Sovereign wealth fund Government of Singapore Investment Corp (GIC) is expected to list its logistics unit on the Singapore Exchange on October 15. The initial public offering (IPO) of Global Logistic Properties (GLP) aims to raise up to US$3 billion in what could be Singapore's biggest IPO. If successful, the IPO would be bigger than SingTel's S$4 billion (US$2.9 billion) listing in 1993, and dwarf...
Singapore REITS
Property consultant CB Richard Ellis (CBRE) said Asian Real Estate Investment Trust (REITs) saw good growth in the first half of this year. In its "REITs Around Asia" report, CBRE said total market capitalisation of Asian REITs surged by 24.7 per cent on-year to US$69 billion. Six new REITs were also launched during the first six months of the year in what CBRE said was a dynamic period for REIT initial...
Singapore-listed Ascendas Reit (A-REIT) said on Friday that ratings agency Moody's has upgraded its rating. Moody's has lifted A-REIT's corporate family rating to A3 from Baa1. It did so to reflect A-REIT's operating and financial strength, as evidenced by its revenue growth and high occupancy rates during the downturn. A-REIT said the move recognised its established market position as well as its...
Logistics REIT MapletreeLog has acquired another property in South Korea. Worth 28 billion won ($32 million), the property consists of a three-storey warehouse and a four-storey warehouse. The entire property spans 28,700 square metres. Its vendor, Multi-Q Logistics, specialises in the storage and distribution of fast-moving consumer goods, said MapletreeLog. The acquisition is set to boost...
Healthcare trust Parkway Life Reit (P-Life Reit) said it has entered into two agreements for credit facilities of up to S$207 million. It has secured a four-year committed term loan facility for S$103.5 million and another five-year committed term loan facility for the same amount. The firm intends to use the funds to refinance an existing S$207 million facility which will fall due in the second half of...
Mainboard-listed Cambridge Industrial Trust (CIT) is acquiring several properties for some S$37.1 million. It said on Friday that it is entering into two separate put and call option agreements to acquire an asset located at 22 Chin Bee Drive and another located at 1 & 2 Changi North Street 2. The building at Chin Bee comprises two levels of warehousing facilities and a mezzanine level of office...
CapitaMalls Asia has priced an issue of S$350 million unrated fixed rate notes at 3.95 per cent. The notes will mature on August 24, 2017, and the interest on the notes is payable half-yearly in arrears. This is the first series of notes issued under a S$2 billion Euro-Medium Term Note Programme established by CapitaMalls Asia Treasury in April this year. Under the programme, CapitaMalls Asia Treasury...
Singapore-listed Parkway Life Real Estate Investment Trust has reported a second quarter distribution per unit of 2.09 Singapore cents, up 10.9 per cent from a year ago. Net property income for the three months ended June grew 15.6 per cent to S$17.3 million. For the first half of the year, net property income was up 14.5 per cent at S$34.5 million. Parkway Life says the higher revenue was due primarily...
Singapore-listed CapitaMalls Asia said its second quarter net profit fell 23.7 percent to S$113 million. However revenue over the period grew 31.9 percent to S$73 million. The drop in earnings was attributable to the lower revaluation gain of its properties as compared to the second quarter a year ago. It also received a lower share of results from its three Chinese private equity funds, which was...
CAPITACOMMERCIAL Trust (CCT) reiterated last week that it will not distribute a special payout to unit-holders when it completes its $380 million sale of StarHub Centre in September. Likewise, it did not return proceeds to shareholders when it completed the sale of Robinson Point in April. The trust has said it is setting aside the net cash proceeds from these two divestments - totalling about $577.5...