Key Points
- The trustee of CCT has entered into Sale and Purchase Agreement with FCL Crystal Pte. Ltd. for the sale of Starhub Centre at the Sale consideration of S$380.0 million. The Purchaser is a wholly-owned subsidiary of Frasers Centrepoint Limited.
- Completion of the Sale is expected to take place on or around 16 September 2010.
- The Sale Consideration of S$380.0 million is above the valuation of S$266.7 million of the Property by S$113.3 million.
- Pro forma Net gain is about S$109.1 million.
- Assuming that the Sale had been completed on 31 December 2009, the Pro forma NAV per Unit would have increased by S$0.04 or 2.9% from 1.37 to 1.41.
- Assuming that the Sale had been completed on 1 January 2009, the DPU would have decreased by 0.42 cents or 5.9% for the financial period January 2009 to 31 December 2009, from 7.06 to 6.64 cents.
In Apr 2010, CCT has just completed its sale of Robinson Point for about S$203.25 million (See 19 Jan 2010: Sale of Robinson Point and 19 APR 2010: Completion of sale of Robinson Point by CCT). Together with the sale of Starhub Centre, these divestment exercises will bring in a significant increase of cash level by about S$580 million. No specific announcement has been made so far about the intended use of the proceeds, except the general statement that the 'The sale proceeds will provide CCT with greater financial
flexibility to pursue other possible attractive acquisition opportunities and/or to repay debt."
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