CapitaLand Retail China Trust is announcing the sale of CapitaMall Minzhongleyuan, one of its asset in Wuhan. Built in 1919, the heritage building is sold for 256 million Yuan (about S$52.6 million). The manager expects no material effect on NAV or DPU.
Your data source for Singapore's REITs.
|Top 5 Yielder||Last||Yield||Disc. to NAV||Gearing|
|Lippo Malls Indonesia Retail Trust||0.069||11.88%||60.7%||42.5%|
|Eagle Hospitality Trust||0.137||8.61%||19.7%||65.5%|
|ARA LOGOS Logistics Trust||0.675||7.64%||-16.4%||40.5%|
|Sasseur Real Estate Investment Trust||0.820||7.61%||11.0%||27.8%|
|All Singapore REITsAll Malaysian REITsAll Thai REITs|
Following a painful master lease restructuring, First REIT is expecting its portfolio valuation to fall and its gearing level to rise sharply. This is forcing the trust to make a large rights issue to reduce leverage. The trust effectively plans to almost double the number of issued shares with 791,063,000 new units to be issued against the current 807,206,351 units, in order to raise S$158.2 million.
Both the lease restructuring and right issue will need to be approved by unit holders at a EGM. Pro-forma based on the first half of 2020, both operations would shrink NAV per unit from S$0.97 to S$0.346 and massively reduce dividend yield from an annualized 5.2% in to 3.6%
Keppel REIT is announcing the acquisition of Keppel Bay Tower from it's sponsor Keppel Corp.
Keppel Bay Tower is a grade A office building located near Singapore's Harborfront. It was completed in 2002 and on a 99-year leasehold land (expiring in 2096).
The asset has a high occupancy of 99.2% and a WALE of 3.3 years.
The $667.0 million operation (fees included) will be financed by debt and some equity fund raising from a private placement of about 256 million new units, increasing the stock free float by 14.8%.
The manager expects the purchase to be yield accretive (by +2.7% pro forma on the 2019 DPU).
Mapletree Logistics Trust is announcing the acquisition of Higashi Hiroshima Centre, a logistics property around Hiroshima, Japan.
The freehold property, just completed in November 2020, has a gross floor area of 26,948 m² and is currently 33% leased.
The JPY6,370 million (roughly S$82.1 million) operation will be fully funded by debt.
The operation is expected to be yield accretive and the trust aggregate leverage ratio will climb to 37.9%.
Soildbuild Group and Blackstone Real Estate have partnered to take Soilbuild REIT private, with an offer to buy out unit holders at S$0.55 per unit:
In a press statement on Monday, the offeror noted that Soilbuild Reit's ability to undertake distribution per unit (DPU)-accretive acquisitions has been limited, partly due to its high DPU yield, which has hindered its ability to bid competitively for third-party assets.
Cromwell REIT is announcing the acquisition of a portfolio of light industrial and logistics assets in the Czech Republic and Slovakia.
The purchased assets are 6 sites in the Czech Republic and 5 in Slovakia, all freehold with 125,435 m² of gross lettable area. All tenanted, they have an average WALE of 6.2 years and a net operating income yield of 6.7%.
The 113.2 € million purchase price will be financed by internal resource and/or debt.
The operation is expected to be DPU accretive and improve the trust geographical diversity while reducing tenant concentration.
Parkway Life REIT is announcing the purchase of another nursing home in Japan.
The healthcare focused trust is expanding further into one of the fastest aging nation with the acquisition of Habitation Kamagaya, a 100 beds nursing facility in the greater Tokyo area. It will come with a fresh 20-year master lease and an expected net property yield of 6.4%.
The total cost of about S$21.2 million will be covered by new debt in local currency.
After the operation, the trust expects an increase in yield, an extension of its WALE from 11.19 years to 11.44 years, and an increase in its gearing ratio from 38.6% to 39.3%.
Ascendas REIT is announcing the proposed acquisition of a Sydney office property.
The purchased asset is 1-5 Thomas Holt Drive in Macquarie Park, a suburb of Sydney. The freehold property, to be completed early 2021, comprises 3 office blocks with 39,188 m² of NLA. It is currently 100% leased with a WALE of 4.5 years.
The A$303.3 million (S$308.5 million) operation (including fees and costs) will be financed by debt and available cash.
The operation is expected to be DPU accretive and increase the trust geographical diversity, with the Australian portfolio growing from 13% to 15% of total assets.
Frasers Logistics and Commercial Trust is announcing the divestment of 3 leasehold properties in South Australia:
The total consideration for the properties is A$29.6 million (S$29.5 million), which represents a 19.4 per cent premium to their book value of A$24.8 million as at Sept 30, 2020, the manager said in the exchange filing.