Ascendas Real Estate Investment Trust (A-REIT) on Monday bought a light industrial property at Loyang Way for S$25 million. It signed a put and call option agreement with Seow Khim Polythelene, a manufacturer of consumer plastic products. Seow Khim will lease back the property for 12 years with stepped increases in rentals. It also has an option to renew the lease for another three years. A-REIT said the...
Singapore REITS
Fitch Ratings expects property trusts to see more mergers and acquisitions (M&As) in the near-to-medium term, with those trading below their book values likely to become targets of acquisitions. Under certain conditions, the ratings firm said: “Such M&As could affect the credit ratings of the affected” real estate investment trusts (Reits). “Fitch believes that consolidation of the Singapore...
Office park developer Ascendas is taking full control of the manager of Ascendas Real Estate Investment Trust (A-REIT). Under a deal announced on Wednesday, Ascendas is buying over the 40 percent stake in Ascendas-MGM Funds Management Limited that is now held by Goodman Group. Upon completion of the sale, Ascendas-MGM Funds Management Limited will become a wholly-owned subsidiary of Ascendas, and will be...
Ratings agency Moody's Investors Service has placed two key debt ratings for Macquarie MEAG Prime REIT (MMP REIT) under review for possible downgrade. The ratings in question are MMP REIT's Baa1 corporate family and Baa2 senior unsecured debt ratings. Moody's says the move has been prompted by MMP's announcement on 19 February to undertake a comprehensive strategic review of the REIT. The review seeks...
Singapore's real estate investment trust (REIT) market is holding up, despite the current weak market conditions, according to the Asian Public Real Estate Association. It said that Singapore REITs are attractive to investors because of their well-diversified and cross-border assets as well as the good regulatory framework here. Singapore is a key player in Asia's REIT space. Together with Japan and Hong...
There has been a number of unsolicited offers for Macquarie MEAG Prime (MMP) REIT, and one of them involves buying 100 percent of MMP REIT units and taking the trust private. The trust's manager, Macquarie Pacific Star, says it will now conduct a strategic review of the trust to maximise value for its unit-holders. MMP REIT has been trading at a substantial discount to its net asset value of S$1.61 a...
Parkway Life Reit, which derives its revenue from the rental of healthcare space, will make its own independent assessment whether to acquire a new hospital whose site its parent company Parkway Holdings made a record bid for. The $1.25 billion bid by Parkway Holdings - about five times that of rival Raffles Medical - for the Novena site on which the hospital will be built has raised concerns among...
Expected to list on SGX by middle of the year. More than a year since its decision to divest its industrial properties, JTC corporation - Singapore’s biggest industrial landlord - has appointed Mapletree Investments to establish and manage a real estate investment trust (Reit). The Reit is expected to list on the Singapore Exchange by the middle of the year, subject to market conditions, said...
Macquarie MEAG Prime REIT (MMP REIT) has reported a full-year net income of S$76.8 million, boosted by a jump in its fourth-quarter earnings. The trust, which owns Ngee Ann City and Wisma Atria, said this is due to higher rentals, new leases and revenue from its acquisitions in Japan and China. Following the strong results, MMP REIT plans to distribute 6.19 cents per unit to its unit holders. The revamp of...
Mainboard-listed Ascott Residence Trust has posted better-than-expected full year earnings with distributable income for 2007 came in at S$45.1 million, an 83 per cent jump year-on-year and 12 per cent higher than its own forecast. Key drivers for Ascott Residence Trust's good results were its strong overall operating performance and the acquisition of properties in Ho Chi Minh City, Manila, Melbourne and...