Logistics company CWT said that it is in advanced talks on the proposed sale and leaseback of its logistics facilities in 24 Penjuru Road and 2 Fishery Port Road. These facilities could eventually be included in the proposed listing of a real estate investment trust (REIT). However, CWT said it has not reached any definitive agreements yet and has not received any regulatory approvals for the proposed...
REITS
ARA Asset Management has entered a partnership agreement with Qatar-based Regency Group to jointly manage a Shariah-compliant real estate investment trust (REIT). The partners plan to list the REIT on the Singapore Exchange in the second half of 2010. ARA said the proposed REIT is expected to comprise mainly of hospitality properties, including hotels and serviced apartments in Qatar. These will be...
Mainboard-listed Suntec REIT says its private placement of 128.5 million units was more than five times oversubscribed. The trust had priced the new units at S$1.19 each, a discount of 6.5 percent to Thursday's volume-weighted average price of S$1.2724 per unit. Suntec REIT said the gross proceeds from the private placement amounted to S$152.9 million. Net proceeds after deducting the underwriting,...
Singapore REITs are expected to pursue more acquisitions in 2010 to drive growth, with deals likely to be funded by private placements, says OCBC Investment Research. “Opportunistic acquisitions will be very much in vogue in 2010 as some REITs shore up declining earnings and others exploit favourable market conditions,” it says in a research note although funding sources may be limited as REIT...
Mainboard-listed CapitaMall Trust (CMT) said its current chief executive officer, Lim Beng Chee, will relinquish his position with the company to focus on his new role as CEO of newly-listed CapitaMalls Asia. However, Mr Lim will continue as a director and a member of the Executive Committee of CapitaMall Trust. Current Deputy CEO Simon Ho will assume the top position, while head of Investment and Asset...
Shares of CapitaMalls Asia made their much-anticipated debut on the Singapore Exchange on Wednesday. The counter closed at S$2.30 - up 8.5 percent over its IPO price - against expectations for a 10 percent jump. The listing was the largest in Singapore in 16 years. The IPO was 1.7 times oversubscribed, with the institutional portion garnering about 2.5 bids for every available share. Liew Mun Leong,...
Real estate investment trusts (REITs) may have taken a battering in the wake of the global financial crisis, but according to experts, they have rebounded sharply and recovered more quickly than other equities. Some market watchers said REITs hold great potential in the new post-financial crisis investment landscape. Singapore's Raffles City has undergone a major facelift since being managed by a REIT....
The manager of MacarthurCook Industrial REIT said its recapitalisation plan is the only proposal which meets the REIT's substantial and immediate funding requirements. It said this is reinforced by Cambridge Industrial Trust's (CIT's) disclosure on Friday that it has no viable proposal or solution for MI-REIT and its unitholders. CIT said on Friday that the Monetary Authority of Singapore would not allow...
Starhill Global REIT is set to acquire David Jones Building, a retail property located in central Perth, Australia for A$114.5 million ($148 million) from Centro, a real-estate company based in Australia, via a special purpose unit trust structure established in Australia. In addition, Starhill Global REIT says it has entered into an agreement with the trustee of Starhill REIT of Malaysia to indirectly...
The tussle for unitholder support between MacarthurCook Industrial REIT (MI REIT) and Cambridge Industrial Trust (CIT) continues unabated. The latest salvo was fired on Wednesday morning by MI REIT, which questioned CIT's plans for it. MI REIT wants details of CIT's proposed initiative to take charge of MI REIT's assets, as well as the costs involved in such a move. It is also asking how CIT plans to...