Mainboard-listed CapitaMall Trust (CMT) said it has established a Euro-Medium Term Note Programme worth US$2 billion. Net proceeds from the issuance will be used to refinance existing borrowings, to fund investments and for general working capital. CMT said the Note Programme is in line with its strategy of increasing financial flexibility by diversifying sources of funding and extending debt...
Singapore REITS
Cache Logistics Trust prospectus says 474.2m units will be offered at 84-88 cents each CACHE Logistics Trust has lodged its listing prospectus with the Monetary Authority of Singapore, revealing that the new Reit hopes to raise about $400 million through its IPO. According to the prospectus, Cache is offering 474.2 million units at 84 to 88 cents each. A distribution yield in the range of 8.82-9.08 per...
PROSPECTS for real estate investment trusts (Reits) in Singapore remain challenging as there will be a greater supply of office, industrial and retail space coming onstream, said Moody's Investors Service yesterday. The rating agency kept its outlook for the sector over the next 12 months negative. This places it at the bearish end of the scale compared with two other research houses - DMG & Partners...
It provides flexibility for acquisitions and asset enhancement initiatives: Goldman CAPITACOMMERCIAL Trust's (CCT) second major fund-raising exercise in less than a year could pave the way for the office landlord to improve its portfolio, analysts said. The trust on Wednesday said that it will issue $225 million worth of convertible bonds and use 75-90 per cent of the proceeds to enhance its assets and...
Ratings agency Moody's on Thursday said Singapore real estate investment trusts (S-REITs) could suffer from the supply of new commercial properties and modest economic growth. In its latest report, Moody's said that despite the resilience of most S-REITs in the last six months, it expects the fundamental prospects for the sector to remain challenging in the next 12 months. This is because of the...
Most of the funds to be used for asset enhancement and debt refinancing CAPITACOMMERCIAL Trust (CCT) is planning to raise at least $225 million and up to $250 million through a five-year convertible bond issue to be placed with institutional and accredited investors. The office Reit, which is partly owned by CapitaLand, plans to use most of the funds (75-90 per cent) for 'asset enhancement and...
CapitaCommercial Trust is proposing to issue at least S$225 million in convertible bonds due in 2015. The bonds are being offered to institutional investors and accredited investors. CCT said the size of the issue may be increased by up to S$25 million within the next 30 days, thereby raising total proceeds of up to S$250 million. Pricing is expected later, after a book-building exercise. CCT said the...
INDUSTRIAL landlord Ascendas Real Estate Investment Trust (A-Reit) has enhanced its capital structure through a series of capital management initiatives. As a result, the trust has effectively extended its weighted average debt maturity to 4.5 years - from 2.4 years - and secured funds for acquisitions, it said yesterday. The trust has extended a $300 million loan that was due this month by seven years...
Mainboard-listed Ascendas Real Estate Investment Trust (A-REIT) said it has enhanced its capital structure through a series of capital management initiatives. It said it has conducted a successful offering of S$300 million of exchangeable collaterised securities (ECS) due in 2017 with a put option in 2015. The ECS was priced at a coupon and yield to maturity of 1.6 per cent with an initial exchange price...
CapitaMalls Asia has replaced Cosco Corp as a constituent stock of the STI. The change comes after the latest half-yearly review of the index. Meanwhile, the STI reserve list of the five highest ranking non-constituents of the index by market capitalisation are now, Keppel Land, Yangzijiang Shipbuilding, Ascendas Real Estate Investment Trust, Yanlord Land, and Parkway Holdings. These firms will be...