Starhill Global REIT to appeal court decision - Channel NewsAsia

Starhill Global REIT to appeal court decision - Channel NewsAsia

A-REIT awarded Business Park site at Fusionopolis for S$110 million

A-REIT awarded Business Park site at Fusionopolis for S$110 million  :

• Press Release
• Announcement

Key Points

• Further to the release “A-REIT tenders for Business Park Site at Fusionopolis for S$110 million” made by Ascendas Funds Management (S) Limited (the “Manager”) in its capacity as the Manager of Ascendas Real Estate Investment Trust (“A-REIT”) on 20 May 2011, the Manager is pleased to announce that Jurong Town Corporation (“JTC”) has awarded A-REIT the said site (the “Site”) at Fusionopolis for S$110 million.
• Upon completion, expected in 3QFY2013/14, this development will strengthen A-REIT’s leading position in the Business & Science Parks segment and bring about economies of scale in operations. The high quality specification and good location of the proposed development will be attractive to target potential users.
• In addition, this development will allow A-REIT to further widen its product offerings in catering to the knowledge and value-based type industries and gives it an opportunity to further diversify its customer base.”

Related Posts

• A-REIT submits S$110m bid for business park site at Fusionopolis - Channel NewsAsia

Standard & Poor's Reaffirms Cambridge Industrial Trust ("CIT") BBB-/Stable/-- Rating

Standard & Poor's Reaffirms Cambridge Industrial Trust ("CIT") BBB-/Stable/-- Rating:

Key Points

• Cambridge Industrial Trust Management Limited, as manager of CIT, would like to announce that Standard & Poor's has reaffirmed the BBB-/Stable/-- credit rating of CIT in its report dated 1 June 2011.

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

Saizen Reit Repays YK Shintoku loan

Saizen Reit Repays YK Shintoku loan:

• Press Release

Key Points

• The manager Saizen REIT is pleased to announce that the loan of YK Shintoku had been fully repaid on 31 May 2011.
• Following the completion of the Repayment and the cancellation of the mortgage over YK Shintoku’s property portfolio, YK Shintoku’s portfolio of 27 properties which is valued at approximately JPY 4.3 billion1 (S$65.6 million) will become unencumbered. 
• Together with the property portfolios of YK Keizan, YK Shingen and GK Chosei, the total value of Saizen REIT’s unencumbered properties will amount to approximately JPY 14.9 billion (S$227.5 million).
• After the Repayment, Saizen REIT’s borrowings comprise five loans amounting to approximately JPY 9.0 billion (S$137.4 million), with the nearest loan maturity due in June 2013. 
• Saizen REIT’s gearing after the Repayment is approximately 24%.

Author's Note
The term "unencumbered" here means that the properties are not currently under any mortgage agreements, or are being used as collateral for loans. 

Related Posts

• Saizen Reit Divests Alpha Shinonome and Rise Gofuku
• Saizen divests Studio City from the YK Shingen portfolio
• Saizen divests Art Side Terrace and KN 21 Shiragane
• Saizen divests Escort South 11
• Saizen Reit Divests of Club House Kikugaoka
• Saizen Reit - Divestment of Johnan Building III and Wealth Meinohama

Saizen Reit Divests Alpha Shinonome and Rise Gofuku

Saizen Reit Divests Alpha Shinonome and Rise Gofuku:

