CapitaLand has sweetened its offer to buy out minority shareholders of shopping mall arm CapitaMalls Asia. CapitaLand, Southeast Asia's largest developer, said it will now pay S$2.35 per share, up from the previous offer of S$2.22 per share. The previous offer price was subsequently adjusted downwards to S$2.2025 per share to take into account a dividend payment. CapitaMalls shareholders who...
Singapore REITS
Lotte Shopping has postponed the listing of an up to US$1 billion (S$1.25 billion) real estate investment trust (REIT) in Singapore, underscoring lacklustre appetite for initial public offerings amid volatile market conditions. The operator of South Korea’s largest department store chain said in a regulatory filing yesterday it might reconsider the option if global financial markets improve, but is...
CapitaCommercial Trust’s (CCT) distributable income rose 7.6 per cent on-year to S$59.9 million in the first quarter, thanks to higher revenue contribution from most of the properties in its portfolio and lower interest expenses. This translates into an estimated distribution per unit of 2.08 cents, said the manager of the trust, CapitaCommercial Trust Management. The trust’s gross revenue for...
Southeast Asia's largest developer CapitaLand has announced plans to take its shopping arm private. CapitaLand is offering S$2.22 per share for all remaining shares in CapitaMalls Asia (CMA) that it does not already own, thus valuing the planned purchase at more than S$3 billion. CapitaLand said it wants to sharpen its competitive edge in the integrated development space where it sees opportunities,...
Changi City Point at Changi Business Park looks set to become the next shopping mall to be acquired by a real estate investment trust. Frasers Centrepoint Trust (FCT) said on Tuesday it has entered into a conditional sale and purchase agreement to buy Changi City Point from Ascendas Frasers Pte Ltd for S$305 million. Ascendas Frasers is a 50-50 joint venture between Ascendas Development and Frasers...
Suntec Real Estate Investment Trust (REIT) has sold new units to investors at a discounted price of S$1.605 a unit, raising net proceeds of about S$341 million to pay down its debt. The private placement of just over 218 million new Suntec units was priced near the top of the indicative range of S$1.575 to S$1.615. The placement price, however, represented a discount of about 4.7 per cent to the...
As small and medium-sized enterprises (SMEs) struggle with labour tightening in the push for improved productivity, they are also being squeezed by landlords demanding ever-rising rents. Many businesses that lease commercial and industrial space, especially those under the real estate investment trust (REIT) structure, are hurting, and I must say, hurting real bad. Over the course of this week, Members...
Global Logistic Properties (GLP), the real estate giant whose key shareholders include Singapore’s sovereign wealth fund GIC, has agreed to pay Brazil’s BR Properties 3.2 billion reais (S$1.7 billion) for property assets in the South American country. Singapore-based GLP is buying 34 industrial and logistics facilities in Brazil that will lead to a yield of 9.4 per cent, the company said yesterday...
Singapore's real estate investment trust (REIT) sector has been going through a rough patch. After seeing several bouts of sell-offs in 2013, the S-REIT index is now at its lowest level in almost one and a half years. But several REITs have reported record results this earnings season. Channel NewsAsia finds out if that could help boost sentiment in the sector. The latest REIT to list on the...
Keppel REIT, the second-biggest office property trust in Asia excluding Japan, is seeking buyers for its 30-storey Prudential Tower in Singapore’s financial district, Bloomberg News reported on Monday, citing two people familiar with the matter. Keppel REIT owns a 92.8 per cent stake in the tower, which was valued at S$490 million as of Dec 31 by independent valuers, according to the company’s...