CacheLog marks foray into China with purchase of chemical warehouse facility

CacheLog marks foray into China with purchase of chemical warehouse facility  for RMB 71.0 million:

• Press Release
• Announcement

Key Points

• Cache is acquiring a chemical warehouse facility in Shanghai from CWT Limited (“CWT”) via an acquisition and leaseback arrangement.
• This acquisition marks Cache’s entry into China. 
• The property is located in Jinshan District within the successful Shanghai Chemical Industrial Park (“SCIP”), one of the largest petrochemical bases in Asia.
• Cache’s newly purchased facility is sited on a land area of 33,506 square metres, with a built-up gross floor area of about 13,547 square metres.
• CWT is the Sponsor of Cache and the CWT properties in Asia-Pacific fall under the right of first refusal granted to Cache at the time of the IPO in April 2010.
• This transaction marks the first successful acquisition of a CWT asset since the IPO. 
• The consideration paid for the property is RMB 71.0 million (or approximately S$13.5 million).
• CWT will leaseback the facility for a period of three years with an option for a further three years.
• The net property income yield of 8.6% is higher than the Cache present portfolio of 7.6%. 
• The average of the two valuations provided by CB Richard Ellis and Knight Frank Petty, who acted on behalf of the Manager and the Trustee respectively, is RMB 76.6 million (or approximately S$14.6 million).
• The acquisition is accretive at the distribution level, with the annualised pro forma financial effect on Cache’s DPU for FY2011 expected to be an additional 0.03 cents per unit after applicable taxes in China, and offers the potential for future capital appreciation. 
• The transaction also allows investors to gain exposure to a segment of the market which they may not be able to do so efficiently. 
• Post-completion, Cache’s leverage will rise from 27.9% to 29.2%.

Author's Note
This is the second acquisition by CacheLog since its IPO, and a first from its sponsor CWT. It is also the first overseas acquisition.

Relted Posts

• Cache Logistics Maiden Acquisition of 6 Changi North Way and 4 Penjuru Lane

Mapletreelog achieves significant milestone in South Korea

Mapletreelog achieves significant milestone in South Korea:

• Press Release
• Presentation Slides

Key Points

• Mapletree Logistics Trust Management Ltd. (“MLTM”), as Manager of Mapletree Logistics Trust (“MapletreeLog”), has today signed a Conditional Sale and Purchase Agreement with Korea Port Processing Co. Ltd (“KPPC”) for the acquisition of KPPC Pyeongtaek Centre in Pyeongtaek-si, Gyeonggi-do, South Korea (the “Property”). The Property will be acquired at a purchase price of KRW 75.6 billion (approximately S$85.9 million).
• Comprising two blocks of dry goods warehouses with a total gross floor area of about 100,900 sqm, the Property is one of the largest facilities in the Gyeonggi-do province. There is also potential for organic growth as it has yet to maximise its permissible plot ratio, which will yield an additional  gross floor area of close to 20,000 sqm. This can be tapped upon to meet additional requirements in the future.
• The Property provides an initial net property income yield of 8.6%. The vendor, KPPC, will lease the entire property for a period of 5 years with an annual rental escalation of 3.0%.
• The acquisition is expected to be completed by 3Q 2011. 
• Upon its completion, MapletreeLog’s portfolio will increase to 98 properties and the book value of the total portfolio would be approximately S$3.7 billion. 
• Given the sizeable acquisition, the contribution of South Korea to the total portfolio’s gross revenue is expected to increase from 2.7% to 5.6%. Consequently, KPPC will be the first Korean customer in MapletreeLog’s list of top ten customers; thus further diversifying its customer base.
• MapletreeLog has sufficient financial flexibility and capacity to fund the acquisition. Assuming that the purchase price and other acquisition costs of the Property are fully funded by debt, MapletreeLog’s gearing level will increase to about 41% (after taking into account all acquisitions and divestments announced to date).

