per cent of Keppel Land, a major Singapore property developer. Keppel Corp said it is offering a base offer price of S$4.38 for each Keppel Land share. A higher offer price of S$4.60...
business
CapitaCommercial Trust (CCT) has reported a distribution per unit (DPU) of 2.15 cents for the fourth quarter of 2014. This is 2.9 per cent higher from a DPU of 2.09 cents in the same quarter a year ago. Distributable income for the quarter also rose 5.7 per cent on-year to S$63.6 million. For the full year ended Dec 31, CCT recorded a DPU of 8.46 cents, up 3.9 per cent from the previous year. CCT's...
Centurion Corp, which owns and manages worker hostels in Singapore and Malaysia, is considering spinning off some of its assets via a real estate investment trust (REIT) to free up capital for expansion. In a filing with the Singapore Exchange (SGX) on Friday (Jan 16), Centurion said it is exploring a possible REIT listing with the help of Barclays, United Overseas Bank and UOB Kay Hian. Centurion,...
Parkway Life Real Estate Investment Trust (PLife REIT) has sold seven nursing homes in Japan for ¥7.95 billion (S$88.3 million) as part of a plan to divest assets of less strategic value. PLife REIT said in a statement on Friday (26 Dec) it expects to recognise an estimated divestment gain of approximately S$12.3 million. "The proceeds received from the divestment will further strengthen PLife...
Perennial Real Estate Holdings, whose properties include Capitol and CHIJMES, made a weak debut on the main board of the Singapore Exchange (SGX) on Friday (Dec 26), opening more than 20 per cent below the notional value of its shares. Perennial Real Estate - which achieved its stock market listing via a reverse takeover of nightclub operator St James Holdings - recently took over Perennial China Real...
Perennial Real Estate Holdings said late on Monday (Dec 22) it has gained control of 96.32 per cent of Perennial China Retail Trust at the close of its takeover offer. Trading in Perennial China will be suspended from Tuesday, and Perennial Real Estate will exercise its right to compulsorily acquire the remaining Perennial units at the offer price of S$0.70, to be satisfied by the issuance of 0.52423...
City Developments Ltd (CDL) has bought an upscale residential development in Shanghai in a deal worth 799 million yuan (S$169 million), continuing its overseas expansion in property segments other than hotels. The development in Shanghai's Qingpu District consists of 120 residential units built on a 163,837 square metre parcel of land. CDL said 85 of the units remain unsold. According to CDL, the...
Homegrown lifestyle property developer Oxley Holdings has made its foray into the Japanese property market. It has acquired Chiba Port Square, a mixed development located in the heart of Chiba City's port area in Greater Tokyo. This follows an announcement by Oxley earlier in November that it was planning to buy the property for ¥3.55 billion (S$39.5 million) from Masuya Home Company. With a site...
The hotly anticipated initial public offering (IPO) of Keppel DC REIT was launched on Friday (Dec 5). The Reit will be managed by Keppel DC Reit Management, a wholly owned subsidiary of Keppel Telecommuncations and Transportation (Keppel T&T), which owns the data centres. Its final prospectus was registered with the Monetary Authority of Singapore in relation to its proposed listing on the Main Board,...
OUE Hospitality Trust (OUE H-Trust), which owns Mandarin Orchard Singapore and the adjoining Mandarin Gallery, will buy Crowne Plaza Changi Airport and the Crowne Plaza Changi Airport Extension for a total of S$495 million. It said on Friday (Nov 28) that conditional agreements have been made to acquire Crowne Plaza Changi Airport for S$290 million, as well as the extension for another S$205 million...