I prefer cash
MapleTree NAC Trust
- Thread starter BeHappyLo
- Start date
Festival Walk is their largest asset.
Will be hard to sell at good price under such market conditions.
Will be hard to sell at good price under such market conditions.
Latest valuation of Festival Walk is SGD 5.09 billion vs purchase price in 2011 at SGD 2.9 billion.
But share price drop like nuts.
Description of PropertyValuation1ValuerFestival WalkNo. 80 Tat Chee Avenue, Kowloon Tong, Hong Kong2S$ 5,090 million(HKD 28,530 million)Cushman & Wakefield LimitedGateway Plaza No. 18 Xiaguangli, East 3rd Ring Road North, ChaoyangDistrict, Beijing, The People’s Republic of ChinaS$ 1,368 million(RMB 6,853 million) Sandhill Plaza Blocks 1 to 5 and 7 to 9, No.2290 Zuchongzhi Road, Pudong New District, Shanghai, The People’s Republic of ChinaS$ 484 million(RMB 2,424 million
But share price drop like nuts.
Description of PropertyValuation1ValuerFestival WalkNo. 80 Tat Chee Avenue, Kowloon Tong, Hong Kong2S$ 5,090 million(HKD 28,530 million)Cushman & Wakefield LimitedGateway Plaza No. 18 Xiaguangli, East 3rd Ring Road North, ChaoyangDistrict, Beijing, The People’s Republic of ChinaS$ 1,368 million(RMB 6,853 million) Sandhill Plaza Blocks 1 to 5 and 7 to 9, No.2290 Zuchongzhi Road, Pudong New District, Shanghai, The People’s Republic of ChinaS$ 484 million(RMB 2,424 million
Shion
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MNACT says loss of retail and office revenue during Festival Walk’s closure in Hong Kong will be cov
MNACT says loss of retail and office revenue during Festival Walk’s closure in Hong Kong will be covered by insurance policies
https://www.theedgesingapore.com/ne...during-festival-walk’s-closure-hong-kong-will
SINGAPORE (June 18): The manager of Mapletree North Asia Commercial Trust (MNACT) says that the loss of retail and office revenue during Festival Walk’s closure in Hong Kong will be covered under insurance policies.
The policies will also cover the cost of damage sustained to the property.
The Kowloon Tong property was closed from Nov 13, 2019, following the spilling over of clashes between Hong Kong protestors and police, where protestors set fire to the office lobby, as well as the Christmas tree in the mall on Nov 12, 2019.
According to an update on Wednesday, the full quantum of revenue loss and property damage recoverable from insurance claims have not been determined yet. However, the insurers have made a without prejudice interim payment of HK$45 million (S$8 million) as partial payment on account of the estimated claims relating to property damage.
Units in Mapletree North Asia Commercial Trust closed flat at 97 cents on Wednesday.
MNACT says loss of retail and office revenue during Festival Walk’s closure in Hong Kong will be covered by insurance policies
https://www.theedgesingapore.com/ne...during-festival-walk’s-closure-hong-kong-will
SINGAPORE (June 18): The manager of Mapletree North Asia Commercial Trust (MNACT) says that the loss of retail and office revenue during Festival Walk’s closure in Hong Kong will be covered under insurance policies.
The policies will also cover the cost of damage sustained to the property.
The Kowloon Tong property was closed from Nov 13, 2019, following the spilling over of clashes between Hong Kong protestors and police, where protestors set fire to the office lobby, as well as the Christmas tree in the mall on Nov 12, 2019.
According to an update on Wednesday, the full quantum of revenue loss and property damage recoverable from insurance claims have not been determined yet. However, the insurers have made a without prejudice interim payment of HK$45 million (S$8 million) as partial payment on account of the estimated claims relating to property damage.
Units in Mapletree North Asia Commercial Trust closed flat at 97 cents on Wednesday.
Only cover the damage cost. Business lost don't cover.
Usually business will buy consequential loss. So loss of business also got cover. Just a matter of how much Mapletree bought
Shion
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MNACT posts 19.5% fall in 1Q20/21 NPI to $68.5 mil in business update
MNACT posts 19.5% fall in 1Q20/21 NPI to $68.5 mil in business update
https://www.theedgesingapore.com/ne...s-195-fall-1q2021-npi-685-mil-business-update
The manager of Mapletree North Asia Commercial Trust (MNACT) says its financial and operational performances have continued to be impacted by the ongoing Covid-19 outbreak, particularly in Hong Kong.
Earlier today, Hong Kong announced the ban of restaurant dine-ins, and gatherings of more than two people within the special administrative region (SAR).
Gross revenue fell 10.7% y-o-y to $93.7 million due to the $18.1 million of rental reliefs extended to its tenants. A bulk of it went mainly to the retail tenants at Festival Walk.
Finance costs in the quarter increased by $1.2 million mainly due to borrowings to partially fund the acquisitions of mBAY POINT Makuhari (MBP) and Omori Prime Building (Omori), which were acquired in February 2020.
Net profit income (NPI) consequently fell 19.5% y-o-y to $68.5 million.
