| Top 5 Yielder | Last | Yield | Disc. to NAV | Gearing |
|---|---|---|---|---|
| Eagle Hospitality Trust | 0.137 | 20.64% | 83.1% | 37.6% |
| Lippo Malls Indonesia Retail Trust | 0.085 | 15.41% | 69.4% | 35.7% |
| First REIT | 0.435 | 15.17% | 55.2% | 34.9% |
| Elite Commercial REIT | 0.630 | 12.38% | -3.3% | 32.6% |
| ARA US Hospitality Trust | 0.290 | 9.83% | 62.3% | 42.5% |
| All Singapore REITsAll Malaysian REITsAll Thai REITs | ||||
UOA REIT is announcing the acquisition of UOA Corporate Tower (in Bangsar South, Malaysia) from its sponsor UOA Development Bhd. The 38 storey office tower, purchased at a price of RM700 million, is currently 93% occupied. It's a 99 year leasehold property with 86 years left on the lease.
Consequently, the trust is also launching a private placement of up to RM282 million to help finance the operation.
Mapletree North Asia Commercial Trust is announcing the acquisition of a 50% stake in The Pinnacle Gangnam, an office building in Seoul, South Korea. This is a S$528 million purchase, 1.5% below the valuation conducted by Colliers International (Korea).
Completed in 2011, the freehold property of 20 storey has a 44,444 m² gross floor area and 89.6% occupancy and a 2.8 years WALE. NPI is at 3.2%.
The acquisition is expected to be DPU accretive and to be funded by debt.
Eagle Hospitality Trust is sending notices of termination to all its master lessees, on all its 18 properties:
The "pay/perform or quit" notices, issued on Sept 17, implied that the master lessees should pay the outstanding rent and/or perform the defaulted non-rent obligations within a deadline of between three and 15 days, or they should "peacefully vacate" and surrender the property.
The trust, which is exploring ways to inject new capital to restructure its operations, has now only 3 properties open.
Ascendas REIT continues acquiring Australian properties with the purchase of a suburban office around Sydney. Located in Macquarie Park (an area where Keppel REIT also made an acquisition just a few days ago), 1 Giffnock Avenue is an upcoming 9 storey office building with retail space on the ground floor and 204 carpark lots. The property, expected to be completed mid-2022, is freehold and will have 19,384 m² of lettable area.
For a total cost of A$167.2 million, the purchase is expected to be internally funded and be DPU accretive. The developers will provide a three-year rental guarantee from completion of the property for any vacant spaces.
Following Lippo Malls acquisition of Lippo Mall Puri, the trust is seeking to raise S$271 million on the market to finance the operation.
Based on an indicative issue price of S$0.060 per Rights Unit, the Manager currently expects to issue 4,682,872,029 Rights Units (which is equivalent to approximately 160% of the 2,926,795,018 Units in issue as at 18 September 2020)
The complete sale of Accordia Golf Trust assets has been given the go-ahead by its unitholders with a 97.55% vote in favour.
The expected payout date is on Oct 15, with a special distribution of 54.57 yen per unit. The special distributions will be paid to unitholders in Singapore dollars.
Assuming an illustrative exchange rate of S$1 to 76.8545 yen, the first tranche special distribution will amount to about S$0.71 per unit.
Mapletree Industrial trust continues its expansion into the US data centre market with the planned acquisition of data centre and office in Virginia. With a price that could reach up to US$262.1 million, the freehold asset is leased on a triple-net basis.
Exact financing is yet to be announced as the deal is expected to be complete by the first quarter of 2021.
Keppel REIT is annoucing the acquisition of a freehold Grade A office property, the Pinnacle Office Park. Located in Macquarie Park, Sydney, the A$306 million purchase comprises 3 buildings with a total net lettable area (NLA) of 35,132 m². It has a 96.3% occupancy and a WALE of 4.8 years, with tenants such as Konica Minolta and Coles Supermarkets.
The acquisition is targeted to be completed in 4Q 2020 and will be fully funded with Australian dollar denominated debt for natural hedging. Post-acquisition, aggregate leverage would be approximately 38.7%.
The manager expects the acquisition to be DPU-accretive.
The acquisition/merger of CapitLand Commercial Trust by CapitaLand Mall is marching forward albeit with some delays. As the long-stop date is being pushed back to November 30, the manager has also announced it would completely waive its acquisition fee - a large saving of S$111.2 million for unit holders.
At a briefing on Friday, CEOs of both managers said that the pro forma DPU for the last 12 months ended June 30, 2020 for CMT would have increased 4.1 per cent, while that for CCT would see an accretion of 7.6 per cent. This was up from accretion of 1.6 per cent and 6.5 per cent that were provided in January, based on the Reits' FY19 DPU.
Frasers Centerpoint Trust wants to acquire the remaining 63.1% share of AsiaRetail Fund (ARF) for S$1.06 billion from its sponsor, and is seeking to raise S$1.39 billion of new equity.
ARF owns five retail malls in Singapore - Tiong Bahru Plaza, White Sands, Hougang Mall, Century Square and Tampines 1 - as well as the Central Plaza office property.
The manager wants to issue 628 million new units with either a public offering, a private placement or both. Unit holders will get to vote on the proposal at a September 28 extraordinary general meeting.