SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010

SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.

• Press Release 
• Announcement 
• Presentation Slides

Key Points

• Suntec REIT, has entered into a conditional share purchase agreement with Choicewide Group Limited, Cavell Limited and Hutchison Whampoa Properties Limited to acquire a one-third interest in Marina Bay Financial Centre Towers 1 and 2, the Marina Bay Link Mall and 695 car park lots (the “MBFC Property”) through the acquisition of one-third of the issued share capital of BFC Development Pte. Ltd.
• The agreed consideration for the one-third interest in the MBFC Property is S$1,495.8 million, inclusive of income support of S$113.9 million (inclusive of GST) payable over 60 months to be provided by the Vendor.
• Acquisition will increase Suntec REIT’s office portfolio net lettable area from approximately 1.9 million sq ft to approximately 2.4 million sq ft.
• The Manager is currently reviewing various financing options for the Acquisition to determine an optimal capital structure for the Acquisition.
• The Acquisition is expected to improve the earnings and distributions for Unitholders, and is targeted for completion by the last quarter of FY 2010. 
• Upon completion, Suntec REIT’s total assets under management would increase to approximately S$6.821billion.