First Real Estate Investment Trust or First REIT said that it has terminated the option agreement to buy a property at Tuas View Lane from Tech-Link Storage Engineering. The sale and leaseback deal was to be completed by end last year but the two parties were unable to agree on the purchase price and leaseback terms. The option fee will be refunded to HSBC Institutional Trust Services as trustee of the...
Singapore REITS
The manager of CapitaCommercial Trust said it has appointed a new head of Finance. The current Finance head, Edward Bin, is being transferred to CapitaLand Commercial to assume the role of vice president of Finance. He will be replaced at CCT by Annie Chua, who is currently the Reit's deputy head of finance. CCT said she is an experienced finance professional who's 20 years in finance and treasury...
Mainboard-listed Saizen REIT said on Monday that it has repaid some S$71.3 million loan of a unit, Yugen Kaisha Shingen. It made the repayment last Friday. Giving an update, the REIT said it has fully deployed the net proceeds of about S$41.1 million from the rights issue in making the repayment. It had also utilised its internal cash resources in paying back the money. Saizen REIT's rights issue was...
WHAT exactly does it mean when a Reit is taken over? In the case of other corporate entities, it's fairly clear that when a general offer is made after the 30 per cent trigger point is reached, control of the company and the subsequent economic decision-making will pass into the hands of the successful takeover party. With Reits though, the situation is not as clear - mainly because economic...
Logistics company CWT said that it is in advanced talks on the proposed sale and leaseback of its logistics facilities in 24 Penjuru Road and 2 Fishery Port Road. These facilities could eventually be included in the proposed listing of a real estate investment trust (REIT). However, CWT said it has not reached any definitive agreements yet and has not received any regulatory approvals for the proposed...
Mainboard-listed Suntec REIT says its private placement of 128.5 million units was more than five times oversubscribed. The trust had priced the new units at S$1.19 each, a discount of 6.5 percent to Thursday's volume-weighted average price of S$1.2724 per unit. Suntec REIT said the gross proceeds from the private placement amounted to S$152.9 million. Net proceeds after deducting the underwriting,...
Singapore REITs are expected to pursue more acquisitions in 2010 to drive growth, with deals likely to be funded by private placements, says OCBC Investment Research. “Opportunistic acquisitions will be very much in vogue in 2010 as some REITs shore up declining earnings and others exploit favourable market conditions,” it says in a research note although funding sources may be limited as REIT...
Mainboard-listed CapitaMall Trust (CMT) said its current chief executive officer, Lim Beng Chee, will relinquish his position with the company to focus on his new role as CEO of newly-listed CapitaMalls Asia. However, Mr Lim will continue as a director and a member of the Executive Committee of CapitaMall Trust. Current Deputy CEO Simon Ho will assume the top position, while head of Investment and Asset...
Shares of CapitaMalls Asia made their much-anticipated debut on the Singapore Exchange on Wednesday. The counter closed at S$2.30 - up 8.5 percent over its IPO price - against expectations for a 10 percent jump. The listing was the largest in Singapore in 16 years. The IPO was 1.7 times oversubscribed, with the institutional portion garnering about 2.5 bids for every available share. Liew Mun Leong,...
Real estate investment trusts (REITs) may have taken a battering in the wake of the global financial crisis, but according to experts, they have rebounded sharply and recovered more quickly than other equities. Some market watchers said REITs hold great potential in the new post-financial crisis investment landscape. Singapore's Raffles City has undergone a major facelift since being managed by a REIT....