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

Saizen divests Studio City from the YK Shingen portfolio

Saizen divests Studio City from the YK Shingen portfolio:

• Press Release

Key Points

• YK Shingen has, on 10 May 2011, entered into a conditional sale and purchase agreement for the divestment of Studio City (“SC”) to an independent private investor (the “SC Buyer”) for a cash consideration of JPY 175,000,000 (S$2.7 million) (the “SC Sale Price”).
• SC, located in Sapporo, was built in March 1985 and comprises 51 residential units, 1 commercial unit and 12 car parking units. It contributed about 0.6% (or approximately JPY 26.8 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• Given the small size of SC 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 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 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

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

First Reit to divest Adam Road Hospital

SALE OF ADAM ROAD HOSPITAL, NO 19 ADAM ROAD SINGAPORE 289891:

• Press Release

Key Points

• First REIT has on 23 February 2011 entered into a sale and purchase agreement with Fortis Healthcare Singapore Pte. Limited (the “Purchaser”) and Fortis Global Healthcare Holdings Pte. Ltd. (the “Guarantor”) for the sale of Adam Road Hospital located at No 19 Adam Road Singapore 289891 to the Purchaser for a sale consideration of S$33.0 million.
• Adam Road Investment Property’s fair value was S$28.2 million as at 28 December 2010.

Related Posts

• First REIT completes acquisition of two Jakarta hospitals

AIMSAMPI Reit Sells Asahi Ohmiya Warehouse in Japan Above Book Value

AIMSAMPI Reit Sells Asahi Ohmiya Warehouse in Japan Above Book Value:

• Press Release

Key Points

• Sale price: JPY1.49 billion (SGD22.81 million).
• Book value as at 31 December 2010: JPY1.46 billion (SGD22.35 million).
• Sale expected to complete in March 2011.
• Net sale proceeds after JPY debt repayment available for future investment opportunities.
• Aggregate leverage reduced from 33.6% to approximately 32.0% following completion of the sale Continued execution of Manager’s strategy for the Trust.

Related Posts

• AIMSAMPI Reit Sale of 23 Changi South Avenue 2 - 3 NOV 2010

FrasersComm Divests Cosmo Plaza in Osaka Japan

FrasersComm Divests Cosmo Plaza in Osaka Japan:

• Press Release
• Announcement

Key Points

• Share transfer agreement with Ippan Shadan Hojin Future Flight (“Future Flight”) for the sale of 2 common shares (tokutei shusshi) in Frasers Commercial Osaka No.1 TMK (the “Osaka TMK”), which constitute 100.0% of the issued and outstanding common shares in Osaka TMK, and 2 shares (kabu) in Frasers Commercial Master Lessee KK (“Osaka MLKK”), which constitute 100.0% of the issued and outstanding shares in Osaka MLKK, for an aggregate consideration of JPY2 (less than S$1 ).
• Agreement with Credit Suisse Principal Investments Ltd. (“CS Principal”) for the sale of an aggregate of 65,964 preference shares (yuusen shusshi) in Osaka TMK, which constitute 100.0% of the issued and outstanding preference shares in Osaka TMK, for an aggregate consideration of JPY2 (less than S$1 ).
• The net asset value of Osaka TMK and Osaka MLKK as at 30 September 2010 was negative JPY468.7 million (S$7.34 million ).
• The Divestment will result in a gain of JPY468.7 million (S$7.28 million).
• Upon the completion of the Divestment, FCOT and its relevant subsidiaries will have no further interest in Cosmo Plaza, the Osaka TMK and the Osaka MLKK.
• The Divestment would result in a reduction in FCOT’s aggregate leverage from 39.6% to 37.6% based on the audited financial statements of FCOT as at 30 September 2010. 
• Occupancy rate for FCOT’s portfolio as at 30 September 2010 would have improved from 90.8% to 96.5% assuming the Divestment had been completed on 30 September 2010.

Related Posts

• FrasersComm Proposes Consolidation of Units - 9 NOV 2010

K-Reit completes acquisition of a one-third interest in MBFC Towers 1 & 2 and Marina Bay Link Mall - 15 DEC 2010

i) Completion of acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall and divestment of Keppel Towers and GE Tower;
ii) Use of proceeds from K-Reit Asia’s November 2009 rights issue.

• Press Release

Key Points

• The acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall (including the assignment to K-REIT Asia of the loan made by Bayfront Development Pte. Ltd. to BFC Development Pte. Ltd.) (“BFC”) (the “MBFC Acquisition”) and the divestment of Keppel Towers and GE Tower (the “KTGE Divestment”, together with the MBFC Acquisition, the “Transactions”) has been completed on 15 DEC 2010.
• In relation to the use of proceeds from K-REIT Asia’s rights issue in November 2009 (the “Rights Issue”), the board of directors of the Manager, wishes to announce that to-date, out of the net proceeds of approximately S$616.0 million from the Rights Issue less the utilisation of approximately S$555.1 million made prior to this announcement, S$41.5 million has been used to partly finance the MBFC Acquisition.

