Mainboard-listed Global Logistic Properties (GLP) said it has entered into a partnership with Vancl, one of the largest online apparel retailer in China. Under the deal, GLP said it will address Vancl's rapid growth and the need for logistic facilities. GLP will work with the online retailer on site selection, project planning, and logistics facility leasing on a nationwide basis. In a statement, Mr...
Singapore REITS
The management of CapitaCommercial Trust says it has seen a strong response from investors for its five-year US$645 million bond issued on Tuesday. The Class A secured floating rate notes are due in 2016. The notes are issued out of the trust's multi-currency medium-term note programme valued at S$10 billion. The bonds have been rated AAA by Fitch Ratings and Moody's Investors Service. The notes are...
Global credit rating agency Moody’s Investors Service has maintained its stable forecast on Singapore Real Estate Investment Trusts (S-REITs) over the next 12 to 18 months, on expectations of loose credit conditions and increasing rents. Alvin Tan, an analyst at Moody's, said in a report that most rated S-REITs carry investment-grade ratings which “reflect issuers' relatively stable operating incomes,...
Mapletree Logisitics Trust has completed the acquisition of KPPC Pyeongtaek Centre in South Korea's Gyeonggi-do province for about S$85.9 million. The property, which has been fully funded by debt, is one of the largest facilities in the Gyeonggi-do province, the trust said in a statement. Mapletree Logistics Trust announced the acquisition in May, saying it is a major step to tap opportunities for...
JTC Corporation has awarded the tender for the business park site at Fusionopolis to Ascendas Real Estate Investment Trust (A-REIT) for S$110 million. Mr Tan Ser Ping, Executive Director and CEO of A-REIT, said the site will be developed into a modern suburban business space facility. The manager of A-REIT said the development is expected to be completed in the third quarter of financial year 2013/2014,...
Singapore's next big listing, Perennial China Retail Trust (PCRT), is hopping on board the transportation phenomenon that is sweeping over China. Plans for developments in high-speed rail are already underway across the country, such as the line between Beijing and Shanghai which cuts travel time in half. PCRT may not be involved in the development of such tier one city stations but it does have...
Global Logistic Properties (GLP) said its Japanese operations are back on, after being hit by the Japanese earthquake in March. It said its warehouse in Sendai, the epicentre of the earthquake, should be up and running by end of June. GLP said there will be high demand for modern logistic facilities once Japan begins rebuilding its supply chain networks. The Japanese earthquake in March caused minor...
The Urban Redevelopment Authority (URA) has accepted a joint tender for the Jurong Gateway site at a tender price of nearly S$969 million from CapitaMall Trust, CapitaMalls Asia and CapitaLand. The 99-year leasehold site is likely to be developed into a mixed retail and office space. It has a land area of approximately 18,159 square metres, with a maximum permissible total gross floor area of 88,980...
Global Logistic Properties (GLP) posted a net profit of US$49.2 million for its fourth quarter ended March 2011. That is a 63 per cent drop from a year ago, when it posted a net profit of about US$133 million. GLP, a listed company which owns warehouses and other logistic assets in China and Japan, said its Japanese properties sustained minor damages from the Japanese earthquake, which contributed to...
CapitaMalls Asia (CMA) is planning to acquire at least seven more malls by the end of the year, to grow its S$24.1-billion global portfolio to 100 properties. This is in line with plans to acquire another S$2 billion worth of new projects this year. All eyes are on the growth of the Chinese market, which makes up the lion's share of the portfolio in terms of gross floor area (GFA) at 70 per cent, ahead of...