A-Reit private placement cumulative distribution for period from 1 January 2011 to 10 April 2011

A-Reit private placement cumulative distribution for period from 1 January 2011 to 10 April 2011:

• Press Release

Key Points

• In an announcement dated 31 March 2011 in relation to the private placement of 206,186,000 new units in A-REIT (“New Units”) to institutional and other investors (the “Private Placement”), Ascendas Funds Management (S) Limited, as the manager of A-REIT (the “Manager”), had announced the intention to declare a distribution of A-REIT’s distributable income for the period from 1 January 2011 to 10 April 2011, being the day immediately prior to the date on which the New Units were issued pursuant to the Private Placement (the “Cumulative Distribution”).
• The board of directors of the Manager is pleased to announce a Cumulative Distribution of 3.661 cents, which will be paid on 9 May 2011.
• Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with Units as at 5.00 p.m. on 8 April 2011 will be entitled to the Cumulative Distribution that will be paid on 9 May 2011. 
• For the avoidance of doubt, the New Units issued under the Private Placement will not be entitled to this distribution. 
• The next distribution thereafter will comprise A-REIT’s distributable income for the period from 11 April 2011 to 30 June 2011. Quarterly distribution will resume thereafter.

Related Posts 

• A-Reit Q1 2011 Quarterly Earnings Report
• A-Reit launches private placement of up to 209,425,000 new units 
• Close of private placement of 206,186,000 new units in A-Reit at an issue price of s$1.94 per new unit

Close of private placement of 206,186,000 new units in A-Reit at an issue price of s$1.94 per new unit

Close of private placement of 206,186,000 new units in A-Reit at an issue price of s$1.94 per new unit:

• Press Release

Key Points

• Further to its announcement dated 31 March 2011 in relation to the private placement of up to 209,425,000 New Units at an issue price of between S$1.91 and S$1.96 per New Unit, the Issue Price has been fixed at S$1.94 per New Unit, as agreed between the Manager and the Sole Lead Manager and Underwriter, following an accelerated book building process and the total number of New Units to be issued pursuant to the Private Placement is 206,186,000.

Related Posts

• A-Reit launches private placement of up to 209,425,000 new units
• A-REIT's Proposed Acquisition of Neuros & Immunos for S$125.6 Million

A-Reit launches private placement of up to 209,425,000 new units

A-Reit launches private placement of up to 209,425,000 new units:

• Press Release

Key Points

• A-Reit is proposing to carry out a private placement of up to 209,425,000 New Units to institutional and other investors at an issue price of between S$1.91 and S$1.96 per New Unit (the “Issue Price Range”) to raise gross proceeds of approximately S$400.0 million (the “Private Placement”). 
• The net proceeds from the Private Placement amount to approximately S$393.3 million, after deducting the underwriting and selling commission and other estimated fees and expenses (including professional fees and expenses) incurred in connection with the Private Placement.
• Use of Proceeds:
• approximately S$35.9 million will be used to fund A-REIT’s eleventh development project for the construction of a built-to-suit logistics facility in the eastern part of Singapore (which is equivalent to 9.0% of the gross proceeds of the Private Placement);
• approximately S$97.0 million will be used to fund A-REIT’s ongoing asset      enhancement initiatives at Techview and 10 Toh Guan Road and redevelopment of 1 Senoko Ave (FoodAxis @ Senoko), (which is equivalent to 24.3% of the gross proceeds of the Private Placement);
• approximately S$117.6 million will be used to fund the forward purchase of a business space property located at No. 200 Jinsu Road, Jinqiao Export Processing Zone (“JEPZ”), Shanghai, China (which is equivalent to 29.4% of the gross proceeds of the Private Placement)
• approximately S$125.6 million will be used to fund the acquisition of Neuros & Immunos at Biopolis (which is equivalent to 31.4% of the gross proceeds of the Private Placement);
• approximately S$6.7 million will be used to pay the estimated fees and expenses, including professional fees and expenses, incurred or to be incurred by A-REIT (which is equivalent to 1.7% of the gross proceeds of the Private Placement)

Related Posts

• A-REIT's Proposed Acquisition of Neuros & Immunos for S$125.6 Million
• A-REIT forays into Shanghai, China with the forward purchase of a Business Space Property

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

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

SUNTEC Reit issues 313,000,000 new units for Private Placement - 9 DEC 2010

SUNTEC Reit issues 313,000,000 new units for Private Placement.