Related Posts

• MapletreeLog Q1 2011 Quarterly Earnings Report 
• MapletreeLog acquires Iljuk Gyeonggi Centre in South Korea
• MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore
• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010
• MapletreeLog acquires N S Tang Building - 24 DEC 2010

MapletreeLog acquires Iljuk Gyeonggi Centre in South Korea

MapletreeLog acquires Iljuk Gyeonggi Centre in South Korea:

• Press Release
• Announcements

Key Points

• Mapletree Logistics Trust Management Ltd. (“MLTM”), as Manager of Mapletree Logistics Trust (“MapletreeLog”), is pleased to announce the acquisition of Iljuk Gyeonggi Centre in South Korea (the “Property”) from Iljuk Gyeonggi Logistics Co. Ltd (“Vendor”) for a consideration of KRW 22 billion (approximately S$25.5 million).
• The Property is located in Gyeonggi-do, approximately 60 km from Seoul. 
• The Property comprises two blocks of 3-storey dry warehouses with a total gross floor area of about 23,400 sqm. 
• At the purchase consideration of KRW 22 billion, the Property provides an initial NPI yield of 9.3%. 
• The Property is leased to Seol Logistics Co. Ltd (“SEOL”) under a master head lease for 5 years with built-in rental escalation of 3.5% per annum. SEOL provides logistics services, including leasing of space to its customers. Its customer base includes well-established listed entities in South Korea such as S1 Corporation (a security solutions company) and Amore Pacific Corporation (a cosmetics company).
• Assuming that the acquisition is fully funded by debt, MapletreeLog’s gearing level is expected to increase to approximately 40%. 
• The acquisition is expected to complete by 2Q 2011. 
• Upon completion, MapletreeLog’s total portfolio will increase to 97 properties with total book value of S$3,609 million.

Related Posts

• Mapletreelog acquires Singapore property at 15A Tuas Avenue 18
• MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore
• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010
• MapletreeLog acquires N S Tang Building - 24 DEC 2010

Mapletreelog acquires Singapore property at 15A Tuas Avenue 18

Mapletreelog acquires Singapore property at 15A Tuas Avenue 18:

• Press Release
• Presentation Slides

Key Points

• MapletreeLog has acquired a five-storey warehouse cum office building located at 15A Tuas Avenue 18, Singapore from Jian Huang Engineering Pte Ltd for a consideration of S$24.5 million.
• Under the sale-and-leaseback arrangement, the Property will be leased to the Vendor for a period of seven years with a built-in rental escalation of 2% per annum and an option for extension for a further seven years.
• The Manager intends to fund the acquisition using proceeds from planned divestments, details of which will be announced in due course. 
• In the interim, the acquisition will be funded through debt and gearing is expected to temporarily increase to approximately 40%. 
• With this acquisition, MapletreeLog's total portfolio will be increased to 98 properties with a total book value of approximately S$3,609 million.

Related Posts

• MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore
• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010
• MapletreeLog acquires N S Tang Building - 24 DEC 2010

A-REIT's Proposed Acquisition of Neuros & Immunos for S$125.6 Million

A-REIT's Proposed Acquisition of Neuros & Immunos for S$125.6 Million:

• Press Release
• Announcement 
• Presentation Slides 

Key Points

• A-REIT has signed a conditional Sale and Purchase agreement with Ascendas (Tuas) Pte Ltd (the “Vendor”) to acquire Neuros & Immunos at 8/8A (“the Property”) Biomedial Grove, Biopolis, for a purchase consideration of S$125.6 million (the “Acquisition”).
• Neuros & Immunos are a pair of 7-storey multi-tenanted science park buildings sited on a land area of 8,051 sqm with a 30+30 years land lease tenure with effect from February 2005. They have a gross floor area and net lettable area of 36,931 sqm and 28,345 sqm respectively and are currently 100% occupied.
• The annualised pro forma financial effect of the Acquisition on the distribution per unit for the financial year ended 31 March 2010 would be an additional 0.03 cents per unit.

