REITS

SPH Reit still seeking acquisitions amid tough market

The manager of SPH Reit says it is hard to find good assets both locally and overseas, evidenced by the limited number of transactions completed in the market this year. Leong Horn Kee, chairman of the Reit manager, was asked by shareholders at the Reit's annual general meeting why it had only purchased a small strip mall like The Rail Mall this year, and whether it plans to ramp up its acquisitions...

Sabana Reit to sell Geo-Tele Centre to Ascendas-Singbridge Group

Sabana Reit is selling a data centre in Tai Seng to the government-linked Ascendas-Singbridge Group, with the manager citing its strategy of divesting under‐performing and mature assets. The manager inked a conditional sale and purchase agreement on Wednesday to sell Geo‐Tele Centre for S$99.6 million to a trust, it said. Ascendas-Singbridge, which is jointly owned by state entities Temasek Holdings...

Reits are investors’ top pick in light of property cooling measures

Buy the businesses that hold the real-estate assets rather than the ones that sell them. That's the message from a growing number of analysts in Singapore who say real estate investment trusts (Reits) are a better bet than developers in light of the island's recent cooling measures. For much of 2017 and the first half of this year, Singapore developer stocks had a great run. Rising home prices and...

Ascott Reit buys land for $62.4 mil to build co-living property

Ascott Residence Trust (Ascott Reit) has purchased a prime site in Singapore’s research and innovation business hub, one-north, for $62.4 million. The 60-year leasehold land, acquired from JTC Corporation, will be used to build a development for co-living, under Ascott’s co-living brand lyf. It will offer an estimated 324 units across two residential blocks and is slated to open by 2021. This...

ESR-Reit unitholders approve Viva Industrial Trust merger, request lift of trading halts

ESR-REIT requested a lift of its trading halt on Monday morning before trading hours began, days after unitholders approved a merger with Viva Industrial Trust (VIT) that bringsthe sending the real estate investment trust (Reit) closer towards becoming Singapore’s fourth-largest industrial property trust. Viva Industrial Trust also requested a lift of its trading halt on Monday morning. At the...

Sabana Reit issues termination notice to tenant over S$2.14m in rental defaults

Sabana Reit announced it had issued a notice of termination on Aug 31 to Adviva Distribution, the tenant at 10 Changi South Street 2, due to the tenant's "failure to pay rent and other sums payable" under the lease agreement. In a late Friday filing, Sabana Reit said that the tenant owes S$2.14 million in rental arrears. "Sabana Reit intends to set off the outstanding rental arrears and damages owed...

CapitaLand Mall Trust buys 70% interest in Westgate for S$789.6m

Property developer CapitaLand on Monday said that it has agreed to sell to CapitaLand Mall Trust (CMT) its 70 per cent stake in Westgate – the retail component of an integrated retail and office development in Jurong - for S$789.6 million. This values a full 100 per cent stake in the development at S$1.128 billion, and translates to S$2,746 per square foot (psf). The sale will generate for...

New supply of space poses larger threat to Singapore retail Reits than online shopping: Moody’s

A increased supply of retail space will pose a bigger risk to Singapore's retail Reits than online shopping over the next 12 to 18 months. This is according to a sector report released by Moody's Investors Service on Tuesday. Nevertheless, analysts are maintaining their credit profiles on rated Reits (real estate investment trusts) such as CapitaLand Mall Trust (CMT) which is rated "A2 stable", and...

Ascendas Reit planning to acquire 12 UK logistics properties

Ascendas Reit has entered into a share purchase agreement with two third-party vendors, Oxenwood Catalina Midco Limited and Oxenwood Catalina II Midco, to acquire 10 companies for £207.27 million (S$373.15 million). The companies own the 12 logistics properties which have a total land area of about 549,201 square metres and are sited on freehold and 999-year leasehold land. A valuation report by...

Suntec Reit Q2 DPU down a marginal 0.8%

Suntec Reit distribution per unit (DPU) edged down to 2.474 Singapore cents for the second quarter ended June 30, 0.8 per cent lower than the 2.493 Singapore cents DPU for the year-ago period. Gross revenue rose 3.7 per cent year-on-year to S$90.5 million, while net property income rose 2.2 per cent to S$60.7 million, both due mainly to higher contribution from Suntec Singapore and Suntec City Mall...

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