• Press Release

Key Points

• Further to its announcements dated 29 November 2010 in relation to the private placement of 313,000,000 new units (“New Units”) in Suntec REIT at an issue price of S$1.37 per New Unit (the “Private Placement”), the Board of Directors of ARA Trust Management (Suntec) Limited, in its capacity as manager of Suntec REIT (the “Manager”), wishes to announce that the Manager has today issued the New Units. The New Units will commence trading on the Main Board of Singapore Exchange Securities Trading Limited
  (the “SGX-ST”) at 2.00 p.m. today.
• The New Units issued pursuant to the Private Placement will, upon issue, rank pari passu in all respects with the Suntec REIT units in issue immediately prior to the issue of the New Units (“Existing Units”), other than in respect of the Advanced Distribution (as defined herein).

Related Posts

• Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010

Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010

Suntec Reit successfully raised S$428.8 million through private placement:

• Press Release
• Announcement

Key Points

• Private placement of 313 million new units in Suntec REIT have been fully subscribed at an issue price of S$1.37 per New Unit. 
• The Issue Price represents a discount of 4.02% to the volume weighted average price of S$1.4274 per unit in Suntec REIT and 2.88% to the adjusted volume weighted average price of S$1.4106 per Unit for trades done for the full market day on 26 November 2010.
• The net proceeds from the Private Placement which amount to approximately S$417.9 million will be used to partially finance the acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall. 
• The Manager has on 26 November 2010 obtained the approval of unitholders of Suntec REIT at an extraordinary general meeting for the Acquisition.
• In connection with the Private Placement, existing Unitholders will be entitled to receive a distribution income for the period from 1 October 2010 to the day immediately prior to 9 December 2010, being the expected date on which the New Units are issued pursuant to the Private Placement. 
• The New Units are not entitled to the Advanced Distribution. 

Author's Note
The book closure for the advanced distribution will be at 5.00 p.m. on 8 December 2010. The actual quantum of the distribution per Unit under the Advanced Distribution will be announced at a later date. The next distribution thereafter will comprise Suntec REIT’s distributable income for the period from the day the New Units are issued (9 December 2010) to 31 December 2010. Quarterly distributions will resume thereafter.

Earlier part of the day the manager has announced the private placement with the range of issue price between S$1.34 and S$1.38 per New Unit. The final issue price S$1.37 is towards the top of the range. The Private Placement was 3.1 times oversubscribed.

Related Posts

• 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

Cambridge issues and list 38,483,354 new units pursuant to the preferential offering - 18 NOV 2010

Cambridge issues and list 38,483,354 new units pursuant to the preferential offering. See press release.

Key Points

• This announcement is in relation to CIT’s equity fund raising comprising:
  
  • The private placement of 56,498,000 new units in CIT at an issue price of  S$0.531 per Placement Unit to raise gross proceeds of approximately S$30.0 million.
  • The pro-rata and non-renounceable preferential offering of 38,483,354 new units in CIT on the basis of one Preferential Unit for every twenty-five existing units in CIT held by Entitled Unitholders1 as at 5.00 p.m. on 29 October 2010, fractions of a Preferential Unit to be disregarded, at an issue price of S$0.531 per Preferential Unit to raise gross proceeds of approximately S$20.4 million.
• The Manager wishes to announce that the issuance of the Preferential Units has been completed on 18 Nov 2010. With the issuance of the Preferential Units, the total number of Units in issue has increased to 1,057,065,216 Units.

Related Posts

• 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

Cambridge Notice of Advanced Distribution - 18 NOV 2010

Cambridge Notice of Advanced Distribution. See press release.

This is a follow up of the earlier announcement dated 21 October 2010 relating to the Equity Fund Raising and acquisitions.

Key Points

• Distribution of the distributable income for the period from 1 October
  2010 to 17 November 2010 in advance.
• Advanced Distribution of 0.627 cents per Unit in cash will be paid on 6 December 2010.
• Unitholders whose securities accounts with The Central Depository (Pte) Limited were credited with Units as at 5.00 p.m. on 29 October 2010 will be entitled to the Advanced Distribution.