Related Posts

• A-Reit launches private placement of up to 209,425,000 new units
• A-REIT forays into Shanghai, China with the forward purchase of a Business Space Property

K-REIT PROPOSED ACQUISITION OF FOUR LEVELS OF STRATA OFFICE (LEVEL 26-29) AT PRUDENTIAL TOWER

PROPOSED ACQUISITION OF FOUR LEVELS OF STRATA OFFICE (LEVEL 26-29) AT PRUDENTIAL TOWER:

• Press Release
• Announcement

Key Points

• The Reit has entered into a sale and purchase agreement with the following parties for the acquisition of the following levels in the building located at the Prudential Tower:
• Innisvale Investments Pte Ltd in respect of Level 26;
• Maraha Pte Ltd in respect of Level 27;
• Lima Bintang Holdings Pte Ltd in respect of Level 28; and
• Mirabeau Gardens Pte Ltd in respect of Level 29.
• Vendors will provide rental support of up to S$8.09 million, for the period commencing from the date of completion of the Acquisition until 31 March 2015.
• The Property consists of four (4) strata office floors totalling 48,158 square feet (“sf”) which represents 19.4% of the strata value of the building. K-REIT Asia currently owns 73.4% of the strata value of the building. Post-completion of the Acquisition, K-REIT Asia will own 92.8% of the strata value of the building.
• The aggregate purchase consideration of the Property is S$125,113,940.00.
• The Acquisition will be entirely funded by debt. K-REIT Asia’s aggregate leverage (calculated as gross borrowings divided by total deposited property value) is expected to increase marginally from 37.0% to 39.3% after the completion of the Acquisition.

Related Posts

• K-Reit completes acquisition of 77 King Street 
• K-Reit completes acquisition of a one-third interest in MBFC Towers 1 & 2 and Marina Bay Link Mall - 15 DEC 2010

Cache Logistics Maiden Acquisition of 6 Changi North Way and 4 Penjuru Lane

Cache Logistics Maiden Acquisition of 6 Changi North Way and 4 Penjuru Lane:

• Press Release
• Announcement

Key Points

• Two Separate sale and purchase agreements have been entered into for the purchase of two properties in Singapore for an aggregate purchase price of approximately S$39.8 million.
• The two unrelated transactions were signed with APC Distributors Pte Ltd for the acquisition of 6 Changi North Way for a purchase price of S$30.9 million and with Kim Heng Tubulars Pte Ltd for the acquisition of 4 Penjuru Lane for S$8.9 million.
• The combined NPI yield is 8.0% based on the aggregate NPI expected from the two properties. 
• With the addition of these acquisitions, Cache’s total assets under management will increase to S$783.9 million.
• Both acquisitions will be fully-funded by debt. The aggregate leverage of Cache will increase from 23.7% (as at 31 December 2010) to 27.6% as a result of the acquisitions. 
• The transactions are expected to complete within first half of 2011.

Author's Note
These will be the Reit's very first acquisitions since its IPO last year. The acquisitions will be fully funded by debt, and will increase its aggregate leverage to 27.6%. Both acquisitions will also be accretive to the DPU of the Reit.
 
Related Posts

• CacheLog Q4 2010 Quarterly Earnings Report

Cambridge - Rights Issue to Raise Approx S$56.7 million for the Acquisition of Three Properties in Singapore

Cambridge - Rights Issue to Raise Approx S$56.7 million for the Acquisition of Three Properties in Singapore:

• Press Release
• Announcement

Key Points

• Proposed acquisition of three properties for an aggregate purchase consideration of S$116.8 million on a sale-and-leaseback basis to respective  vendors for lease terms of between 5 and 6 years with options to renew.
• CIT’s unitholders (“Unitholders”) are invited to participate in the Rights Issue to raise gross proceeds of approximately S$56.7 million, plus an opportunity to apply for Excess Rights Units.
• Rights Issue will be offered on a 1-for-8 basis (fractional entitlements to be    disregarded) at a price of S$0.429 per Rights Unit (the “Issue Price”) which is at a 15.0% discount to the closing price of S$0.505 per Unit on the SGX-ST on 10 March 2011 and a 13.7% discount to TERP.
• The Manager of CIT has undertaken to support the Rights Issue by Subscribing for the Rights Units represented by its Rights Entitlements.
• Expected benefits of the Acquisitions (as defined herein) and the Rights Issue (collectively, the “Transactions”) to Unitholders:
• Enhancing and improving the quality of CIT’s portfolio (the “Portfolio”) and increasing the size of the Portfolio thus generating economies of scale
• Pro forma DPU accretion and pro forma distribution yield of 10.1% for existing Unitholders
• Improving Portfolio and tenant trade sector diversification 
• Positive impact on the weighted average lease expiry and lease expiry profile
• Potential increase in liquidity through the Rights Issue
• Providing Unitholders with the pro-rata opportunity to participate in the growth of CIT at an Issue Price which is at a discount to the closing price per Unit