• Press Release

Key Points

• The manager Saizen REIT wishes to announce the divestments of Alpha Shinonome and Rise Gofuku from the property portfolio of Yugen Kaisha (“YK”) Shintoku.
• YK Shintoku has, on 31 May 2011, entered into a sale and purchase agreement for the divestment of Alpha Shinonome (“ASN”) to an independent private investor (the “ASN Buyer”) for a cash consideration of JPY 74,402,500 (S$1.1 million 1 ) (the “ASN Sale Price”). The divestment of ASN was completed on the same day upon the payment of the full amount of the ASN Sale Price by the ASN Buyer.
• ASN, located in Hiroshima, was built in December 1984 and comprises 27 residential units. It contributed about 0.2% (or approximately JPY 9.5 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• YK Shintoku has, on 31 May 2011, entered into a sale and purchase agreement for the divestment of Rise Gofuku (“RG”) to an independent private investor (the “RG Buyer”) for a cash consideration of JPY 234,780,942 (S$3.6 million) (the “RG Sale Price”).
• The divestment of RG was completed on the same day upon the payment of the full amount of the RG Sale Price by the RG Buyer.
• RG, located in Kumamoto, was built in April 2006 and comprises 34 residential units, 1 commercial unit and 2 car parking units. It contributed about 0.6% (or approximately JPY 26.3 million) of Saizen REIT’s annual revenue in the FY2010.
• Given the small sizes of ASN and RG relative to the entire portfolio of Saizen REIT, the Current Divestments are not expected to have any material impact on the financial position of Saizen REIT.

Related Posts

• Saizen divests Studio City from the YK Shingen portfolio
• Saizen divests Art Side Terrace and KN 21 Shiragane
• Saizen divests Escort South 11
• Saizen Reit Divests of Club House Kikugaoka
• Saizen Reit - Divestment of Johnan Building III and Wealth Meinohama

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

Lippo Karawaci acquires interests in LMIRT and trust manager from Mapletree and Lippo for S$197.4 million

Lippo Karawaci acquires interests in LMIRT and trust manager from Mapletree and Lippo for S$197.4 million - S$2.4 billion of mall assets to be injected into LMIRT over next three years:

• Press Release
• Announcement

Key Points

• PT Lippo Karawaci Tbk. ("LPKR"), Indonesia's largest listed property company by total assets, revenues and net profit, will emerge as the largest shareholder of Lippo-Mapletree Indonesia Retail Trust (“LMIRT”) and 100% shareholder of the LMIRT Mgt, following a series of transactions totalling S$197.4 million (equivalent to US$165.5 million).
• LPKR, through its wholly-owned subsidiaries, had signed definitive agreements to purchase 97,853,918 units (approximately 9.02%) in LMIRT and 40.0% in Lippo-Mapletree Indonesia Retail Trust Management Limited (“LMIRT Mgt”) from the Mapletree Group entities (“Mapletree”). The purchase agreement for the 9.02% was signed by LPKR subsidiary, Bridgewater International Ltd (“BIL”). It had also contracted to buy over a further 18.22% interest in LMIRT, which is currently held through an affiliate of LPKR.
• It had also contracted to buy over a further 18.22% interest in LMIRT, which is currently held through an affiliate of LPKR.
• At S$0.56 per Unit, representing a 2.7% premium to the May 20, 2011 closing price of S$0.545 per Unit, the acquisitions for LMIRT add up to S$165.5 million. 
• In a parallel transaction, another LKPR subsidiary, Peninsula Investment Limited (“PIL”) will be acquiring from Mapletree the remaining 40% interest in LMIRT Mgt for a cash consideration of S$31.9 million. Concurrent completion for these transactions is anticipated and expected in the next 21 business days. 
• After the conclusion of these transactions, LPKR will effectively own 29.5% interest in LMIRT and 100% of LMIRT Mgt and become LMIRT’s largest shareholder, as well as full ownership in LMIRT Mgt. These transactions will position LPKR as the largest mall owner/manager in Indonesia and among the largest in Southeast Asia.
• LKPR plans to carry through its plan to inject S$2.4 billion of mall assets into LMIRT over the next three years. 
• This acquisition will put LMIRT and LMIRT Mgt fully aligned with LPKR’s Lippo Malls Group, and provide LMIRT with a strong pipeline and the opportunity to grow its asset base to S$4 billion in the next 3 years.

About PT Lippo Karawaci Tbk (“LPKR”) (www.lippokarawaci.co.id)Lippo Karawaci is the largest listed property company in Indonesia by market capitalisation, assets, revenue and net profit, anchored by a large land bank and solid recurring income. It has a highly focused, unique and integrated business model with four core pillars of growth - Residential/Township, Retail Malls, Hospitals, Hotels and Asset Management.

