K-REIT Asia is planning to raise S$620 million through a one-for-one rights issue. It is offering about 667 million rights units at 93 cents each, representing a 21.2 per cent discount to K-REIT Asia's closing price of S$1.18 per unit on September 30. K-REIT Asia said it intends to use about 80 per cent of the gross proceeds to repay borrowings provided by Kephinance Investment. This includes a bridging...
Singapore REITS
Ratings agency, Fitch, said Singapore real estate investment trusts or S-Reits still face questions about their financial flexibility and refinancing ability. In a research report, Fitch noted that S-reits have largely been able to refinance their maturing debt obligations in 2009. As at June this year, Fitch pointed out that S-Reits are moderately geared at an average of 31 percent. It added that...
Suntec REIT says Sunshine Assets Limited, the special purpose vehicle set up in 2006 to issue notes under the $500 million Medium Term Notes Programme, today issued a new series of three-year fixed rate notes bearing a fixed interest rate of 3.55% per annum, due September 2012. The aggregate issue size of the notes is $25 million, which was oversubscribed. The proceeds from the notes will be on-lent by...
Experts have said there is room for another two to five real estate investment trusts (REITs) in Singapore in the next two years. These are likely to be large cap domestic REITs similar to listed ones like CapitaMall Trust and A-Reit. While not giving any specifics, experts attending the annual CapitaLand International Forum also said there may also be more obstacles in creating these REITs. Anthony...
Mapletree Investments is looking to list a real estate investment trust in Singapore, with as much as S$4 billion in assets. Its CEO Hiew Yoon Khong told Reuters in an interview that Mapletree will launch the initial public offering (IPO) when market conditions are more favourable, such as when yield rates fall to 5 per cent from the current 8 per cent. The proposed Mapletree Commercial Trust will cover...
Mainboard-listed Saizen Reit said Thursday it has made a loss of 183 million yen (about S$2.76 million) in the fourth-quarter ended June. Net property income for the period came in at 708.6 million yen. That is a 12 per cent increase in net property income as compared to the same period last year. The trust, which focuses solely on Japanese property, has recommended the suspension of distribution since...
Ascendas Reit said Tuesday it is launching a private placement of new units to raise S$301.6 million in total proceeds. It is placing out 185 million new units at an issue price of between S$1.63 and S$1.70 per unit. At those prices, the new units represent a discount of between 3.4 per cent and 7.4 per cent from the Reit's last closing price of S$1.76. Ascendas Reit said most of the net proceeds or...
Mainboard-listed K-Reit Asia said on Tuesday the CEO of its management firm is stepping down. 49-year-old Tan See Yiow will be resigning on August 17, and will be replaced by Ng Hsueh Ling. Prior to this appointment, Ms Ng has held key positions with other real estate companies. Most recently, she was the CEO of Ascendas Korea and Japan from 2007 to 2009. K-Reit Asia said Mr Tan will remain as an...
Singapore Exchange's Mainboard-listed Parkway Life Real Estate Investment Trust (REIT) has posted a 13.7 per cent rise in its second quarter distributable income per unit (DPU) to 1.89 Singapore cents, from 1.66 cents a year ago. This was on the back of a 27.9 per cent increase in net property income to S$15 million in the same quarter, from S$11.7 million last year. Gross revenue in the three months...
ARA Asset Management has announced a net profit of $22.1 million for the six months ended June 30, 2009 (1H2009), a 22% increase from the $18.1 million achieved in 1H2008. The increase in net profit was achieved on the back of a 13% rise in total revenue to $38.5 million in 1H2009 from $34.1 million in 1H2008. ARA says management fees from REIT and private fund management rose 4% to $32.4 million in...