• The Rights Issue is expected to close on 6 April 2011 at 5.00 pm (for manual
  applications) and at 9.30 pm (for Electronic Applications).

Related Posts

• Cambridge issues and list 38,483,354 new units pursuant to the preferential offering - 18 NOV 2010
• Cambridge Notice of Advanced Distribution - 18 NOV 2010
• Cambridge to Launch Equity Fund Raising to raise up to S$50.4m for the acquisitions of 4 properties - 21 OCT 2010

CDL H-Trust - Proposed Acquistion and Master Lease of Studio M Hotel Singapore

CDL H-Trust - Proposed Acquistion and Master Lease of Studio M Hotel Singapore:

• Press Release
• Announcement 
• Presentation Slides

Key Points

• Purchase Consideration values Studio M Hotel at S$154.0 million or approximately S$428,000 per key.
• Hotel achieved impressive occupancy of 88.9% in 2010 despite only operating for seven full months.
• Well-located property with contemporary design set to capture growing business and leisure segments in Singapore’s burgeoning tourism and hospitality industry.
• Broadens earnings base, enhances overall portfolio stability and returns to Stapled Security Holders.
• The Purchase Consideration will be initially fully funded through debt financing via H-REIT’s acquisition facilities. This could be partly or wholly refinanced with the proceeds to be raised from issuing notes through H-REIT’s recently established S$1.0 billion Multi-Currency Medium Term Note Programme or other means, at such time to be determined by the H-REIT Manager. 
• Post-Acquisition, H-REIT’s debt-to-assets ratio will be approximately 26.5%.

Related Posts

• CDL H-Trust Q4 2010 Quarterly Earnings Report

CAPITAMALL TRUST TO ACQUIRE ILUMA FOR S$295 MILLION

CAPITAMALL TRUST TO ACQUIRE ILUMA FOR S$295 MILLION:

• Press Release
• Announcement
• Presentation Slides

Key Points

• CMT has entered into a sale and purchase agreement to acquire Iluma for S$295 million from Jack Investment Pte Ltd.
• Iluma is a new shopping mall in Singapore located at Victoria Street opposite the popular Bugis Junction, one of CMT’s existing properties. The mall has a net lettable area (“NLA”) of 185,190 square feet (“sq ft”) and is connected by an overhead link-bridge to the second storey of Bugis Junction.
• The Manager intends to wholly finance the Acquisition through internal sources of funds.
• Following the Acquisition, CMT’s aggregate leverage will remain unchanged at 38.2%

Related Posts

• CMT Q4 2010 Quarterly Earnings Report 
• REIT Financial News - 9 FEB 2010: CMT to acquire Clarke Quay from CapitaMalls Asia for S$268 million

AIMSAMPI Reit - Acquisition of 29 Woodlands Industrial Park E1 and Launch of Private Placement

Acquisition of 29 Woodlands Industrial Park E1 and Launch of Private Placement:

