Mapletree Logistics Trust has said it is raising S$300 million in capital through the issue of new shares to fuel its growth plans. The fund raising will comprise a combination of private placement and preferential offering of more than 370 million new units. The Trust said it hopes to raise around S$170 million from the private placement of new units offered at a price range of between 82 and 84 cents...
REITS
Mapletree Industrial Trust plans to raise about $800 million from an initial public offering in Singapore to buy six properties and repay debt, according to a term sheet sent to investors. The trust is offering 1.01 billion units, or up to 69 per cent of its market capitalisation, in the IPO, which includes a greenshoe - or overallotment option - of 91.75 million units. Trading will start on Oct 21,...
The Government of Singapore Investment Corporation (GIC) may sell just a minority stake in the listing of Global Logistic Properties (GLP) that is expected to raise a record US$3 billion ($4.01 billion). According to a Reuters report yesterday that cited unnamed sources, GIC may offer shares of its logistics unit at 1.3 to 1.4 times book value in its initial public offering. GLP develops and manages...
Ascott Residence Trust said its unitholders approved its plans to expand its portfolio in Asia and Europe, as it allayed fears of minority shareholders over dilution and a drop in distribution per unit (DPU) from the issuance of new units. In an extra-ordinary general meeting yesterday, unitholders gave the go ahead for Ascott Reit's plans to acquire two properties in Singapore and Vietnam, as well as 26...
Sovereign wealth fund Government of Singapore Investment Corp (GIC) is expected to list its logistics unit on the Singapore Exchange on October 15. The initial public offering (IPO) of Global Logistic Properties (GLP) aims to raise up to US$3 billion in what could be Singapore's biggest IPO. If successful, the IPO would be bigger than SingTel's S$4 billion (US$2.9 billion) listing in 1993, and dwarf...
Property consultant CB Richard Ellis (CBRE) said Asian Real Estate Investment Trust (REITs) saw good growth in the first half of this year. In its "REITs Around Asia" report, CBRE said total market capitalisation of Asian REITs surged by 24.7 per cent on-year to US$69 billion. Six new REITs were also launched during the first six months of the year in what CBRE said was a dynamic period for REIT initial...
Singapore-listed Ascendas Reit (A-REIT) said on Friday that ratings agency Moody's has upgraded its rating. Moody's has lifted A-REIT's corporate family rating to A3 from Baa1. It did so to reflect A-REIT's operating and financial strength, as evidenced by its revenue growth and high occupancy rates during the downturn. A-REIT said the move recognised its established market position as well as its...
Logistics REIT MapletreeLog has acquired another property in South Korea. Worth 28 billion won ($32 million), the property consists of a three-storey warehouse and a four-storey warehouse. The entire property spans 28,700 square metres. Its vendor, Multi-Q Logistics, specialises in the storage and distribution of fast-moving consumer goods, said MapletreeLog. The acquisition is set to boost...
Healthcare trust Parkway Life Reit (P-Life Reit) said it has entered into two agreements for credit facilities of up to S$207 million. It has secured a four-year committed term loan facility for S$103.5 million and another five-year committed term loan facility for the same amount. The firm intends to use the funds to refinance an existing S$207 million facility which will fall due in the second half of...
Mainboard-listed Cambridge Industrial Trust (CIT) is acquiring several properties for some S$37.1 million. It said on Friday that it is entering into two separate put and call option agreements to acquire an asset located at 22 Chin Bee Drive and another located at 1 & 2 Changi North Street 2. The building at Chin Bee comprises two levels of warehousing facilities and a mezzanine level of office...