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
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...
K-REIT Asia, a real estate investment trust sponsored by Keppel Land, reported a 37.3 per cent on-year jump in distribution income for the first quarter on positive rental reversions. Distribution income for the three months ended 31 March totalled some S$15.7 million. K-REIT attributed the increase to higher rentals achieved for new and renewed leases. For the first quarter, shareholders can expect...
K-REIT Asia's distribution per unit (DPU) climbed one per cent for the 12 months ended December 2008, hitting 8.91 Singapore cents. Total revenue for the period was up 84.2 per cent to S$23.4 million. The strong results were attributed to increasing rental rates. But real estate trust said in a filing to the Singapore Exchange that the current economic downturn is expected to affect its earnings,...