K-REIT Asia has announced that its second-quarter distribution per unit (DPU) rose 86.5 per cent to 1.94 cents, up from a restated 1.04 cents in the same period last year. Distributable income for the quarter ended June rose 89.5 per cent to S$49.8 million. The strong performance is due primarily to the income contribution from the 87.5 per cent interest in Ocean Financial Centre, acquired on December...
K-Reit Asia
K-REIT Asia will acquire a 12.39 per cent interest in Ocean Financial Centre for S$228.4 million, raising its stake to 99.9 per cent. In a filing with the Singapore Exchange, K-REIT Asia said the acquisition wil be funded by bank borrowings and the issue of 60 million new units at S$1.17 per unit. The issue price translates to a 15 per cent premium to K-REIT's Monday closing price of S$1.02 per unit. The...
K-REIT Asia said on Tuesday that investors will most likely enjoy a higher distribution per unit (DPU) of at least 7.16 Singapore cents by the end of 2012. K-REIT announced yesterday an 11.1 per cent increase in its DPU for the year ended December to 7.08 Singapore cents. The DPU for last year includes two weeks' rental income contribution from Ocean Financial Centre (OFC), which was completely acquired...
K-REIT Asia has acquired Ocean Financial Centre (OFC) from Keppel Land for more than S$2 billion. The deal sees K-REIT's aggregate leverage level rise about two percentage points to 41.6 per cent. OFC is currently 80 per cent occupied with some existing leases at lower-than-existing market rental rates due to the global financial crisis. To sweeten the deal, Keppel Land has promised rental support of up...
K-REIT Asia on Monday said its second-quarter distribution per unit (DPU) rose 17.7 per cent to 1.93 cents compared to a DPU of 1.64 cents recorded in the same period last year. Distributable income for the three months ended June rose 19.7 per cent to S$26.3 million. For the first half, K-REIT announced a DPU of 3.72 cents, a 25.3 per cent increase on-year. Distributable income for the first half came...
K-REIT Asia said it will distribute 1.79 cents for its distribution per unit (DPU) for the first quarter of 2011. This is a 34.6 per cent increase from the same period a year ago. Distributable income for the group grew by 36.1 per cent year-on-year to S$24.3million due to contributions from newly acquired assets, the Trust said. This brings the annualised distribution of the REIT to 7.26 cents per...
K-REIT Asia has increased its stake in Prudential Tower to 93 per cent from 73 per cent. Its trustee RBC Dexia Trust Services entered into a sale and purchase agreement with various parties to acquire levels 26 to 29 of the 30-storey building. This was at a purchase price of about S$125.1 million inclusive of rental support. Excluding the rental support, the effective purchase consideration is about...
K-REIT Asia said its distribution per unit (DPU) rose 20.6 per cent on-year to 6.37 cents for its financial year ended December 2010. The commercial property investor said its distributable income for the year amounted to S$85.6 million, up 21.4 per cent from S$70.5 million one year ago. Net property income grew 37.7 per cent on-year to S$67.3 million. The trust said net property income expanded as a...
K-REIT Asia's swap of Keppel Towers and GE Tower for a one-third stake in Marina Bay Financial Centre (MBFC) has received overwhelming support of 98 per cent. Its unitholders voted for the swap at an extraordinary general meeting on Wednesday. The sale of Keppel's one-third interest in Phase One of MBFC to K-REIT aroused some concerns among investors. They said the MBFC purchase consideration could have...
K-REIT Asia has booked a higher third quarter distribution per unit of 1.69 cents, a jump of 25.2 percent year-on-year. Distributable income for the three months ended 30 September rose over 26 percent to S$22.7 million. K-REIT said this was largely because of higher net property income and lower interest expense. Meanwhile, net property income for the group increased 42.4 per cent year on year to...