Property developer Keppel Land plans to sell one-third stake of its Phase One of Marina Bay Financial Centre (MBFC) to K-REIT Asia for about S$1.4 billion. This is part of an asset swap agreement with K-REIT, a real estate investment trust. Under the deal, K-REIT will in turn sell Keppel Towers and GE Tower (KTGE) to Keppel Land for S$573 million. The one-third stake of Marina Bay Financial Centre Phase...
K-Reit Asia
K-REIT Asia says its second quarter distribution per unit rose 24.2 per cent to 1.64 Singapore cents compared to a restated DPU of 1.32 cents recorded in the same period last year. Distributable income for the three months ended June, rose 25.5 per cent to about S$22 million due mainly to higher net property income and lower interest expense. For the first half, K-REIT announced a DPU of 2.97 cents, a...
Net property income up 28% to $13.9m in Q1; distribution per unit at 1.33 cts RECENT acquisitions have boosted K-Reit Asia's financial results for the first quarter ended March 31, 2010. K-Reit yesterday posted a net property income of $13.9 million - 28 per cent higher than a year ago. The trust received more rental income from the six strata floors in Prudential Tower which it bought late last year,...
K-REIT Asia said its first quarter distribution per unit (DPU) rose 12.7 per cent to 1.33 cents compared to a restated DPU of 1.18 cents recorded in the same period last year. Distributable income for the three months ended March 31 rose 13.8 per cent to S$17.8 million from S$15.7 million in the previous year. K-REIT said this was due mainly to higher net property income and income contribution from One...
K-REIT Asia said it will distribute 5.75 Singapore cents a unit for the quarter ended December. That's 9.7 per cent higher from a year ago. The commercial property investor said its distributable income for the quarter totalled S$19.4 million, up from S$17.4 million a year earlier. K-reit said net property income rose 13.6 per cent in the fourth quarter to S$13.4 million. Net property income for the...
K-REIT Asia says it has completed the acquisition of levels 20 to 25 of Prudential Tower located at 30 Cecil Street. K-REIT Asia says it paid $106 million for the property and the acquisition will be funded by a bridging loan facility of up to $110 million from Kephinance Investment. K-REIT Asia says the bridging loan is to be repaid from the net proceeds of the underwritten and renounceable rights issue...
K-Reit Asia, the office landlord owned by Keppel Land, says its third-quarter distribution to shareholders will be $18 million, up 18.3% compared to 3Q08. This means a distribution unit of 2.69 cents. K-REIT Asia achieved a distributable income of $51.1 million for the period from Jan 1 to Sept 30, 2009. This was 25.4% higher than that for the same period in 2008, due mainly to higher rental rates...
K-REIT Asia is planning to raise S$620 million through a one-for-one rights issue. It is offering about 667 million rights units at 93 cents each, representing a 21.2 per cent discount to K-REIT Asia's closing price of S$1.18 per unit on September 30. K-REIT Asia said it intends to use about 80 per cent of the gross proceeds to repay borrowings provided by Kephinance Investment. This includes a bridging...
Mainboard-listed K-Reit Asia said on Tuesday the CEO of its management firm is stepping down. 49-year-old Tan See Yiow will be resigning on August 17, and will be replaced by Ng Hsueh Ling. Prior to this appointment, Ms Ng has held key positions with other real estate companies. Most recently, she was the CEO of Ascendas Korea and Japan from 2007 to 2009. K-Reit Asia said Mr Tan will remain as an...
Singapore-listed K-Reit Asia has reported a second quarter distribution per unit (DPU) of 2.64 cents. This is up 21 per cent from a year ago. The manager of the property trust says the higher DPU was mainly due to higher rental rates for new and renewed leases. Net property income for the three months ended June grew 34 per cent to S$12.3 million. K-Reit says it will pay out 4.99 cents for the period...