• Press Release

Key Points

• Acquisition of a property located at 29 Woodlands Industrial Park E1, Singapore 757716 at the purchase consideration of S$72.0 million.
• Private placement of 219,989,907 new units to institutional and other investors at an issue price of between S$0.1976 (the “Minimum Issue Price”) and S$0.2041 per New Unit (the “Issue Price Range”) pursuant to Section 302C of the Securities and Futures Act (Cap. 289) to raise gross proceeds of between S$43.5 million and S$44.9 million (the “Private Placement”). Based on the Issue Price Range,
  the net proceeds from the Private Placement will range from approximately S$42.0 million to S$43.4 million, after deducting for the underwriting, selling and management fee as well as other estimated fees and expenses (including professional fees and expenses) incurred in connection with the Private Placement.
• In connection with the Acquisition, the Trustee has on 11 February 2011 accepted a commitment letter from Standard Chartered Bank (“SCB”) for new loan facilities in an aggregate amount of up to S$45.0 million, comprising a three-year secured term loan facility and a one-year revolving credit facility, made available to AIMSAMPIREIT by SCB.
• The Total Acquisition Cost will be partly funded by the net proceeds from the Private Placement with the remainder to be drawn down and financed by a partial draw-down from the Existing Loan Facility as well as a partial draw-down on the Acquisition Loan Facility.
• In connection with the Private Placement, the Manager intends to declare in respect of the Units in issue immediately prior to the issue of the New Units (“Existing Units”), a distribution of the distributable income of AIMSAMPIREIT for the period from 1 January 2011 to the day immediately prior to the date the New Units are issued pursuant to the Private Placement (the “Advanced Distribution”).

Related Posts

• AIMSAMPReit Completes acquisition of 27 Penjuru lane - 15 OCT 2010
• REIT Financial News - 9 SEP 2010: Notice of rights issue books closure date for AIMSAMPIReit

A-REIT forays into Shanghai, China with the forward purchase of a Business Space Property

A-REIT forays into Shanghai, China with the forward purchase of a Business Space Property:

• Press Release

Key Points

• A-Reit will be acquiring a business space property located at No. 200 Jinsu Road,  Jinqiao Export  and  Processing Zone (“JEPZ”), Pudong New District, Shanghai, China. 
• This will be effected through the entry into a Sale and Purchase Agreement (the “SPA”)  with Hyday Holding Ltd. (the “Vendor”) (a subsidiary of Qingjian International (South Pacific) Group Development Co., Pte. Ltd. (“Qingjian”)) and Qingjian, for the acquisition of the entire issued and paid-up  share capital (the “Shares”) of  Shanghai (JQ) Investment Holdings Pte. Ltd. (a special purpose vehicle owned by  the Vendor) for a total purchase consideration of approximately RMB 587.9 million (or about S$117.6 million) (the “Proposed Acquisition”).
• The annualised pro forma financial effect of the Proposed Acquisition on the DPU for FY2009/10 is expected to be an additional 0.07 cents per unit after applicable taxes in China.

Author's Note
This will be the first acquistion by A-Reit of a property outside of Singapore since announcing its plan to expand its investment scope to cover the Asia region.. According to the manager, A-REIT’s portfolio will remain predominantly Singapore-based assets in the foreseeable future.

Related Posts

• A-Reit explores regional investment opportunities - 22 NOV 2010

First REIT completes acquisition of two Jakarta hospitals

First REIT completes acquisition of two Jakarta hospitals:

• Press Release
• Announcement

Key Points

• First Reit has completed the acquisition of two new healthcare properties in Indonesia – Mochtar Riady Comprehensive Cancer Centre (“MRCCC”) on 30 December 2010 and Siloam Hospitals Lippo Cikarang (“SHLC”) on 31 December 2010 (collectively, the “Acquisitions”).
• With the completion of the Acquisitions, First REIT’s portfolio has been enlarged and comprises 10 assets located in Indonesia and Singapore, valued in aggregate at approximately S$612.8 million as at 31 December 2010.
• Aims to achieve a portfolio size of S$1 billion in the next two to three years.
• First REIT‟s sponsor, Lippo Karawaci, Indonesia's largest listed property company by total assets, revenue and net profit, will be the master tenant of both the properties after completion.
• The conditional master lease agreements entered into with Lippo Karawaci in relation to MRCCC and SHLC on 8 November 2010 are for a 15 year lease term, with an option to renew for a further term of 15 years, subject to the renewal of the Properties‟ HGB titles.
• On 13 December 2010, the National Land Office of Indonesia extended MRCCC‟s HGB title (which was scheduled to expire on 27 August 2015) for a period of 20 years.
• Based on projection year 2011, the gearing level will stand at about 17%, which is significantly lower than the regulatory limit of 35%, allowing sufficient headroom for future accretive acquisitions.
• Based on projection year 2011, our gearing level will stand at about 17%, which is significantly lower than the regulatory limit of 35%, giving us sufficient headroom for future accretive acquisitions.

