Mainboard-listed CDL Hospitality Trusts said its new units were placed out at the lower end of its indicative range. It has fixed the issue price for each new unit at S$1.71. Its indicative range was between S$1.71 and S$1.77. At the price of S$1.71, it represents a discount of 7.1 per cent to the adjusted volume weighted average price of S$1.8402 per stapled security. CDL Hospitality said its private...
Singapore REITS
CDL Hospitality Trusts is placing out new stapled securities to raise net proceeds of up to S$196 million. The trust said the issue price will range between S$1.71 and S$1.77 per stapled security, with the final price fixed after a book-building exercise. This represents a discount of 6.3 per cent to 9.4 per cent to the counter's volume weighted average price on Monday. The placement aims to raise S$150...
CapitaMalls Asia (CMA) says it has received approval from the Securities Commission of Malaysia to list its assets across the Causeway. It says CapitaMalls Malaysia Trust (CMMT) will hold its Malaysia shopping malls and be listed on the main market of Bursa Malaysia. Some 1.35 billion CMMT units will be listed. A total of some 786.5 million units will be offered for sale, with CMA retaining a 41.74 per...
The Government of Singapore Investment Corporation could be looking to list the logistics business of its real estate arm by as early as the fourth quarter of this year. A Reuters report said the sovereign wealth fund is seeking to raise at least S$1 billion in the initial public offering. This could make it the biggest IPO on the Singapore market since CapitaMalls Asia's listing last year. The report...
CapitaCommercial Trust has repurchased some S$49.5 million worth of convertible bonds from an issue it had made in May 2008, which are due in 2013. This reduces the outstanding principal amount of the bonds from the original S$370 million to S$180 million, following a series of prior buy-backs and cancellations in February and April this year. The repurchase was funded by the net cash proceeds of a...
Credit ratings agency Moody's has upgraded its outlook for Singapore's real estate investment trusts (S-REITs) from negative to stable. This reflects its view that the sector's fundamental credit conditions over the next 12 to 18 months will remain stable. Moody's said that the outlook is supported by three factors, which include the strong rebound in Singapore's economy and the stabilisation of rents...
Singapore's real estate investment trusts (REITs) have toughened up and are ready to hit the acquisition trail, according to analysts. The country's REITs have recapitalised their balance sheets and refinanced debt, which will put them in a better position to grow this year. After a difficult 2009, REIT managers have lowered their gearing levels. But observers said the REITs are now comfortable with...
CapitaCommercial Trust plans to spend about S$92 million for asset enhancement work on its existing Grade A office building at Six Battery Road. Based on the property's valuation as at end December 2009, the cost is equivalent to approximately eight per cent. CCT says Six Battery Road will be physically, technically and functionally enhanced to meet the modern-day needs of office tenants and improve the...
Mainboard-listed Saizen Reit says it has started to accumulate cash in preparation for its resumption of distribution payouts. It says it has turned the corner and expects payment of its 2010 financial year distributions to unitholders to take place in September this year. Saizen says its net property income for the third quarter ended in March fell 12.4 per cent to S$10.1 million compared to the same...
Parkway Life REIT said its first quarter distribution per unit rose 9.7 per cent to 2.07 cents, compared to 1.89 cents in the same quarter a year ago. This came on the back of a 9.7 per cent increase in distributable income to S$12.5 million for the quarter ended March, from S$11.4 million last year. Net property income for the quarter was 13.4 per cent higher at S$17.2 million. The higher revenue was...