Related Posts

• Cambridge issues and list 38,483,354 new units pursuant to the preferential offering - 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

Cambridge to Launch Equity Fund Raising to raise up to S$50.4m for the acquisitions of 4 properties - 21 OCT 2010

Launch of Equity Fund Raising to raise up to S$50.4 m for the acquisitions of 4 properties:

• Press Release
• Presentation Slides

Key Points

• Acquisition of 25 Tai Seng Avenue, 511 & 513 Yishun Industrial Park a and potential acquisitions of two properties in the western part of singapore.
• Equity fund raising to raise up to S$50.4 million.
• Equity Fund Raising to comprise:  
• Private Placement of 56,498,000 new units in Cambridge Industrial Trust to raise gross proceeds of approximately S$30.0 million
• Preferential Offering of up to 38,483,354 new units in CIT to raise gross proceeds of up to approximately S$20.4 million 
• New units to be offered at a price of S$0.531 for the Private Placement and S$0.531 for the Preferential Offering. 
• Retail Offering to be made on the basis of each unitholder having a preferential offer of one (1)  Preferential Unit for every twenty five (25) existing units in CIT held by entitled unitholders as at 5.00 p.m. on 29 October 2010, plus the opportunity to apply for additional units.
• Net proceeds to be used to part‐finance two (2) announced properties and two (2) potential acquisitions, all located in Singapore, with aggregate cost of approximately S$74.3 million.  
• Expected benefits to CIT from the addition of these properties:
• Improvement in asset quality through an enlarged portfolio; 
• Improved portfolio and tenant diversification; and  
• Positive impact on weighted average lease tenure and weighted average lease expiry 
• Post‐completion of the Equity Fund Raising, CIT’s gearing level is estimated to fall from 39.2% to 38.6%, strengthening CIT’s capital structure. 

REIT Financial News - 20 AUG 2010: Ascott REIT buying 28 serviced residences for S$970m

i) PROPOSED ACQUISITIONS AND DIVESTMENT
ii) APPROVAL IN-PRINCIPLE FOR THE LISTING OF NEW UNITS
See:

• Press Release
• Report
• Presentation Slides

Key Points

• Acquiring 28 serviced residences from its parent company, The Ascott, for S$969.6 million. 
• With the acquisition, its assets will double to about S$2.85 billion.
• it will become the sixth largest REIT in Singapore in terms of assets after its acquisition.
• Of the 28 properties to be acquired, 26 are in Europe, 1 in Singapore, and 1 in Vietnam (Hanoi).
• The Trust expects its annualised distribution per unit to rise some 4.8 per cent to 7.74 cents in its 2011 financial year. 
• It will also be selling a serviced apartment, Ascott Beijing, to its parent for S$214 million. 
• The divestment is 66 per cent above the property's valuation of S$181.8 million as at June 30 and will realise a gain of approximately S$106.2 million.
• To part finance the acquisitions, the Reit intends to raise approximately S$560.6 million through an equity fund raising which will comprise a non-renounceable preferential offering to existing unitholders and a private placement. 
• The proposed equity fund raising is expected to increase the Reit's free float by approximately 73% from S$385.3 million to S$665.3 million.
  
   
  

REIT Financial News - 13 AUG 2010: Cambridge - Announcement of Acquisition and Private Placement

ACQUISITION OF 22 CHIN BEE DRIVE AND 1 & 2 CHANGI NORTH STREET 2
LAUNCH OF PRIVATE PLACEMENT OF 83,683,000 NEW UNITS
S$50.0 MILLION THREE-YEAR TERM LOAN FACILITY
See : Press Release

Key Points

• The trustee of CIT has entered into two separate Put and Call Option Agreements to acquire the Target Properties:



1. Deluge Fire Protection (S.E.A.) Pte Ltd in respect of the acquisition by CIT of the property located at 22 Chin Bee Drive, Singapore 619870 (22 Chin Bee Drive)
2. ETLA Limited in respect of the acquisition by CIT of the property located at 1 Changi North Street 2, Singapore 498808 and 2 Changi North Street 2, Singapore 498775 (1 & 2 Changi North Street 2)



• To raise gross proceeds of approximately S$40.0 million by issuing 83,683,000 new units in CIT by way of a private placement to:



• institutional and other investors at an issue price of S$0.478 per New Unit 
• at an issue price of S$0.503 per New Unit to the Oxley Group and Mitsui & Co., Ltd.



• The Trustee has today entered into a facility agreement with National Australia Bank Limited ("NAB") pursuant to which NAB will make available to the Trustee a S$50.0 million three-year secured term loan facility (the “Acquisition Term Loan Facility”) and a S$20.0 million secured revolving credit facility of same tenor (the “Revolving Credit Facility”).

