REIT Oracle

Manulife US REIT Acquires Property, Makes Rights Issue

Manulife US REIT is announcing the acquisition of 400 Capitol in Sacramento, California. The 29 storey office building, completed in 1992, has about 46,500 m² of NLA and a 94.9% occupancy with a WALE of 5.9 years.

In order to complete the US$200.5 million purchase, the trust is doing both a US$65 million private placement as well as a US$77.1 million preferential offering for eligible unitholders.

Upon completion, the manager expects an increase of 2.3% in distribution per unit and 0.6% in Net Asset Value per unit.

Mapletree Logistics Acquires Australian Property

Mapletree Logistics Trust is announcing the acquisition of a one-storey logistics facility in Truganina, Melbourne. The property, to be built at 15 Boterro Place, sits on a freehold land and will have about 15,100 m² of lettable area upon completion. The transaction will done for A$18.4 million and be funded by debt, with an expected increase of the trust gearing level of 0.1% to 36.9%.

Mapletree Industrial to Invest in Datacentre, Raise Equity

Mapletree Industrial Trust announces a joint venture with Mapletree Investment to purchase a portfolio of 13 data centres in North America, for a total price of S$1,900.3 million (split 50/50 between both partners). The portfolio has a 100% occupancy and long WALE of 9.1 years.

To that effect, the trust is organizing a S$350 million private placement and issuing up to 180,915,000 new units at a price range of S$2.211 and S$2.265.

The manager expects the operation to increase both Distribution Per Unit and Net Asset Value per unit.

Lendlease Global Commercial REIT Files for IPO

As expected, Australian developer Lendlease Global is moving forward with listing its REIT in Singapore. 387.5 million units of Lendlease Global Commercial REIT will be offered to the public at S$0.88 per unit. With the help of cornerstone investors, the trust will raise a total of over a billion Singapore Dollars and own 2 properties in Singapore (313@Somerset) and Milan (Sky Complex), worth about S$1.41 billion.

The public offer opens on Sept 25 at 9pm and closes on Sept 30 at 12pm, with the Reit expected to list on Oct 2. The minimum initial subscription for applications is 1,000 units.

The prospectus is available on MAS website.

Keppel DC to Purchase Datacentres, Raise S$473.8 Million

Keppel DC REIT is planning a major expansion as it plans to raise S$473.8 millions of equity to fund two acquisitions in Singapore:

• A 99% stake in Keppel DC Singapore 4 (S$384.9 million)
• 1-Net North Data Centre (S$200.2)

The proposed acquisitions are expected to be highly accretive to Keppel DC REIT's Distribution per Unit (DPU). When completed, the REIT's assets under management will grow by 30.7% to $2.58 billion, comprising 17 data centres in key data centre hubs globally, spanning an aggregate lettable area of approximately 1,410,497 sq ft.

A combination of debt and S$473.8 million in private placement and preferential offering will be used. Aggregate leverage ratio is expected to decrease from 31.9% to 30.3%.

Keppel Pacific Oak Announces Dallas Acquisition

After having just changed its name, Keppel Pacific Oak US REIT has announced the acquisition of an office complex in Irving, Dallas. Named One Twenty Five, the property, comprising two class A office building, will be acquired for US$101.5 million.

The manager expects the purchase to be DPU accretive and to be funded by a private placement and debt.

Keppel-KBS Renames Itself Keppel Pacific Oak US REIT

Keppel-KBS US REIT has announced it would change its name to Keppel Pacific Oak US REIT.

OUE-C and H Merger Effective

The merging of OUE-Commercial Trust and OUE-Hospitality Trust became effective as of today morning.

H-Trust stapled securityholders will receive payment of the scheme consideration – 4.075 Singapore cents in cash and 1.3583 new C-Reit units per stapled security – by Sept 9.

Following that, the H-Trust stapled securities will be delisted on Sept 17. Their last day of trading was on Aug 30.

OUE C-Reit and OUE H-Trust Merger Approved

Unitholders of both OUE C-Reit and OUE H-Trust have approved the merger of their trust.

Under the proposed scheme, OUE C-Reit will acquire OUE H-Trust by paying the latter's holders, for every H-Trust stapled security held, 4.075 Singapore cents in cash plus 1.3583 new OUE C-Reit units.

Frasers Logistics Completes S$258m Private Placement

Frasers Logistics & Industrial Trust has completed a private placement of 220,000,000 new units at an issue price of S$1.173 per unit. The S$258.1 million collected will be used to fund the purchase of 12 logistics properties in Germany and Australia that was previously announced.