K-Reit, CRCT - Date of Result Release for Q1 2011

Updated date of Result Release for Q1 2011:

K-Reit APR 14

CRCT APR 15 (AM)

Latest Update at Results Release.

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.

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

Saizen Reit Divests of Club House Kikugaoka

Saizen Reit Divests of Club House Kikugaoka:

• Press Release

Key Points

• YK Shingen has, on 29 March 2011, entered into a sale and purchase agreement for the divestment of Club House Kikugaoka (“CHK”) to an independent private investor (the “CHK Buyer”) for a cash consideration of JPY 230,000,000 (S$3.6 million1) (the “CHK Sale Price”). 
• The divestment of CHK was completed on the same day upon the payment of the full amount of the CHK Sale Price by the CHK Buyer.
• CHK, located in Kitakyushu, was built in March 1991 and comprises 25 residential units and 26 car parking units. It contributed about 0.6% (or approximately JPY 23.3 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• Given the small size of CHK 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 - 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 Reit - Divestment of Johnan Building III and Wealth Meinohama

Divestment of Johnan Building III and Wealth Meinohama:

• Press Release for Divestment of Johnan Building III
• Press Release for Divestment of Wealth Meinohama

Key Points on Divestment of Johnan Building III

• Entered into a sale and purchase agreement for the divestment of Johnan Building III (“JB3”) to an independent private investor (the “JB3 Buyer”) for a cash consideration of JPY 312,577,516 (S$4.9 million 1 ) (the “JB3 Sale Price”). 
• The divestment of JB3 was completed on the same day upon the payment of the full amount of the JB3 Sale Price by the JB3 Buyer. 
• JB3, located in Fukuoka, was built in June 1983 and comprises 24 residential units, 6 commercial units and 21 car parking units. It contributed about 0.9% (or approximately JPY 35.9 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• Given the small size of JB3 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.

Key Points on Divestment of Wealth Meinohama  

• Further to announcement on 14 March 2011, the manager of Saizen REIT is pleased to announce that the divestment of Wealth Meinohama was completed on 23 March 2011.
• WM’s sale price of JPY 59,500,000 (S$0.9 million) was paid in full on 23 March 2011.

Related Posts

• 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

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

Saizen, MLT update on impact of Earthquake to Japanese properties

Saizen, MLT update on impact of Earthquake to Japanese properties:

• Press Release By MLT
• Press Release By Saizen

Author's Note
The clearer assessment of the potential damage will probably need more time due to breakdown of telecommunications networks and power blackouts. Other REITs that have Japanese properties in their portfolio include Parkway Life Reit and Frasers Commercial Trust. Frasers Commercial Trust has just announced its divestment of Cosmo Plaza, a Japanese property, in Jan 2011, but it still has some other Japanese properties in its portfolio. AIMSAMPI Reit has announced the divestment of its only property in Japan in Feb 2011. The divestment is expected to be completed in Mar 2011.


Related Posts

• AIMSAMPI Reit Sells Asahi Ohmiya Warehouse in Japan Above Book Value 
• FrasersComm Divests Cosmo Plaza in Osaka Japan

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, Plife, FCT, CacheLog, MapletreeLog Updated Target Price by DBS

CDL H-Trust, Plife, FCT, CacheLog, MapletreeLog Updated Target Price by DBS:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
CDL H-Trust	DBS	BUY	2.300	09/03/11
MapletreeLog	DBS	BUY	1.070	09/03/11
FCT	DBS	BUY	1.730	09/03/11
Plife	DBS	BUY	1.900	09/03/11
CacheLog	DBS	BUY	1.110	09/03/11

Latest updates at Stock Target Price.

A-Reit, MapletreeLog Updated Target Price by OCBC

A-Reit, MapletreeLog Updated Target Price by OCBC:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
A-Reit	OCBC	HOLD	2.200	08/03/11
MapletreeLog	OCBC	BUY	1.030	08/03/11

Latest updates at Stock Target Price.

DPU History Page updated

The DPU History has been updated with DPU information for the quarter ending 31 Dec 2010.

Starhill Global Updated Target Price following Asset Enhancement Announcement

Starhill Global Updated Target Price following Asset Enhancement Announcement:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
Starhill Global	DBS Vickers	BUY	0.730	01/03/11

Latest updates at Stock Target Price.
Related Posts

• STARHILL GLOBAL REIT ANNOUNCES ASSET REDEVELOPMENT OF WISMA ATRIA

STARHILL GLOBAL REIT ANNOUNCES ASSET REDEVELOPMENT OF WISMA ATRIA

STARHILL GLOBAL REIT ANNOUNCES ASSET REDEVELOPMENT OF WISMA ATRIA  :

• Press Release

Key Points

• Asset redevelopment of Wisma Atria to boost the mall’s positioning on Singapore’s Orchard Road. The first phase of the redevelopment will commence in 1Q 2011 and is expected to complete by 3Q 2012.
• Phase one of Wisma Atria’s asset redevelopment is expected to incur capital expenditure of about S$31 million and generate an additional net property income of approximately S$2.5 million per annum when stabilized, representing a return on investment of approximately 8.0%. 
• The cost of the asset redevelopment works will be funded from the proceeds of the rights issue completed in 2009 and/or working capital.

Related Posts

• Starhill Global Q4 2010 Quarterly Earnings Report

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