Related Posts

• First Reit rights issue - Use of proceeds for MRCCC acquisition
• Issue and listing of new units in first reit for the rights issue
• First Reit - results of the rights issue
• Extension of HGB title for Mochtar Riady Comprehensive Cancer Centre 
• First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010
• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010 
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010

First Reit rights issue - Use of proceeds for MRCCC acquisition

First Reit rights issue - Use of proceeds for MRCCC acquisition:

• Press Release

Key Points

• Out of the net proceeds of the Rights Issue of S$167.3 million, S$121.7 million has been used towards part financing the MRCCC Acquisition. Such use is in accordance with the stated use and in accordance with the percentage of the net proceeds of the Rights Issue allocated to such use. 
• The remainder of the cost of the MRCCC Acquisition will be financed by way of a transferable term loan of up to S$50.0 million for a term of four years from Oversea-Chinese Banking Corporation Limited.

Related Posts

• Issue and listing of new units in first reit for the rights issue
• First Reit - results of the rights issue
• First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010
• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010 

MapletreeLog acquires N S Tang Building - 24 DEC 2010

Mapletreelog expands Singapore portfolio with another acquisition:

• Press Release
• Presentation Slides

Key Points

• MapletreeLog acquires N S Tang Building (the “Property”) located at 36 Loyang Drive, Loyang Industrial Estate, Singapore from N.S. Tang (Pte) Ltd (“N S Tang”) at a purchase price of S$13.8 million. 
• The acquisition was signed and completed on 24 Dec 2010 upon receipt of JTC’s approval.
• Strategic location and good building specifications for aerospace industry use.
• Initial net property yield of 8% on a 5-year sale-and-leaseback arrangement with annual escalation.
• With the addition of this Property, MapletreeLog's total portfolio will increase to 95 properties and its total book value to approximately S$ 3,471 million. 
• This is the last of the four potential acquisitions identified in the recent equity fund raising exercise announced on 21 September 2010 and was
  funded from its net proceeds.

Related Posts

• MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore
• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010

K-Reit completes acquisition of 77 King Street

(I) COMPLETION OF ACQUISITION OF 77 KING STREET
(II) USE OF PROCEEDS FROM THE NOV 2009 RIGHTS ISSUE 

• Press Release

Key Points

• Further to the announcement dated 19 July 2010 in relation to the acquisition of 100% interest in Lots 1, 3, 4 and 5, 77 King Street, Sydney, Australia (the “Acquisition”), the Acquisition has been completed.
• The Acquisition was financed with S$19.4 million from K-REIT Asia’s rights issue in November 2009 (the “Rights Issue”) and additional borrowings. 
• Such use of proceeds of the Rights Issue is in accordance with the stated use and the percentage of the proceeds allocated to such use.
• As at the date of this announcement, the Manager has disbursed all the proceeds from the Rights Issue.

Related Posts

• REIT Financial News - 19 JUL 2010: K-REIT - ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA

MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore

MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore.

• Press Release

Key Points

• Further to its press release dated 2 December 2010 regarding the acquisition of the property at 44 & 46 Changi South Street 1, Singapore for a purchase price of S$16.8 million, Mapletree Logistics Trust Management Ltd., Mapletree Logistics has completed the acquisition on 20 Dec 2010.
• The acquisition was fully funded by proceeds raised in the recent equity fund raising exercise announced on 21 September 2010 (“EFR announcement”). 
• This was one of the Potential Acquisitions as identified in the EFR announcement.

