Singapore-listed mall developer CapitaMalls Asia has received in-principle approval for a secondary listing in Hong Kong. It plans to list by way of introduction, without raising any new equity, on the mainboard on October 18. CapitaMalls Asia may not be raising new capital from its listing in Hong Kong, but the move will allow the mall developer to widen its investor base here in Hong Kong and by...
Singapore REITS
Since the listing of the first real estate investment trust (REIT) in Singapore in July 2002, the sector has grown by leaps and bounds. The Singapore Exchange now lists 23 REITs with underlying properties varying from retail, offices and industrial to hospitality and healthcare. This has made Singapore's REIT sector the second-largest in Asia, after Japan's. REITs are popular because of the many...
Frasers Centrepoint Trust, which owns shopping malls in Singapore, said on Thursday it has raised a gross amount of S$66.7 million from the placement of 48 million new units. The trust fixed the issue price at S$1.39 each, at the top of the S$1.35-S$1.39 range. The placement was about 4.1 times subscribed and saw strong participation from more than 30 institutional investors from Asia and Europe, the...
Global Logistic Properties (GLP), a subsidiary of the Government of Singapore Investment Corp, said yesterday that it has not made any decision on the setting up of a real estate investment firm in Japan. The statement follows media reports last week that GLP is considering a listing of its Japanese assets through a real estate investment trust in an initial public offering in Japan that could raise at...
Global Logistic Properties (GLP), a subsidiary of the Government of Singapore Investment Corp, is planning to raise at least ¥100 billion (S$1.6 billion) in an initial public offering of its Japanese assets by the end of this year, three people with direct knowledge of the matter said. GLP has hired Citigroup, Goldman Sachs and Nomura Holdings as the main underwriters for the IPO, which would be the...
Global Logistic Properties (GLP), a subsidiary of Government of Singapore Investment Corporation (GIC), said it sees strong demand for its logistics facilities in China. The company announced on Wednesday that it has signed new and expansion lease agreements totalling 152,000 square metres at GLP Park Chongqing and GLP Park Chengdu Hi-tech. It said due to the growing demand from customers in western...
Starhill Global REIT will be filing an appeal against the High Court's decision to dismiss its application to declare that the rent review mechanism in its lease agreement with Toshin is "not operable". Toshin is the property arm of Japan-based retailer Takashimaya. Starhill has a 27.23 per cent stake in Ngee Ann City. Under a lease agreement, Toshin is the master tenant occupying the retail areas from...
Retail real estate investment trusts (Reits) earnings in Singapore will continue to surge in the coming months, attributed to positive consumer confidence, said DBS. “With earnings forecasted to be growing steadily and supported by an expected strong S$, we believe that S-Reits continue to offer a compelling investment proposition for income investors,” it said. DBS noted that S-Reits should continue...
The Chijmes along Victoria Street is being put up for sale by owner Suntec Reit. It has appointed Colliers International to market the property through an expression-of-interest exercise. However, Suntec Reit is expected to sell the asset only if it gets a good price. Chijmes was last valued for $134 million at the end of last year. It has 79,794 square feet of net lettable area, and generated revenue of...
Singapore's Global Logistic Properties (GLP), which owns warehouses in Japan and China, said it has formed a joint venture with Canada Pension Plan Investment Board to develop logistic facilities in Japan. In a statement, GLP said each partner will invest US$250 million of equity over a projected three years, adding that the targeted leverage is 50 per cent loan-to-value after stabilisation with an...