CapitaCommercial Trust (CCT) said on Tuesday almost half of its leases expiring this year have been renewed. The REIT has also signed on new leases and renewals for an aggregate area of some 336,000 square feet in the first four months of 2009. Key tenants include Legg Mason, BNI, Koufu and parent company, CapitaLand. It gave the update as ratings agency Moody's upgraded its outlook. The ratings agency...
Singapore REITS
Ratings agency Standard & Poor's said Singapore Real Estate Investment Trusts (S-REITs) can cushion against external shocks in the event the economic downturn is prolonged. In a report, S&P said three factors will offer S-REITs some buffer – cash flow resilience of the underlying properties, strong management of operations and strength of the S-REITs' sponsor or key shareholder. S&P also...
CapitaCommercial Trust, says a total of 1,901.1 million rights units in valid acceptances and excess applications were received at the close of its rights issue on June 24. This represents about 135.4% of the total number of rights units available under the rights issue. On May 22, CapitaCommercial Trust announced a fully-underwritten 1-for-1 renounceable rights issue of 1,403.9 million rights units at an...
Frasers Commercial Trust, Singapore’s third-biggest office property trust, said it plans to buy an office building in the city-state and raise $888.9 million to repay maturing debt. The trust obtained $675 million in two loans and plans to raise $213.9 million selling stock in a three-for-one rights offer, it said in a statement today. Frasers Commercial will offer 2.25 billion shares at 9.5 cents...
Singapore Exchange's Mainboard-listed Frasers Commercial Trust has asked for a trading halt of its units pending an announcement. No further details were given. Back in April, Frasers Commercial Trust had said it was exploring ways to refinance its existing debt, which may include a rights issue. Frasers Centrepoint, which sponsored the trust, is a unit of the Fraser & Neave (F&N) group. F&N...
CapitaCommercial Trust (CCT) said its rights issue was 1.35 times oversubscribed. The trust had launched a 1-for-1 renounceable rights issue of 1.4 billion rights units at 59 cents each. But applications came in for over 1.9 billion rights units. CCT launched the rights issue to raise S$828.3 million, mainly to reduce its existing borrowings. The rest of the proceeds will be used for capital...
CapitaCommercial Trust said on Thursday its S$828-million rights issue has been oversubscribed. The offer closed on Wednesday, and final results will be released soon. CapitaCommercial had launched the rights issue in May, offering one rights unit for every existing unit at 59 cents each. The proceeds from the rights issue are to be used to reduce borrowings and for general corporate and working capital...
Starhill Global Real Estate Investment Trust has proposed a rights issue to raise some S$337 million. It plans to use the proceeds to reduce debt and fund possible acquisitions. The Singapore-listed property trust is controlled by Malaysia's YTL Corp. Under the plan, it will offer unit-holders one new unit for every existing one held, at an issue price of 35 cents per rights unit. YTL, which owns 26.6...
KPMG, the auditor for MacarthurCook Industrial REIT (MI Reit), said the property trust's ability to continue depends on whether it can refinance borrowings which are due by the end of the year. It did not qualify its opinion. The trust has total borrowings of S$224.3 million that are maturing this December. It has also committed to buying a property for S$91 million, which is expected to be settled in...
Mainboard-listed Parkway Life Real Estate Investment Trust (REIT) said Friday that its issuer default rating was downgraded. Ratings agency Fitch cut Parkway Life REIT's rating to 'BBB' from 'BBB+', giving it a stable outlook. Fitch said the REIT could be impacted by its sponsor, Parkway Holdings, the owner of Parkway Hospital Singapore. Parkway Hospital is the operator of the REIT's three hospitals...