K-REIT Asia's distribution per unit (DPU) climbed one per cent for the 12 months ended December 2008, hitting 8.91 Singapore cents. Total revenue for the period was up 84.2 per cent to S$23.4 million. The strong results were attributed to increasing rental rates. But real estate trust said in a filing to the Singapore Exchange that the current economic downturn is expected to affect its earnings,...
REITS
News of a pair of S-Reit refinancings is good sign THE recent news of two successful refinancings bodes well for the broader Singapore real estate investment trusts (S-Reit) sector. CapitaCommercial Trust announced last week that it would be able to refinance some $580 million in commercial mortgage-backed securities (CMBS) due in March 2009, using a 3-year term loan facility with four banks. In...
Shares of CapitaCommercial Trust (CCT) rallied to a two-month high on Wednesday following an announcement that it would refinance as much as S$580 million of mortgage-backed securities. The counter was up 7 per cent to S$1.00. Analysts are also cheering the company's decision to scrap a billion-dollar redevelopment plan in Singapore's business district as more developers are expected to hold back...
CAPITACOMMERCIAL Trust (CCT) has scrapped plans to redevelop the Market Street car park into a grade A office building, which could have cost up to $1.5 billion. "The manager, after taking into consideration the uncertain market outlook, tight credit conditions, high redevelopment cost and significant size of the project, has decided to abort the project immediately," the Singapore-listed real estate...
CapitaCommercial Trust (CCT) has decided not to redevelop the Market Street Car Park into a commercial building. The redevelopment is estimated to cost up to S$1.5 billion. CCT said the decision was based on the uncertain market outlook and conditions like tight credit and high redevelopment costs. CapitaCommerical Trust Management CEO, Lynette Leong, said: "In line with our prudent approach to capital...
Singapore-listed Macquarie Prime Real Estate Investment Trust (REIT) has been renamed the Starhill Global REIT. This came after Starhill Global REIT Investments bought a 26 per cent stake in the REIT, as well as a 50 per cent stake in Macquarie Prime REIT's manager, Macquarie Pacific Star Prime REIT Management. Starhill Global is an indirect wholly-owned subsidiary of Malaysia-based conglomerate YTL...
Parkway Life Real Estate Investment Trust (PREIT) said it will distribute 1.71 Singapore cents per unit for its third quarter. The total distribution of about S$10.3 million is some 10 per cent higher than forecast. The announcement came as the trust posted strong third quarter results for the year. Its total net property income came to some S$12.5 million, more than 15 per cent higher than...
Suntec REIT's distribution per unit (DPU) for the fourth quarter rose 34.6 per cent year-on-year to 2.854 cents between July and September. Its distribution income of S$43.9 million for the same period was 44.5 per cent higher on-year. The gains were led by higher rentals from its Suntec City and Park Mall properties. Net property income was S$45.6 million, up 24.7 per cent from S$36.6 million, while...
CDL Hospitality Trusts posted a 41.8 per cent increase in income available for distribution to 8.82 Singapore cents per unit for the first nine months of 2008, compared to the same period in 2007. At the same time, revenue grew 38 per cent to S$86.5 million. Its net property income of S$27.3 million for the third quarter was up 20.7 per cent from S$22.6 million a year ago, while gross revenue grew 21.3...
YTL CORP, Malaysia's biggest builder, will spend $285 million for control of Macquarie Prime Real Estate Investment Trust (Reit), owner of stakes in two Singapore malls - Wisma Atria and Ngee Ann City. YTL, which is based in Kuala Lumpur, will buy 26 per cent of Macquarie Prime at 82 cents each from Macquarie Bank, it said yesterday in a statement. The company will also acquire 50 per cent of Prime Reit...