LPKR was initially founded on a vision to impact lives through the development of well-planned sustainable independent townships with green environments and first class physical and social infrastructure. Over more than a decade, LPKR has proven itself as a highly trusted property developer with the most recognisable brand name and owner of the largest diversified landbank and pioneering projects in strategic locations throughout Indonesia.

Through a merger of eight property related companies in 2004, LPKR has expanded its business portfolio to encompass urban development, large scale integrated development, retail malls, healthcare, hotel and leisure, as well as fee-
based income portfolio. Its premier private hospital group is the only one achieving world class standards.

LPKR is listed on the Indonesian Stock Exchange with a market capitalisation of
Rp16.65 trillion or US$1.95 billion.

Author's Note
The above transactions bring to an end the joint venture between MapleTree and Lippo Group in the management of Lippo Maple Retail Trust. The retail property sector in Indonesia is not a key focus market for Mapletree, and it will focus its resources to grow its key markets in Singapore, China, Japan, India and Vietnam.

A-REIT submits S$110m bid for business park site at Fusionopolis - Channel NewsAsia

A-REIT submits S$110m bid for business park site at Fusionopolis - Channel NewsAsia

SINGAPORE : Mainboard-listed Ascendas REIT (A-REIT) has submitted a S$110 million bid for a business park site at Fusionopolis.

A-REIT said this property, together with its existing properties within the one-north region and the neighbouring Science Park I and II, will enhance its market leadership position in the Business & Science Parks segment.

The trust is planning to develop the business park site into a modern suburban business facility, comprising 60 per cent business park space and 40 per cent office space.

It also hopes to attract tenants in the Infocomm Technology and media industries, as well as R&D activities in Physical Science and Engineering.

A-REIT said the total development cost of the property is not expected to exceed 3.3 per cent of A-REIT's deposited property as at 31 March 2011.

The 6,253 square metre site, with a 60-year land lease tenure and an allowable plot ratio of 4.0 times, is located in the one-north master plan region.

The tender for the site was launched under the Government Industrial Land Sales Programme by the Jurong Town Corporation.

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

Saizen divests Art Side Terrace and KN 21 Shiragane

Saizen divests Art Side Terrace and KN 21 Shiragane:

• Press Release

Key Points

• YK Shintoku has, on 15 April 2011, entered into a sale and purchase agreement for the divestment of Art Side Terrace (“AST”) to an independent private investor (the “AST Buyer”) for a cash consideration of JPY 416,745,000 (S$6.3 million 1 ) (the “AST Sale Price”). 
• The divestment of AST was completed on the same day upon the payment of the full amount of the AST Sale Price by the AST Buyer.
• AST, located in Sapporo, was built in February 1986 and comprises 61 residential units, 2 commercial units and 22 car parking units. 
• It contributed about 1.2% (or approximately JPY 49.3 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• YK Shintoku has, on 15 April 2011, entered into a sale and purchase agreement (the “KN Agreement”) for the divestment of KN 21 Shiragane (“KN”) to an independent private investor (the “KN Buyer”) for a cash consideration of JPY 213,164,000 (S$3.2 million) (the “KN Sale Price”). 
• The divestment of KN was completed on the same day upon the payment of the full amount of the KN Sale Price by the KN Buyer.
• KN, located in Kitakyushu, was built in March 2000 and comprises 31 residential units, 1 commercial unit and 27 car parking units. 
• It contributed about 0.5% (or approximately JPY 22.1 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• Given the small sizes of AST and KN relative to the entire portfolio of Saizen REIT, the Current Divestments are not expected to have any material impact on the financial position of Saizen REIT.

