The manager of MacarthurCook Industrial REIT said its recapitalisation plan is the only proposal which meets the REIT's substantial and immediate funding requirements. It said this is reinforced by Cambridge Industrial Trust's (CIT's) disclosure on Friday that it has no viable proposal or solution for MI-REIT and its unitholders. CIT said on Friday that the Monetary Authority of Singapore would not allow...
Singapore REITS
Starhill Global REIT is set to acquire David Jones Building, a retail property located in central Perth, Australia for A$114.5 million ($148 million) from Centro, a real-estate company based in Australia, via a special purpose unit trust structure established in Australia. In addition, Starhill Global REIT says it has entered into an agreement with the trustee of Starhill REIT of Malaysia to indirectly...
The tussle for unitholder support between MacarthurCook Industrial REIT (MI REIT) and Cambridge Industrial Trust (CIT) continues unabated. The latest salvo was fired on Wednesday morning by MI REIT, which questioned CIT's plans for it. MI REIT wants details of CIT's proposed initiative to take charge of MI REIT's assets, as well as the costs involved in such a move. It is also asking how CIT plans to...
MacarthurCook Industrial REIT (MI REIT) has rebutted Cambridge Industrial Trust's (CIT's) assertions that its recapitalisation plan is "massively value destructive". MI REIT said on Tuesday that unitholders should not allow themselves to be distracted by analyses that are inaccurate, incomplete and misleading. It said there are a number of mistakes in CIT's analysis. These include: CIT's claim that new...
Parkway Life Real Estate Investment Trust (REIT) is expanding its Japanese nursing home portfolio by acquiring eight properties for some S$77.6 million. The REIT said it is buying the eight nursing homes at a favourable pricing from Japanese real estate asset manager, Kenedix. Parkway Life REIT said all the nursing homes are strategically located in dense residential districts, making them attractive...
Mainboard-listed Saizen REIT, which owns Japanese properties, said that it will start accumulating cash for distribution in the last quarter of the current financial year. It has suspended distribution since the start of the last financial year to conserve cash. The trust reported a net profit of 164 million yen (S$2.5 million) for the first quarter ended September, up 48.9 per cent from a year...
All Real Estate Investment Trusts (REITs) will have to hold an AGM by 31 Dec 2010 under revisions introduced by the MAS. The Monetary Authority of Singapore issued the requirement that come into effect in January next year, under a revised Property Funds Appendix for REITs. It states that REITs must hold Annual General Meetings (AGMs) not more than 15 months from the last preceding AGM, a move said the...
Singapore-listed Ascendas India Trust said that two of its subsidiaries have obtained term loan facilities amounting to around S$74 million from DBS Bank. The facilities will mature in December 2015 and carry an interest rate of 10 per cent a year. They will be used to fund the construction of a retail mall development in Bangalore and a multi-tenanted building development in Chennai. The property trust...
Mapletree Logistics Trust said on Tuesday its private placement to raise net proceeds of about S$78 million has been over-subscribed, with strong participation from both existing and new unit holders. The new units were allocated to over 20 quality institutional investors from Asia, Australia, Europe and the US. About 80 per cent of the new units were allocated to long-only fundamental investors. The...
Mapletree Logistics Trust said Monday it is raising net proceeds of about S$78 million in a private placement. It is offering 115 million new units at a price of between 69 and 71 Singapore cents per unit. The net proceeds will be used to finance two proposed acquisitions in Singapore amounting to S$78 million. One of the acquisitions is a six-storey warehouse facility in the west of Singapore for S$43...