Related Posts

• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010

K-Reit completes acquisition of a one-third interest in MBFC Towers 1 & 2 and Marina Bay Link Mall - 15 DEC 2010

i) Completion of acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall and divestment of Keppel Towers and GE Tower;
ii) Use of proceeds from K-Reit Asia’s November 2009 rights issue.

• Press Release

Key Points

• The acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall (including the assignment to K-REIT Asia of the loan made by Bayfront Development Pte. Ltd. to BFC Development Pte. Ltd.) (“BFC”) (the “MBFC Acquisition”) and the divestment of Keppel Towers and GE Tower (the “KTGE Divestment”, together with the MBFC Acquisition, the “Transactions”) has been completed on 15 DEC 2010.
• In relation to the use of proceeds from K-REIT Asia’s rights issue in November 2009 (the “Rights Issue”), the board of directors of the Manager, wishes to announce that to-date, out of the net proceeds of approximately S$616.0 million from the Rights Issue less the utilisation of approximately S$555.1 million made prior to this announcement, S$41.5 million has been used to partly finance the MBFC Acquisition.

Related Posts

• K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Extension of HGB title for Mochtar Riady Comprehensive Cancer Centre

Extension of HGB title for Mochtar Riady Comprehensive Cancer Centre (MRCCC):

• Press Release

Key Points

• This announcement is further to:
• the announcement dated 9 November 2010 in which Bowsprit Capital Corporation Limited,in its capacity as manager of First Real Estate Investment Trust (“First REIT” and asmanager of First REIT, the “Manager”), proposed the acquisition by First REIT of MochtarRiady Comprehensive Cancer Centre (“MRCCC” and the proposed acquisition of MRCCC,the “MRCCC Acquisition”) subject to, among others, the condition precedent that the in-principle approval for the renewal of the “Right to Build” (Hak Guna Bangunan or “HGB”1)title in relation to MRCCC be obtained from Badan Pertanahan Nasional (or the NationalLand Office of Indonesia).
• the circular dated 10 November 2010 issued to unitholders of First REIT (“Unitholders”) to seek Unitholders’ approval for, among others, the MRCCC Acquisition.
• the approval by Unitholders of the MRCCC Acquisition at First REIT’s Extraordinary General Meeting on 29 November 2010.
• the National Land Office of Indonesia has extended the HGB title in relation to MRCCC (which was scheduled to expire on 27 August 2015) for a period of 20 years subject to, among others, the payment of a nominal premium and certain other standard conditions, and therefore the condition precedent described above has been satisfied. 
• The amount of premium payable is approximately 193.2 million Indonesian Rupiah (approximately S$28,006.252) and is payable by the vendor of MRCCC. 

Related Posts

• First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010
• First Reit - Notice of Rights Issue Books Closure Date
• The Expanded First Reit Post Rights Issue and Acquisitions
• First Reit - Follow up details of the proposed acquisition and rights issue - 10 NOV 2010
• First Reit - proposed acquisitions and rights issue - 9 NOV 2010

SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall - 9 DEC 2010

SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall:

• Press Release
• Use of Proceeds Announcement

Key Points

• SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall on 9 DEC 2010.
• The Acquisition was partly financed with a S$1,105 million term loan facility entered into with Citibank, DBS Bank and Standard Chartered Bank, and partly financed with S$417.9 million of net proceeds derived from the private placement of 313,000,000 new units in Suntec REIT (“New Units”) at an issue price of S$1.37 per New Unit.
• With this acquisition:
• Suntec REIT’s office portfolio NLA has increased from approximately 1.9 million sq ft to approximately 2.4 million sq ft.
• further strengthened its foothold in the Marina Bay precinct.
• the value of Suntec REIT’s assets under management has increased to approximately S$6.8 billion.

Related Posts 

• SUNTEC Reit issues 313,000,000 new units for Private Placement - 9 DEC 2010
• Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010
• SUNTEC Reit - Circular to shareholders in relation to proposed acquisition of a one-third stake in MBFC 1 - 8 NOV 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 - 26 OCT 2010