REITS

Ascendas REIT to buy business parks from CapitaLand for S$1.7 billion

Ascendas Real Estate Investment Trust said on Friday (Oct 31) it is buying 30 business parks in the United States and Singapore for about S$1.66 billion from its controlling unit holder CapitaLand. The deal marks Ascendas REIT's entry into the United States, where it is buying 28 business parks located in Raleigh, Portland and San Diego. It plans to fund the acquisition mainly through a S$1.3 billion...

Ascendas Reit raises Q2 DPU by 2.3% after UK acquisitions; calls for trading halt

Ascendas Real Estate Investment Trust’s (Reit) distribution per unit (DPU) rose by 2.3 per cent to 3.978 Singapore cents for its second quarter to Sept 30 from 3.887 cents a year ago, boosted by overseas acquisitions while taking into account an enlarged number of units in issue. The Reit also called for a trading halt on Friday morning, after it had released its financial results. Gross revenue...

Retail, hospitality Reits get lift from tourist arrivals

It is likely to be another stable reporting season for Singapore's real estate investment trusts (Reits) with tourist arrivals in July and August giving a boost to retail and hospitality Reits while industrial Reits continue to be pressured by the bleak state of manufacturing activity. Given the cloudy outlook owing to macroeconomic uncertainty and recession fears, analysts have chosen a defensive...

Ascott Reit’s whirlwind merger to lead the global hospitality space

It took a matter of three days for the proposed S$1.2 billion merger between Ascott Residence Trust (ART) and Ascendas Hospitality Trust (A-HTrust) to be approved and unveiled to the public. The merger of the two Reits had been subject to much speculation since January after ART's parent, CapitaLand - one of Asia's largest real estate companies - announced its S$11 billion acquisition of...

WeWork concerns seeping into Singapore office Reits: Credit Suisse

Concerns about co-working giant WeWork may amplify the negative impact of a weakening economy on Singapore's commercial real estate investment trusts (Reits), according to Credit Suisse Group. Poor sentiment on the company could further damp demand for co-working spaces amid slowing gross domestic product growth, hurting office Reits, analysts led by Nicholas Teh wrote in a report. "Office Reits have...

Keppel Reit sells Bugis Junction Towers for S$547.5m, S$388m above purchase price

Keppel Reit has sold Bugis Junction Towers to Village Prop Pte Ltd for S$547.5 million or S$2,200 per square foot, S$388 million more than the S$159.5 million the property was acquired for in 2006. The Business Times understands the main buyer is a fund managed by Angelo Gordon, a US-headquartered global alternative investment manager. Alongside the fund, Singapore-based property investment manager...

Mapletree Commercial Trust to buy S$1.55b business park from sponsor

Mapletree Commercial Trust (MCT) is proposing to buy a business park in Pasir Panjang at an agreed property value of S$1.55 billion from Heliconia Realty, a direct wholly-owned subsidiary of Mapletree Investments, MCT’s sponsor. If completed, this could count as one of the largest acquisitions by a Singapore real estate investment trust (S-Reit) this year. S-Reits have in recent weeks been on an...

S-Reits on acquisition binge amid low interest rates

Amid a lower-for-longer interest rate environment, Singapore real estate investment trusts (S-Reits) are ramping up their acquisitions worth billions of dollars, according to market observers. Just this week alone, three S-Reits have announced equity financing to partially fund their acquisitions - Keppel DC Reit raised S$478.2 million to fund its proposed acquisition of two data centres worth about...

S-Reit universe may soon welcome a new asset class: grocery-anchored malls

A new asset class may soon be added to the Singapore Reit (S-Reit) universe later this year: grocery-anchored malls. They may not seem exciting but property trusts anchored by these bread and butter businesses are seen as safe havens amid the challenges retailers are facing today. Proponents of the asset class, which is a norm in the United States and Britain, tout the resilience of necessity...

SPH Reit launches S$1b multicurrency debt programme; in talks for potential acquisition

Retail landlord SPH Reit has established a S$1 billion multicurrency debt issuance programme, with part of the proceeds to be potentially used for a possible acquisition. The Reit's manager, SPH Reit Management, is currently conducting due diligence on the potential acquisition. "Discussions about the potential acquisition are still preliminary and there can be no assurance that the acquisition will...

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