K-REIT Asia said on Tuesday that investors will most likely enjoy a higher distribution per unit (DPU) of at least 7.16 Singapore cents by the end of 2012. K-REIT announced yesterday an 11.1 per cent increase in its DPU for the year ended December to 7.08 Singapore cents. The DPU for last year includes two weeks' rental income contribution from Ocean Financial Centre (OFC), which was completely acquired...
Singapore REITS
India's real estate market is tougher compared with China as the pace of doing business in the country is slower, according to CapitaMalls Asia (CMA). The retail property unit of CapitaLand, South-east Asia's largest developer, has 2 per cent of its assets in India, said CMA chief executive officer Lim Beng Chee. China makes up 42 per cent of its S$6.67-billion assets, the biggest after its home market...
CapitalMalls Asia is getting a headstart on the corporate bond market this year, with a S$200 million sale that the company hopes will be snapped up by retail and institutional investors alike. Lim Beng Chee, CEO of CapitaMalls Asia, said: "If you look at our balance sheet, as of today, our gearing is still relatively low. And as part of the corporate development, it is good to tap on some debt capital....
Fortune Real Estate Investment Trust, a property trust listed in Hong Kong and Singapore, said it will acquire two retail properties in Hong Kong for a total of HK$1.9 billion. Fortune REIT said the purchase consideration for Belvedere Garden Property and Provident Centre Property are HK$1.25 billion and HK$650 million respectively, both at a discount to their respective independent valuations. According...
Mapletree Logistics Trust (MLT) has issued 9 billion yen 10-year fixed-rate notes to a long-term financial investor. The bonds were priced at a fixed interest rate of 2.71 per cent and were issued out of the trust's S$1 billion multi-currency medium-term note programme. The bonds mature in December 2021. MLT said the issuance in the current financial environment underscores its strong credit standing...
Mainboard-listed Global Logistic Properties Limited (GLP) has formed an equal joint venture with sovereign wealth fund China Investment Corporation (CIC) to acquire 15 modern logistics facilities in Japan. The deal, worth 122.6 billion yen or US$1.6 billion, is believed to be one of the biggest-ever property deals in Japan. The properties, with a total gross floor area (GFA) of 770,989 square metres,...
In recent years, as buyers sought physical property amid fears of missing the market as prices continued to hit record highs, real estate investment trusts (REITs) have remained popular, though not with the same level of interest as before. K-REIT's announcement that it was acquiring Ocean Financial Centre triggered a rash of discussions on REITs and the financial diagnosis point to a consensus that not...
Singapore-listed Global Logistic Properties (GLP), which manages logistics facilities in China and Japan, has priced a S$500 million perpetual bond issue at a 5.50 per cent coupon, according to a term sheet seen by Dow Jones Newswires yesterday. The bond was priced at 420 basis points above the Singapore offer rate. JP Morgan Chase was the global coordinator and bookrunner. Citigroup, DBS and Goldman...
Global Logistic Properties (GLP) has mandated banks to manage a proposed offering of Singapore dollar-denominated perpetual capital securities, the company said in a statement on Friday. The property group has appointed JP Morgan as global coordinator, while JP Morgan, Citigroup, Goldman Sachs, and DBS Bank will be joint bookrunners and joint lead managers, GLP said. Fitch Ratings has assigned an...
It has been a decade since real estate investment trusts (REITs) made their appearance on the Singapore bourse, but it appears many investors are still grappling to understand this asset class. The REIT sector hit the headlines recently when K-REIT Asia's plans to buy 87.5 per cent of Ocean Financial Centre (OFC) and raise S$976 million through a rights issue to fund part of the cost was approved despite...