Cambridge Industrial Trust is acquiring the property at 30 Teban Gardens Crescent for S$41m from Eurosports Auto Pte Ltd. The property consists of (a) a 3-storey industrial building with a single storey factory cum car showroom and (b) a brand new annex block of a 2-storey showroom with ancillary office to be completed by the vendor. The total gross floor area of property to be acquired is expected to...
Singapore REITS
With persistently high property prices in Singapore, Singapore real estate investment trust (REITS) are focusing mainly on asset enhancements to boost their growth. Any acquisitions that they are looking at will have to be yield accretive. When Causeway Point completes its refurbishment works by this December, its occupancy rate is expected to improve to 100 per cent. The heartland mall in Woodlands is...
CapitaMalls Asia, the shopping mall arm of CapitaLand, has set up a US$1 billion private equity fund to invest in malls in China. According to a filing with the Singapore Exchange, CapitaMalls Asia said the new fund - CapitaMalls China Development Fund III - has a fund life of eight years. CapitaMalls will hold a 50 per cent stake in the fund amounting to US$500 million, with institutional investors from...
K-REIT Asia will acquire a 12.39 per cent interest in Ocean Financial Centre for S$228.4 million, raising its stake to 99.9 per cent. In a filing with the Singapore Exchange, K-REIT Asia said the acquisition wil be funded by bank borrowings and the issue of 60 million new units at S$1.17 per unit. The issue price translates to a 15 per cent premium to K-REIT's Monday closing price of S$1.02 per unit. The...
Asia's largest logistic facilities provider, Global Logistics Properties (GLP), has signed new leasing agreements totalling 44,000 square metres of its space in southern China. In a filing with the Singapore Exchange, the firm said the leases were for two of its facilities in Guangdong Province. Located along the Guangzhou-Dongguan-Shenzhen economic corridor, GLP Park Zengcheng leased out 30,000 sqm of...
Frasers Centrepoint Asset Management (Commercial), the manager of Frasers Commercial Trust (FCOT), is seeking unitholder's approval for the proposed sale of KeyPoint, its property at Beach Road, to Bayfront Ventures for S$360 million. It is also seeking a mandate to buy back units of FCOT in the future without prior approval of unitholders. Mr Low Chee Wah, chief executive officer of FCOT, said: "The...
Singapore-listed Orchard Parade Holdings Limited (OPHL), the hotel and property arm of Far East Organization (FEO), is seeking shareholders' approval to divest three hospitality assets into a real estate investment trust (REIT) to be listed on the SGX. In a statement, OPHL said this is part of a corporate restructuring exercise to allow the company explore opportunities in the hospitality management and...
Real estate investment trusts (REITs) have outperformed the market despite the volatility in the first half of the year. They are also known for their relative resilience amid economic downturns. And industrial REITs appear to hold up better than the rest with total returns of 18 per cent in the first quarter. REITs have outperformed other assets like equities since the start of the year. The benchmark...
Ascendas Real Estate Investment Trust (A-REIT) has entered into an agreement to sell its property at 6 Pioneer Walk for S$32 million to Chasen Logistics Services, a subsidiary of Chasen Holdings. The sale price is at a 42 per cent premium over the original purchase price of S$22.5 million in 2007. A-REIT's manager, Ascendas Funds Management, said in a statement that the divestment is in-line with its...
Global Logistic Properties Limited (GLP), has announced that it will start construction on a logistics facility, GLP Atsugi, in November 2012. To be completed in December 2013, the 109,500 square metre facility is located in Aikawa, or the area known as "Atsugi" in the Kanagawa prefecture in the Greater Tokyo region. The total development cost is estimated to be USD$169 million2 (JPY 13.5 billion). GLP...