Related Posts

• Saizen divests Escort South 11
• Saizen Reit Divests of Club House Kikugaoka
• Saizen Reit - Divestment of Johnan Building III and Wealth Meinohama
• Saizen Reit divests of Jewel Town Suehiro - 10 NOV 2010
• Saizen Divests Kamei Five from the property portfolio of YK Shintoku - 21 OCT 2010
• Saizen divests 3 properties - 14 OCT 2010
• Saizen Reit divests Villa Kaigancho - 8 OCT 2010
• Saizen completes divestment of Patios Ohashi - 30 SEP 2010
• Saizen divests four properties - 29 SEP 2010

Saizen divests Escort South 11

Saizen divests Escort South 11:

• Press Release

Key Points

• YK Shintoku has, on 11 April 2011, entered into a conditional sale and purchase agreement for the divestment of Escort South 11 to an independent private investor for a cash consideration of JPY 45,520,000 (S$0.7 million).
• ES, located in Sapporo, was built in March 1992 and comprises 10 residential units. 
• It contributed about 0.3% (or approximately JPY 11.9 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• Given the small size of ES relative to the entire portfolio of Saizen REIT, the Current Divestment is not expected to have any material impact on the financial position of Saizen REIT.

Related Posts

• Saizen Reit Divests of Club House Kikugaoka
• Saizen Reit - Divestment of Johnan Building III and Wealth Meinohama
• Saizen Reit divests of Jewel Town Suehiro - 10 NOV 2010
• Saizen Divests Kamei Five from the property portfolio of YK Shintoku - 21 OCT 2010
• Saizen divests 3 properties - 14 OCT 2010
• Saizen Reit divests Villa Kaigancho - 8 OCT 2010
• Saizen completes divestment of Patios Ohashi - 30 SEP 2010
• Saizen divests four properties - 29 SEP 2010 

MapleTreeLog divests 9 and 39 Tampines Street 92

MapleTreeLog divests 9 and 39 Tampines Street 92:

• Press Release

Key Points

• Disposal of 9 Tampines Street 92: new buyer at higher sale price.
• Disposal of 39 Tampines Street 92: another strategic asset divestment.
• Recycling of proceeds into better-yielding asset.
• On 7 December 2010, MapletreeLog entered into an agreement to divest its property at 9 Tampines Street 92 with Trans-cab Services Pte Ltd, with the divestment subject to approval by the relevant authorities. Subsequent to the announcement, the requisite approval was not obtained and accordingly, the sale was not completed. 
• The Manager has, however, secured another buyer for the property at a higher consideration.
• The new buyer, a local IT solutions company, has exercised the option on Friday (8 April) granted by MapletreeLog to acquire the property at 9 Tampines Street 92 at a consideration of S$12.8 million. The property was originally acquired at S$11.2 million and was valued at approximately $12.0 million by Colliers International (Singapore) Pte Ltd. on 1 December 2010. 
• With the higher consideration, MapletreeLog expects to realise a total net disposal gain of about S$1.4 million.
• MapletreeLog has also granted to CK Holdings (2003) Pte Ltd. an option, which was exercised on Friday (8 April), to acquire MapletreeLog’s property located at 39 Tampines Street 92 at a consideration of S$14.7 million.
• Both disposals are subject to approvals by the relevant authorities. 
• A total net disposal gain of approximately S$2.1 million is expected from the divestment of these two properties. 
• Subject to clarification of the tax treatment with the Singapore tax authority, the distribution of the total net disposal gain to Unitholders would result in a one-time increase in the distribution per unit by 0.07 cents – 0.09 cents. Further announcement will be made when the final distributable amount has been determined.

Related Posts   

• MapletreeLog Realises Value on Divestment of Singapore Property for S$12.5 million - 7 DEC 2010
• Mapletreelog acquires Singapore property at 15A Tuas Avenue 18

Mapletree Investments Unit Lodges Preliminary Prospectus for Mapletree Commercial Trust

Mapletree Investments Unit Lodges Preliminary Prospectus for Mapletree Commercial Trust:

• Press Release

Author's Note
Mapletree Commercial Trust was supposed to go for IPO in March but has delayed it due to the earthquake in Japan. It is now going ahead with the IPO in April.

The preliminary prospectus is now available at the MAS Opera website. Click the "Latest" link under the category "Collective Investment Scheme Offers".

