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Logistics Trust Management Ltd, the Property is one of the older assets, its building specifications are now a little outdated and offer limited growth to the portfolio.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

Moody's upgrades CapitaCommercial Trust's ratings to Baa1 - 8 DEC 2010

Moody's upgrades CapitaCommercial Trust's ratings to Baa1; outlook stable.  

• Press Release

Key Points

• Moody's Investors Service has upgraded CapitaCommercial Trust's ("CCT") corporate family rating to Baa1 from Baa2 and the senior unsecured ratings to Baa2 from Baa3. The outlook for both ratings is stable.
• The upgrade reflects CCT's operating and financial strength, as evidenced by its strong, predictable cash flows and high occupancy rates over the 2008/09 economic downturn.
• CCT's track record and prudent approach towards managing its capital structure and pursuing its acquisitions also help maintain a strong and stable financial profile.

First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010

First Reit - Lodgement and despatch of offer information statement.

• Announcement 
• Offer Information Statement (OIS)
• Guidelines

Key Points

• The manager of First REIT has today lodged with the MAS the offer information statement (“Offer Information Statement”) in relation to the issue of 345,664,382 new units in First REIT on a fully underwritten and renounceable basis to Eligible Unitholders on a pro rata basis of five Rights Units for every four existing Units held as at 5.00 p.m. on 3 December 2010 at the issue price of S$0.50 per Rights Unit, fractional entitlements to be disregarded, to raise gross proceeds of approximately S$172.8 million.
• The Offer Information Statement is available on the website of the MAS at www.mas.gov.sg and will be despatched on 8 December 2010 to Eligible Unitholders.

Author's Note
For holders of the rights, do take note of the IMPORTANT DATES AND TIMES as indicated in the guidelines and OIS: 

Last date and time for trading of Rights Entitlements	16 December 2010 at 5.00 p.m.
Last date and time for acceptance of Rights Entitlements and payment for Right Units	22 December 2010 at 5.00 p.m. (9.30 p.m. for Electronic Applications through ATMs of Participating Banks)
Last date and time for application and payment for Excess Rights Units	22 December 2010 at 5.00 p.m. (9.30 p.m. for Electronic Applications through ATMs of Participating Banks)

The Offer Information Statement can also be found in the MAS Opera site. Look under the category Collective Investment Scheme Offers, and click on the Latest link.

Related Posts

• 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
• All about REIT - Rights Issue Part 2: What happens during a Rights Issue 
• All about REIT - Rights Issue Part 1: Terms and Definition

CDL Hospitality Real Estate Investment Trust obtains ‘BBB-’ Investment Grade Rating Affirmation by Fitch Ratings - 3 DEC 2010

CDL Hospitality Real Estate Investment Trust obtains ‘BBB-’ Investment Grade Rating Affirmation by Fitch Ratings.

• Press Release

Key Points

• M&C REIT Management Limited, as manager of CDL Hospitality Real Estate Investment Trust (“H-REIT”) (the “H-REIT Manager”), wishes to announce that H-REIT has received a rating affirmation of investment grade Long Term Issuer Default Rating of ‘BBB-’ (BBB minus) by Fitch Ratings on 3 December 2010, with a Stable Outlook maintained.
  

Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010

Mapletreelog acquires singapore property for S$16.8 million.

• Press Release
• Presentation Slides

Key Points

• The Manager of MapletreeLog has signed a Put and Call Option Agreement today with JEP Precision Engineering Pte Ltd (the “Vendor”), to acquire its premises at 44 & 46 Changi South Street 1, Singapore (the “Property”) at a purchase price of S$16.8 million.
• The Property comprises two connected single-storey air-conditioned warehouses and an ancillary office. Highly accessible from the Pan-Island Expressway and the East Coast Parkway, the Property is also a 5-minute drive from Changi International Airport.
• The Vendor will lease back the Property for a period of 7 years with an option to extend for a further term of 7 years and rental escalation of 3.75% at the beginning of year 3, 5 and 7.
• The acquisition provides an initial net property yield of 8.7% and the land lease has a balance of 26 years.
• With the addition of this Property, MapletreeLog's total portfolio will increase to 95 properties and its total book value to approximately S$ 3,446 million. 
• The acquisition is subject to approval by JTC and is expected to complete by December 2010. 
• This is the third of the four potential acquisitions identified in the recent equity fund raising exercise announced on 21 September 2010 and will be funded from its net proceeds.

Related Posts

• 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 
• MapletreeLog's Launch of Equity Fund Raising to raise approximately S$300 million in Capital to Fuel Growth - 21 SEP 2010

SUNTEC Reit Updated Target Price following Completion of Private Placement

SUNTEC Reit Updated Target Price following Completion of Private Placement:

CIMB	OUTPERFORM	1.630	30/11/10
Phillip Securities	HOLD	1.370	01/12/10

Latest updates at Stock Target Price.

Related Posts

• Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010