Related Posts

• K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

MapletreeLog Realises Value on Divestment of Singapore Property for S$12.5 million - 7 DEC 2010

MapletreeLog Realises Value on Divestment of Singapore Property for S$12.5 million.

• Press Release

Key Points

• MapletreeLog has entered into an agreement to divest its property at 9 Tampines Street 92, Singapore 528871 (the “Property”) to Trans-cab Services Pte Ltd (“Trans-cab”) for a total consideration of S$12.5 million.
• Based on the latest valuation as at 1 December 2010 by Colliers International (Singapore) Pte Ltd, the Property is valued at S$12 million.
• Originally acquired at S$11.2 million, MapletreeLog is expected to realise a total net disposal gain of S$1.2 million with the divestment of this Property, after deducting transaction related costs and expenses. 
• The sale is subject to approval by HDB and is expected to complete by 1Q 2011.
• Upon completion of this divestment, MapletreeLog’s total portfolio will stand at 94 properties with a book value of approximately $3,457 million.  

Author's Note
According to the CEO of Mapletree Logistics Trust Management Ltd, the Property is one of the older assets, its building specifications are now a little outdated and offer limited growth to the portfolio. Following the disposal of the Property, the original capital can be redeploy for newer assets that can generate a better yield.

Related Posts

• Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010
• MapletreeLog Expands Singapore Portfolio with Acquisition of Liang Huat Building - 26 NOV 2010
• MapletreeLog Completes Acquisition of 51st Property in Singapore for S$18.3 million - 25 OCT 2010 
• Mapletreelog signs sale & leaseback agreement with Hamakyorex for Distribution Centre worth JPY 1.05 billion

Saizen Reit divests of Jewel Town Suehiro - 10 NOV 2010

Divestment of Jewel Town Suehiro from the property portfolio of YK Shintoku.
See press release.

Key Points

• YK Shintoku has, on 9 November 2010, entered into a sale and purchase agreement for the divestment of Jewel Town Suehiro (“JT”) to an independent private investor (the “JT Buyer”) for a cash consideration of JPY 146,042,400 (S$2.3 million 1 ) (the “JT Sale Price”). 
• The divestment of JT was completed on the same day upon the payment of the full amount of the JT Sale Price by the JT Buyer.
• JT, located in Hakodate, was built in August 1991 and comprises 30 residential units and 8 car parking units. It contributed about 0.5% (or approximately JPY 19.1 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010 (“FY2010”).
• Given the small size of JT 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 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

AIMSAMPI Reit Sale of 23 Changi South Avenue 2 - 3 NOV 2010

AIMSAMPI Reit Sale of 23 Changi South Avenue 2. See press release.

Key Points

• Sale of 23 Changi South Avenue 2 Singapore 486443 above independently appraised value.
• Sale price: S$16.7 million.
• Book value as at 30 September 2010: S$16.2 million.
• Sale expected to complete in January 2011.
• Provides opportunity for future investment opportunities. 
• In the interim, net sale proceeds will be used to repay debt under the Trust’s newly established revolving credit facility, reducing aggregate leverage to approximately 33.4% from approximately 34.8%.
• Continued execution of Manager’s strategy to maximise returns for unitholders.

Saizen Divests Kamei Five from the property portfolio of YK Shintoku - 21 OCT 2010

Saizen Divests Kamei Five from the property portfolio of YK Shintoku.
See press release.

Key Points

• YK Shintoku has, on 21 October 2010, entered into a conditional sale and purchase agreement for the divestment of Kamei Five to an independent private investor for a cash consideration of JPY 70,401,250 (S$1.1 million).
• Kamei Five, located in Hiroshima, was built in July 1989 and comprises 22 residential units, 2 commercial units and 2 car parking units. It contributed about 0.2% (or approximately JPY 9.8 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010.

Related Posts
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 3 properties - 14 OCT 2010

Saizen divests 3 properties. See press release.

