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