CacheLog secures another long-term end-user

CacheLog secures another long-term end-user:

• Press Release

Key Points

• A highly regarded multinational corporation has committed to occupy approximately 280,000 sq ft, representing over 12% of the gross floor area, at CWT Commodity Hub for approximately nine years. 
• The commitment means certainty of occupancy for the specific premises for four years beyond the present master lease. 
• The agreement to lease from April 2015 to April 2019 has a rental value of S$20.0 million and is inclusive of additional rent for end- user specific asset enhancement works to be funded by Cache.

Related Posts

• Cache Logistics Trust gains new long-term end-user for CWT Commodity Hub - 15 OCT 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 

Issue and listing of new units in first reit for the rights issue

Issue and listing of new units in first reit for the rights issue:

• Press Release

Key Points

• An aggregate of 345,664,382 Rights Units has been issued, bringing the total number of First REIT units (“Units”) in issue to 622,195,888 Units.
• The Rights Units will, upon allotment and issue, rank pari passu in all respects with the existing Units in issue as at the date of issue of the Rights Units, including the right to any distributions which may accrue for the period from 1 October 2010 to 31 December 2010 as well as all distributions thereafter.
• The Rights Units will be listed and quoted on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) with effect from 9.00 a.m. on 31 December 2010.

Author's Note
The newly issued units will also be eligible for the upcoming quarterly distribution from 1 Oct 2010 to 31 Dec 2010. The official completion of the 2 new acquisitions has not been announced. So far only the news of the Use of proceeds of rights issue for the MRCCC acquisition has been released. Since the earnings of the 2 new properties has not come in, the upcoming DPU is expected to be diluted. It will only be back to normal after the new properties start contributing their earnings.

Related Posts

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

First Reit - results of the rights issue

First Reit - results of the rights issue:

• Press Release

Key Points

• Valid acceptances and excess applications for a total of 425,875,570 Right
  Units (as defined herein), representing approximately 123.2% of the total number of Rights Units available under the underwritten renounceable rights issue (the “Rights Issue”) of 345,664,382 new units in First REIT (“Rights Units”), were received as at the close of the Rights Issue on 22 December 2010.
• The Manager expects that the Rights Units will be issued on or about 30 December 2010.
• The Manager further expects that the Rights Units will be listed and quoted on the Main Board of the SGX-ST with effect from 9.00 a.m. on 31 December 2010.

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

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

Updated Target Price by DBS

Updated Target Price by DBS:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
CacheLog	DBS Vickers	BUY	1.74	17/12/10
FrasersCT	DBS	BUY	1.11	17/12/10
MapleTreeLog	DBS Vickers	BUY	1.01	17/12/10
CDL H-Trust	DBS Vickers	BUY	2.28	17/12/10
CapitaMall	DBS Vickers	BUY	2.09	17/12/10
PLife	DBS Vickers	BUY	1.84	17/12/10
AscottReit	DBS Vickers	BUY	1.38	17/12/10

Latest updates at Stock Target Price.