Following is an extract of the indicative IPO time table taken from the preliminary prospectus:

Date and time	Event
19 April 2011, 9:00 a.m.	Opening date and time for the Public Offer.
25 April 2011, 9:00 a.m.	Closing date and time for the Public Offer.
26 April 2011	Balloting of applications under the Public Offer, if necessary. Commence returning or refunding of application monies to unsuccessful or partially successful applicants and commence returning or refunding of application monies to successful  applicants for the amount paid in excess of the Offering Price, if necessary.
27 April 2011, at or before 2:00 p.m.	Completion of the acquisition of MLHF and PSAB.
27 April 2011, 2:00 p.m.	Commence trading on a “ready” basis.
3 May 2011	Settlement date for all trades done on a “ready” basis on 27 April 2011

Note that the above timetable is indicative only and is subject to change.

Some preliminary figures to take note of:

• IPO price of S$0.84 to S$0.91 per unit. 
• Projected annual yield of 5.5 to 5.9 per cent, with a distribution per unit of 4.97 to 4.98 Singapore cents.
• Initial portfolio includes 3 properties: 
• Shopping mall VivoCity
• office properties Bank of America Merrill Lynch, Harbourfront
• PSA Building

Related Posts

• All about REIT - The IPO Prospectus 
• Sabana REIT to raise S$696.1m through IPO - 10 NOV 2010
• IPO of Mapletree Industrial Trust  
• About a Reit - IPO of Cache Logistics Trust

Saizen - Repayment plan for YK Shintoku loan

Saizen - Repayment plan for YK Shintoku loan:

• Press Release

Key Points

• The Manager has set out a schedule for the full repayment of the YK Shintoku Loan, with the intention of averting any foreclosure actions.
• The repayment schedule under the Repayment Plan is as follows:
• repayment of not less than JPY 2.0 billion (S$29.9 million) on 11 April 2011;
• repayment of approximately JPY 0.8 billion (S$12.0 million) between 12 April 2011 and 30 May 2011, through proceeds from the disposals of YK Shintoku’s properties, including those currently under negotiation or pending completion; and
• repayment of the balance amount on or before 31 May 2011.
• The Repayment Plan is currently being discussed and has not been agreed to by the lender.

Related Posts

• Saizen Reit Divests of Club House Kikugaoka
• Saizen Reit - Divestment of Johnan Building III and Wealth Meinohama
• Saizen Reit divests of Jewel Town Suehiro - 10 NOV 2010
• Saizen Divests Kamei Five from the property portfolio of YK Shintoku - 21 OCT 2010
• Saizen divests 3 properties - 14 OCT 2010
• Saizen Reit divests Villa Kaigancho - 8 OCT 2010
• Saizen completes divestment of Patios Ohashi - 30 SEP 2010
• Saizen divests four properties - 29 SEP 2010

Starhill Global Reit announces asset redevelopment of Starhill Gallery

Starhill Global Reit announces asset redevelopment of Starhill Gallery:

• Press Release

Key Points

• YTL Starhill Global has announced the asset redevelopment of Starhill Gallery in Kuala Lumpur, Malaysia.
• The asset redevelopment of Starhill Gallery will inject a new level of vibrancy and excitement to the retail scene in Kuala Lumpur.
• Expected to complete by 2Q 2011, the asset redevelopment will create an additional net lettable area of approximately 8,100 square feet. 
• The rejuvenated Starhill Gallery will offer increased visibility of store fronts and an enhanced range of luxury merchandise, in particular the watch and jewelry brands.
• The new façade will give Starhill Gallery an iconic presence on Bintang Walk, emerging as a freshand distinctive luxury shopping destination for high-end shoppers.
• The Starhill Gallery asset redevelopment is expected to incur capital expenditure of about RM25 million or S$10.4 million and generate an additional NPI of approximately RM1.7 million or S$0.7 million per annum, representing a ROI of approximately 7.0%. 
• The cost of the asset redevelopment works will be funded from the remaining proceeds of the rights issue by Starhill Global REIT completed in 2009 and/or working capital.

Related Posts

• STARHILL GLOBAL REIT ANNOUNCES ASSET REDEVELOPMENT OF WISMA ATRIA

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

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

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.

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