CapitaCommercial Trust

CapitaCommercial Trust to raise S$828.3m in rights issue

CapitaCommercial Trust (CCT) is looking to raise S$828.3 million through a 1-for-1 rights issue. According to the real estate investment trust, the proceeds will be used primarily to reduce its borrowings. CCT is looking to ease its debt burden, which comes to some S$2.6 billion. And it plans to do so with a S$828.3 million rights issue. Under the rights issue, it plans to offer unit-holders one unit...

CCT to turn ground floor space at Market Street property into food court

CapitaCommercial Trust (CCT) is turning the interior ground floor open space at its Market Street property into a fully air-conditioned, themed-food court. The property trust announced on Thursday that the 11,000 square feet space has been leased to food court operator, Koufu. CCT made the move after deciding earlier this year not to redevelop the Market Street Car Park into a commercial building. The...

CapitaCommercial Trust to pay 11 cents per unit in FY2008, up 26% on-year

CapitaCommercial Trust (CCT) will pay 11 cents per unit for its full year 2008, up 26 per cent from the previous financial year. The trust reported distributable income of S$153 million for its financial year ended 31 December 2008. CCT said it performed well in 2008 because of higher rental reversions and the addition of the One George Street property to the portfolio. The trust has also refinanced...

More REITs, developers expected to put projects on hold

Shares of CapitaCommercial Trust (CCT) rallied to a two-month high on Wednesday following an announcement that it would refinance as much as S$580 million of mortgage-backed securities. The counter was up 7 per cent to S$1.00. Analysts are also cheering the company's decision to scrap a billion-dollar redevelopment plan in Singapore's business district as more developers are expected to hold back...

Market Street car park to stay

CAPITACOMMERCIAL Trust (CCT) has scrapped plans to redevelop the Market Street car park into a grade A office building, which could have cost up to $1.5 billion. "The manager, after taking into consideration the uncertain market outlook, tight credit conditions, high redevelopment cost and significant size of the project, has decided to abort the project immediately," the Singapore-listed real estate...

CCT aborts Market Street Car Park redevelopment plans

CapitaCommercial Trust (CCT) has decided not to redevelop the Market Street Car Park into a commercial building. The redevelopment is estimated to cost up to S$1.5 billion. CCT said the decision was based on the uncertain market outlook and conditions like tight credit and high redevelopment costs. CapitaCommerical Trust Management CEO, Lynette Leong, said: "In line with our prudent approach to capital...

CCT achieves distributable income of S$43.2m for 3Q

CapitaCommercial Trust (CCT) achieved a distributable income of S$43.2m for the third quarter ended September 30. This was 46.1 per cent higher compared to the same period last year. The increase was attributed mainly to the higher gross rental income achieved for its portfolio as well as income contribution from its No.1, George Street property. The trust's third quarter distribution per unit (DPU) also...

REITs face refinancing risks from credit crunch

Investment trusts are losing their attraction as good defensive options for investors in the current turbulent markets. As lending from banks begins to dry up, these trusts are facing refinancing difficulties. Analysts said their once attractive yields no longer seem as enticing, and real estate investment trusts (REITs) are no exception. REITs that have the backing of sponsors such as Mapletree and City...

MNCs snap up prime office space

DESPITE the sluggish economy, downtown office rentals show no sign of budging from high, with multi-nationals seemingly largely unfazed by top dollar demands for prime space. Yesterday, office landlord CapitaCommercial Trust (CCT) announced that mining giant BHP Billiton had renewed its lease at Capital Towers, while JPMorgan Chase expanded its premises by one-and-a-half floors in the same...

CCT benefits from surging office rents

CAPITACOMMERCIAL Trust, the office landlord run by CapitaLand, will pay investors 23 per cent more in dividends for the second quarter, as it earned more rental income. Shareholders will receive $36.1 million, or 2.6 cents a share, for the three months ended June 30, from 2.12 cents a year earlier. CapitaCommercial also expects to post higher income for the rest of the year, as it increases rents on...

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