Key Points

• The manager of Saizen REIT wishes to announce the divestment of the following properties from the property portfolio of Yugen Kaisha (“YK”) Shintoku:
• Higashi Hakushima Y Building 
• Otemachi Y Building
• Kinyacho Y Building

Related News

• 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's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE. See:

• Press release and Presentation Slides
• Report

Key Points

•  
• K-REIT Asia has entered into a conditional share purchase agreement with Bayfront Development Pte. Ltd., a wholly-owned subsidiary of Keppel Land Limited (Keppel Land), for the acquisition of a one-third interest in Phase One of Marina Bay Financial Centre (MBFC Phase One) at an agreed value of approximately S$1,426.8 million (inclusive of rental support).
• At the same time, as part of the asset swap, K-REIT Asia has signed a conditional sale and purchase agreement with Mansfield Developments Pte Ltd, a wholly-owned subsidiary of Keppel Land, for the divestment of Keppel Towers and GE Tower (KTGE) at an agreed value of S$573.0 million, which is above the valuation of S$540.7 million as at 31 December 2009, according to a Keppel Land report.
• MBFC Phase One comprises two office towers, Marina Bay Financial Centre Towers 1 & 2, with a total net lettable area (NLA) of about 1.65 million sf, Marina Bay Link Mall with a retail NLA of about 94,500 sf and 684 carpark spaces. Fully committed, major tenants at MBFC Towers 1 & 2 include Standard Chartered Bank, Barclays Capital, BHP Billiton, Nomura, Macquarie, American Express and Prudential.
• After the asset swap, K-REIT Asia's portfolio asset size will increase from S$2.5 billion to approximately S$3.4 billion. The asset swap is expected to be completed no later than 31 December 2010.
• The acquisition of the one-third interest in MBFC Phase One will be funded by a combination of the sale proceeds from the divestment of KTGE, new borrowings and part of the proceeds from K-REIT Asia's November 2009 rights issue.

Saizen Reit divests Villa Kaigancho - 8 OCT 2010

Saizen Reit divests Villa Kaigancho. See press release.

Key Points

• The manager Saizen REIT wishes to announce the divestment of Villa Kaigancho (the “Current Divestment”) from the property portfolio of YK Shintoku.
• YK Shintoku has, on 8 October 2010, entered into a sale and purchase agreement for the divestment of Villa Kaigancho (“VK”) to an independent private investor (the “VK Buyer”) for a cash consideration of JPY 250,710,000 (S$3.9 million1) (the “VK Sale Price”). The divestment of VK was completed on the same day upon the payment of the full amount of the VK Sale Price by the VK Buyer.
• VK, located in Hakodate, was built in November 1990 and comprises 50 residential units, 1 commercial unit and 24 car parking units. It contributed about 1.0% (or approximately JPY 41.4 million) of Saizen REIT’s annual revenue in the financial year ended 30 June 2010.
• Given the small size of VK 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.
  
  

Ascott Reit Completes Target Acquisitions and Divestment & Use Of Proceeds - 1 OCT 2010

Ascott Reit Completes Target Acquisitions and Divestment & Use Of Proceeds. See press release.

This is a follow up of the previous announcement of Acquisitions and Divestment in August 2010.

Key Points

• The Reit has completed (directly or indirectly through the acquisition of shareholding interests) the acquisition of 28 serviced residence properties comprising one in Singapore, one in Vietnam, 17 in France, four in the United Kingdom, two in Belgium, two in Germany and one in Spain.
• The Reit has completed the divestment of its entire interest in Ascott Beijing.
• With the completion of the Transactions:


• Somerset Hoa Binh (S) Pte Ltd, Ascott Netherlands, Citadines Holborn, and their subsidiaries have become subsidiaries of Ascott REIT;
• Hemliner Pte Ltd and its subsidiary have ceased to be subsidiaries of Ascott REIT;
• the principal investment strategy of Ascott REIT has been expanded to include investments primarily in real estate and real estate-related assets which are income-producing and which are used, or predominantly used, as serviced residences or rental housing properties in any country in the world.


• After deducting the proceeds of the Divestment, $458.2 million of the consideration for the Target Acquisitions has been paid to the Vendor Companies with the proceeds from the Private Placement and drawdown of bank facilities. The balance of S$143.0 million will be settled after the completion of the Preferential Offering.
• The entire amount of the proceeds of the Private Placement of approximately $453.2 million has been utilised as follows, as stated in the
  Offer Information Statement:


• $444.5 million has been utilised to part fund the Target Acquisitions;
• $8.7 million has been utilised for payment of underwriting, expenses and professional and other fees and expenses.

Saizen completes divestment of Patios Ohashi - 30 SEP 2010

Saizen completes divestment of Patios Ohashi. See press release.

Key Points

• Further to Saizen Real Estate Investment Trust’s ("Saizen REIT") announcement on 21 September 2010, the Board of Directors of Japan Residential Assets Manager Limited, the manager of Saizen REIT, is pleased to announce that the divestment of Patios Ohashi was completed on 30 September 2010.
• The sale price of Patios Ohashi is JPY 79,352,200 (S$1.2 million1) and a deposit of JPY 4,325,200 (S$0.1 million) was paid on 21 September 2010. The remaining sum was paid on 30 September 2010.