REIT Oracle

Ascendas REIT Buying Remaining 75% Stake in Galaxis

Ascendas REIT is announcing the acquisition of the remaining 75% stake in Galaxis for S$534.4 million. Galaxis is a business park in One North, Singapore with a total net lettable area of 60.935 m². The financing will be done through a combination of debt and issuance of new units.

Consequently the trust has issued 142,664,000 new units at a price of S$2.944 per unit.

The manager expects the operation to be DPU and NAV accretive.

ESR REIT Buys Property, Invest in Fund, Makes Private Placement

ESR REIT is busy announcing:

• The acquisition of 46A Tanjong Penjuru, a modern ramp-up logistics facility in Singapore, for S$119.6 million
• The acquisition of a 10% share in a fund managed by ESR Asset Management (Australia) for A$60.5 million. The fund operates 32 income-producing properties (mostly freehold) in Australia and is 80% owned by GIC.
• A private placement of 268,818,000 new shares, completed at a price of S$0.372 per share, amounting to a gross proceed of about S$100 million.

Keppel DC Signs Network Deal With Operator M1

Keppel DC REIT has entered into an agreement with Singapore telecom operator M1 to own and operate its network assets:

M1 will be responsible to establish the SPV, which will acquire M1's current mobile, fixed and fibre assets for S$580 million in cash.

The consideration will be funded through external financing of S$493 million and an S$87 million investment by Keppel DC Reit, in return for a combination of debt securities and preference shares to be issued by the SPV. While M1 will retain 100 per cent of the SPV's ordinary shares, M1 and Keppel DC Reit will be equally represented on the board of the SPV.

Keppel Corporation is a co-owner of M1 and also a sponsor of Keppel DC REIT.

ESR REIT Sells Two Properties for S$53 Million

ESR REIT is announcing the sale of two properties:

• 11 Serangoon North Avenue 5
• 3C Toh Guan Road East

The total transaction of S$53.0 million represents a 5% premium to the valuation as of 31 Decembre 2020.

IREIT Acquiring 27 of Decathlon's French Properties

IREIT Global is announcing the acquisition of 27 retail properties in France from sport-brand Decathlon.

Assets

The purchased assets are:

• 27 retail properties across France, all freehold, mostly located around smaller cities such as Vichy, Mâcon or Cholet
• A total of 95,477 m² GLA
• 7.1% NPI yield

The total agreed price is 110.5 million Euros.

Financing

The operation and associated cost will be funded by debt and new equity (private and/or public placement, to be determined at a later point).

Expectations

The manager expects the transaction to be yield-accretive (+1.0% pro-forma adjusted FY2020) but have a negative impact on NAV. (-6.2% also pro-forma)

Another REIT for Mapletree?

The Business Times reports that Mapletree Investment, which already has a number of REITs listed in Singapore, is considering the introduction of a student housing oriented REIT:

The company, which is owned by Singapore's state investment fund Temasek Holdings, is in preliminary discussions with prospective advisers on the offering plan, said the people. An initial public offering could take place as soon as next year, one of the people said, who asked not to be identified as the information is private.

ARA LOGOS Sells Kidman Park, Australia

ARA Logos Logistics Trust announces another sale, this time of a cold warehouse and offices in Australia, Kidman Park. At a price of A$41.5 million, the transaction is done at about 3.8% above the Decembre 31 valuations.

ARA LOGOS Sells Changi DistriCentre 2

ARA LOGOS Logistics Trust is announcing the sale of the ALOG Changi DistriCentre 2, a 1998 three-storey warehouse facility with a four-storey office block near Changi airport, Singapore. The sale consideration is S$16.7 million, or 7.7% above the CBRE valuation done on Decembre 31, 2020.

Eagle Hospitality Sells Crowne Plaza Dallas

Eagle Hospitality Trust is announcing the sale of one of its property, the Crowne Plaza Dallas, a 428-room freehold hotel in Dallas, USA. The US$18 million transaction was possible as this was one of the three properties of the trust currently not involved in a Chapter 11 proceedings.

IGB Commercial REIT Makes Some Purchases Before IPO

IGB Commercial Real Estate Investment Trust is buying some properties from its sponsor IGB, ahead of its listing on the Bursa Malaysia:

GB said the REIT's trustee MTrustee signed 10 sale and purchase agreements (SPAs) today with IGB to purchase Menara IGB and IGB Annexe, Centrepoint South, Centrepoint North, Boulevard Properties, Gardens South Tower, Gardens North Tower, Southpoint properties, Menara Tan and Tan, GTower and Hampshire place.

IGB announced on March 31 that IGB Commercial REIT has been established upon the registration of the deed of trust executed between IGB REIT Management and MTrustee, with the Securities Commission Malaysia.