REIT Financial News - 23 JUN 2010: Close of Private Placement by CDL H-Trust

Close of Private Placement by CDL H-Trust. See:

• Announcement

This follows the announcement of private placement a day earlier.

Key Points

• The issue price per New Stapled Security has been fixed at S$1.71 per New Stapled Security.
• The Joint Lead Managers and Underwriters have also exercised the upsize option such that the total number of New Stapled Securities to be issued pursuant to the Private Placement is 116,960,000.
• The gross proceeds from the Private Placement amount to approximately S$200.0 million.
• The trading of the New Stapled Securities on the SGX-ST is currently expected to commence at 2.00 p.m. on 1 July 2010. 

Author's Note
The actual number of new units of 116,960,000 is higher than the minimum amount of 84,750,000 units stated in the previous announcement. The increase is about 13.9% of the total number of units in issue as at 22 June 2010.


A very quick and rough estimate of the impact of the private placement on the impact based on this final number of new units:
Using the Q1 2010 DPU of 2.32 cents, we annualize it:
Annualized DPU = 2.32 x 4 = 9.28 cents
Assuming no. of units increased by 13.9%, the Annualized DPU = 9.28/1.39 = 6.68 cents
The share price before trading halt on 22 JUN = 1.89
Yield based on share price before trading halt on 22 JUN = 6.68/189 x 100 = 3.53%.

This is a very rough calculation to estimate the impact without taking in factors such as reduction of interest payment after paying off the debts. Do also take note that the Q1 2010 DPU of 2.32 cents is based on a 90% per out ratio. It would have been 2.58 cents for 100% per out ratio.

REIT Financial News - 22 JUN 2010: CDL HOSPITALITY TRUSTS ANNOUNCES PRIVATE PLACEMENT OF S$150 MILLION

CDL HOSPITALITY TRUSTS ANNOUNCES PRIVATE PLACEMENT OF S$150 MILLION. See:

• Press Release
• Announcement
• Notice of Book Closure for advance distribution
  

Key Points

• Private placement of new stapled securities in CDLHT at an issue price of between S$1.71 and S$1.77 per new stapled security to raise a minimum gross proceeds of S$150.0 million.
• the Manager intends to use approximately S$116.3 million of the net proceeds from the private placement to repay the Singapore dollar portion of the one-year bridging facility that was used to finance the recent acquisition of Australian properties comprising Novotel Brisbane, Mercure Brisbane, Ibis Brisbane, Mercure Perth and Ibis Perth in 1Q 2010.
• The balance of the proceeds will be used to reduce debt levels arising from the partial utilisation of a S$80.0 million committed revolving credit facility from DBS Bank Limited, payment of transaction expenses in connection with the private placement of new stapled securities and general corporate or working capital purposes.
• the gearing level is expected to be reduced from 30.9% to 22.6% following the private placement.
• There will be an advanced distribution  which is approximately 4.8 cents per unit. The actual quantum of the DPU will be announced on a later date after the management accounts of H-REIT for the relevant period have been finalised.
• Based on the minimum amount of New Stapled Securities to be issued pursuant to the Private Placement, the number of units in CDL H-Trust in issue will increase by 84,750,000, which is an increase of 10.1% of the total number of units in issue as at 22 June 2010.
  

Author's Note
There will be an advance distribution for existing share holders of approximately 4.8 cents per unit. The actual amount will be announced on a later date after the management accounts of the relevant period have been finalised. The book closure date for the advance distribution is on 30 Jun 2010, and the payment of the advance distribution is on 27 Aug 2010.

A very quick and rough estimate of the impact of the private placement on the impact:
Using the Q1 2010 DPU of 2.32 cents, we annualize it:
Annualized DPU = 2.32 x 4 = 9.28 cents
Assuming no. of units increased by 10.1%, the Annualized DPU = 9.28/1.101 = 8.43 cents
The share price before trading halt on 22 JUN = 1.89
Yield based on share price before trading halt on 22 JUN = 8.43/189 x 100 = 4.46%.

Of course this is a very rough calculation to estimate the impact without taking in factors such as reduction of interest payment after paying off the debts. Also need to take note of the relatively low gearing of 22.6% if debts have been paid off. This will mean more debt headroom for further yield accretive acquisitions.