CapitaMalls Asia (CMA) has received approval to list its Malaysian property assets on the Malaysian exchange, Bursa Malaysia. CapitaMalls Malaysia Trust (CMMT) will be the holding entity of its Malaysia-based shopping malls, with some 1.35 billion CMMT units expected to be listed. An expected 786.5 million units will be offered for sale, with CMA retaining a 41.74 per cent in CMMT. A book-building...
REITS
CapitaCommercial Trust says it has yet to make a decision on its StarHub Centre property. It says it is evaluating all options for its asset plan for the property and has not arrived at any decision at this point. As part of the evaluation process, CCT says it conducted a non-legally binding expression of interest exercise to ascertain interest for the sale of the property. It adds that there is no...
Mainboard-listed CDL Hospitality Trusts said its new units were placed out at the lower end of its indicative range. It has fixed the issue price for each new unit at S$1.71. Its indicative range was between S$1.71 and S$1.77. At the price of S$1.71, it represents a discount of 7.1 per cent to the adjusted volume weighted average price of S$1.8402 per stapled security. CDL Hospitality said its private...
CDL Hospitality Trusts is placing out new stapled securities to raise net proceeds of up to S$196 million. The trust said the issue price will range between S$1.71 and S$1.77 per stapled security, with the final price fixed after a book-building exercise. This represents a discount of 6.3 per cent to 9.4 per cent to the counter's volume weighted average price on Monday. The placement aims to raise S$150...
CapitaMalls Asia (CMA) says it has received approval from the Securities Commission of Malaysia to list its assets across the Causeway. It says CapitaMalls Malaysia Trust (CMMT) will hold its Malaysia shopping malls and be listed on the main market of Bursa Malaysia. Some 1.35 billion CMMT units will be listed. A total of some 786.5 million units will be offered for sale, with CMA retaining a 41.74 per...
The Government of Singapore Investment Corporation could be looking to list the logistics business of its real estate arm by as early as the fourth quarter of this year. A Reuters report said the sovereign wealth fund is seeking to raise at least S$1 billion in the initial public offering. This could make it the biggest IPO on the Singapore market since CapitaMalls Asia's listing last year. The report...
CapitaCommercial Trust has repurchased some S$49.5 million worth of convertible bonds from an issue it had made in May 2008, which are due in 2013. This reduces the outstanding principal amount of the bonds from the original S$370 million to S$180 million, following a series of prior buy-backs and cancellations in February and April this year. The repurchase was funded by the net cash proceeds of a...
Mainboard-listed Parkway Life REIT on Wednesday said it is buying six properties in Japan worth about S$60.5 million. The properties are nursing home and care facilities, and will be funded by borrowings. Five of the properties are located in densely populated residential areas in Japan's Fukuoka Prefecture, with the remaining one in Akita Prefecture. Parkway Life REIT said the purchases are...
Credit ratings agency Moody's has upgraded its outlook for Singapore's real estate investment trusts (S-REITs) from negative to stable. This reflects its view that the sector's fundamental credit conditions over the next 12 to 18 months will remain stable. Moody's said that the outlook is supported by three factors, which include the strong rebound in Singapore's economy and the stabilisation of rents...
Singapore's real estate investment trusts (REITs) have toughened up and are ready to hit the acquisition trail, according to analysts. The country's REITs have recapitalised their balance sheets and refinanced debt, which will put them in a better position to grow this year. After a difficult 2009, REIT managers have lowered their gearing levels. But observers said the REITs are now comfortable with...