JTC Corporation and Mapletree have cancelled plans to list a real estate investment trust due to current volatile market conditions. Instead, JTC will divest the S$1.71 billion real estate portfolio to a private trust sponsored by Mapletree. This divestment option was part of Mapletree's proposal to JTC, when Mapletree was appointed by JTC as the REIT manager for the selected portfolio in February this...
Singapore REITS
CapitaMall Trust has booked a first quarter distributable income of S$58 million, up 24 per cent compared to a year ago. The growth was driven by higher rental rates on new and renewed leases for most of its malls. For the first quarter ended March 31, the property trust will distribute 3.48 Singapore cents per unit, up from the three cents distributed in the same period last year. CapitaMall Trust said...
K-REIT Asia has booked a first quarter distributable income of S$11.4 million, up 166 per cent from the same period a year ago. The jump was mainly due to contributions from its one-third interest in One Raffles Quay, which was acquired in December 2007. K-REIT said it saw strong rental and occupancy rates. The company is hoping to raise almost S$552 million through a rights issue in March. Proceeds of...
Ascendas Real Estate Investment Trust (A-REIT) has posted a 14.3 percent rise in full-year earnings to S$187.3 million. Revenue jumped by 13.9 percent to S$322 million. A-REIT has also reported strong occupancy rates for its portfolio. Overall occupancy rates stood at 98.4 percent at the end of last month. The industrial trust said organic growth and investments will continue to be the main income...
Business space solutions provider Ascendas is investing in North India with a proposed integrated development project in Gurgaon. It has set up a joint venture with Dr Fresh Healthcare to develop a 62-acre integrated business and residential project. The two parties are committing a total of S$560 million in investments for the joint venture. Ascendas will own a 51 percent stake, while the rest will be...
Parkway Life REIT has bought a pharmaceutical product distributing facility in Japan's Chiba prefecture for S$35 million. The trust says the investment is yield-accretive, with a net initial yield of 5.3 per cent. The facility, called J-REP Matsudo II, will also be used for manufacturing pharmaceutical products. The investment is Parkway Life REIT's first overseas venture and comes just seven months...
The strategic review of Macquarie MEAG Prime REIT or MMP REIT is still ongoing. This is according to a filing with the SGX on Friday. It said that key shareholder Macquarie Real Estate continues to support the review. In February, Macquarie Pacific Star, the manager of MMMP REIT, announced that it was conducting a strategic review to maximise value for its unitholders. This was after unsolicited offers...
CapitaCommercial Trust (CCT) is planning to sell S$280 million worth of five-year convertible bonds. The bonds are being targeted at mainly institutional investors. CCT said it could issue more convertible bonds to raise another S$90 million. This will take the total amount raised to S$370 million. The Trust said it could also pay cash in lieu of issuing new units on conversion of the bonds. It will be...
Ascendas Real Estate Investment Trust (A-REIT) said the value of its industrial properties gained 14 percent to about S$484 million as at 29 February 2008. The numbers are likely to boost its performance for the financial year ending in March. A-REIT said the gains were booked after independent annual valuations for 80 properties in its portfolio by consultants DTZ Debenham Tie Leung, CB Richard Ellis,...
CapitaCommercial Trust (CCT) has been given a call option to buy the 1 George Street building for nearly S$1.2 billion. This translates to S$2,600 per square foot of net lettable area. CapitaLand will also provide yield protection to CCT, ensuring a minimum net property income of some S$50 million per annum. This means a net property yield of 4.25% per annum on the purchase price for five years until...