MacarthurCook Industrial REIT (MI REIT) has rebutted Cambridge Industrial Trust's (CIT's) assertions that its recapitalisation plan is "massively value destructive". MI REIT said on Tuesday that unitholders should not allow themselves to be distracted by analyses that are inaccurate, incomplete and misleading. It said there are a number of mistakes in CIT's analysis. These include: CIT's claim that new...
REITS
Parkway Life Real Estate Investment Trust (REIT) is expanding its Japanese nursing home portfolio by acquiring eight properties for some S$77.6 million. The REIT said it is buying the eight nursing homes at a favourable pricing from Japanese real estate asset manager, Kenedix. Parkway Life REIT said all the nursing homes are strategically located in dense residential districts, making them attractive...
Mainboard-listed Saizen REIT, which owns Japanese properties, said that it will start accumulating cash for distribution in the last quarter of the current financial year. It has suspended distribution since the start of the last financial year to conserve cash. The trust reported a net profit of 164 million yen (S$2.5 million) for the first quarter ended September, up 48.9 per cent from a year...
All Real Estate Investment Trusts (REITs) will have to hold an AGM by 31 Dec 2010 under revisions introduced by the MAS. The Monetary Authority of Singapore issued the requirement that come into effect in January next year, under a revised Property Funds Appendix for REITs. It states that REITs must hold Annual General Meetings (AGMs) not more than 15 months from the last preceding AGM, a move said the...
Singapore-listed Ascendas India Trust said that two of its subsidiaries have obtained term loan facilities amounting to around S$74 million from DBS Bank. The facilities will mature in December 2015 and carry an interest rate of 10 per cent a year. They will be used to fund the construction of a retail mall development in Bangalore and a multi-tenanted building development in Chennai. The property trust...
Mapletree Logistics Trust said on Tuesday its private placement to raise net proceeds of about S$78 million has been over-subscribed, with strong participation from both existing and new unit holders. The new units were allocated to over 20 quality institutional investors from Asia, Australia, Europe and the US. About 80 per cent of the new units were allocated to long-only fundamental investors. The...
Mapletree Logistics Trust said Monday it is raising net proceeds of about S$78 million in a private placement. It is offering 115 million new units at a price of between 69 and 71 Singapore cents per unit. The net proceeds will be used to finance two proposed acquisitions in Singapore amounting to S$78 million. One of the acquisitions is a six-storey warehouse facility in the west of Singapore for S$43...
Singapore-listed Parkway Life Real Estate Investment Trust has reported a third-quarter distribution per unit (DPU) of 1.91 cents, up 12.1 per cent from a year ago. Net property income for the three months ended September grew 23.3 per cent to S$15.4 million. Parkway Life said it saw continued growth in the third quarter as a result of increased rental income from its Japanese properties and an upward...
Lippo-Mapletree Indonesia Retail Trust says it achieved a distributable income of $13.1 million for the quarter ended Sept 30, 2009 (3Q 2009), 23.1% below the distributable income of $17.0 million recorded in the quarter ended Sept 30, 2008 (3Q 2008). DPU for 3Q 2009 is 1.22 cents compared to 1.60 cents in 3Q 2008. Lippo-Mapletree says the lower distributable income year-on-year is due to lower specialty,...
Mainboard-listed Saizen Real Estate Investment Trust said it has defaulted on a commercial mortgage-backed securities loan worth 7.3 billion yen or about S$113 million. It said despite efforts since early last year, it was unable to find a commercially viable solution before the maturity of the YK Shintoku loan. The loan is non-recourse and Saizen said the default is not expected to affect its other...