The full-quarter contributions from MBP and Omori, buffered the decline in NPI, and further diversified MNACT’s income stream.
MNACT says the retail environment in Hong Kong for the quarter remained challenging due to the restrictive measures imposed due to the pandemic, and the consequent impact on the city’s economy.
MNACT’s office segment has also been affected by the weaker economic outlook from the continuing US-China geopolitical tensions and Covid in Beijing and Shanghai, while the Greater Tokyo market was partly affected by Covid-19 measures and work-from-home (WFH) arrangement, leading to slower leasing momentum.
As at June 30, the REIT’s occupancy level stood at 96.4%, with 43% of expiring leases by lettable area, renewed or re-let.
The manager says that it has adopted half-yearly announcement of financial statements since April 29, and has amended MNACT’s distribution policy to make distributions every half-yearly with effect from the beginning of FY20/21.
The next financial results and distribution will be for the six-month period ending September 30.
In its outlook statement, MNACT says in view of the uncertainties from Covid-19 and market volatilities, its performance for FY20/21 is expected to be lower than that of FY19/20. It says it will continue to explore accretive acquisitions in the North Asia market to grow and diversify its portfolio.
Units in MNACT closed 2 cents lower, or 2.2% down, at 88 cents.
MNACT posts 19.5% fall in 1Q20/21 NPI to $68.5 mil in business update
https://www.theedgesingapore.com/ne...s-195-fall-1q2021-npi-685-mil-business-update
The manager of Mapletree North Asia Commercial Trust (MNACT) says its financial and operational performances have continued to be impacted by the ongoing Covid-19 outbreak, particularly in Hong Kong.
Earlier today, Hong Kong announced the ban of restaurant dine-ins, and gatherings of more than two people within the special administrative region (SAR).
Gross revenue fell 10.7% y-o-y to $93.7 million due to the $18.1 million of rental reliefs extended to its tenants. A bulk of it went mainly to the retail tenants at Festival Walk.
Finance costs in the quarter increased by $1.2 million mainly due to borrowings to partially fund the acquisitions of mBAY POINT Makuhari (MBP) and Omori Prime Building (Omori), which were acquired in February 2020.
Net profit income (NPI) consequently fell 19.5% y-o-y to $68.5 million.
The full-quarter contributions from MBP and Omori, buffered the decline in NPI, and further diversified MNACT’s income stream.
MNACT says the retail environment in Hong Kong for the quarter remained challenging due to the restrictive measures imposed due to the pandemic, and the consequent impact on the city’s economy.
MNACT’s office segment has also been affected by the weaker economic outlook from the continuing US-China geopolitical tensions and Covid in Beijing and Shanghai, while the Greater Tokyo market was partly affected by Covid-19 measures and work-from-home (WFH) arrangement, leading to slower leasing momentum.
As at June 30, the REIT’s occupancy level stood at 96.4%, with 43% of expiring leases by lettable area, renewed or re-let.
The manager says that it has adopted half-yearly announcement of financial statements since April 29, and has amended MNACT’s distribution policy to make distributions every half-yearly with effect from the beginning of FY20/21.
The next financial results and distribution will be for the six-month period ending September 30.
In its outlook statement, MNACT says in view of the uncertainties from Covid-19 and market volatilities, its performance for FY20/21 is expected to be lower than that of FY19/20. It says it will continue to explore accretive acquisitions in the North Asia market to grow and diversify its portfolio.
Units in MNACT closed 2 cents lower, or 2.2% down, at 88 cents.
peppermint7
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Festival Walk still 60% of the portfolio, any thing happen to this mall or HK, price will drop.
Agree- Hk is still very dicey & no one knows how it will play out -- Better to be cautious
Shion
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Analysts in favour of Mapletree North Asia Commercial Trust's Seoul acquisition
Analysts in favour of Mapletree North Asia Commercial Trust's Seoul acquisition
https://www.theedgesingapore.com/ca...orth-asia-commercial-trusts-seoul-acquisition
DBS Group Research, OCBC Investment Research, and CGS-CIMB have rated Mapletree North Asia Commercial Trust (MNACT) “buy” or “add” following MNACT’s acquisition announcement on September 25.
The trust, together with its sponsor Mapletree Investments (MPIL), entered into a unit sale and purchase agreement to co-invest in The Pinnacle Gangnam, a Grade A office building in Seoul, South Korea, for KRW 452 billion ($528.4 million).
Under the agreement, MNACT will own a 50% stake in the property, while MPIL will own the remaining 50%.
The Pinnacle is located in Seoul’s Gangnam Business District (GBD) and has direct access to the Gangnam-gu Office station. The property is also served by various rail, subway, and bus networks including direct connections across the Seoul metropolitan area.
In the same statement, the manager of MNACT also announced that it will waive its entitlement to performance fees until the REIT’s distribution per unit (DPU) exceeds 7.12 cents, which is the same amount achieved in FY20 pre-Covid.
DBS analyst Derek Tan is positive on the acquisition, as he feels the deal will give MNACT access to the expanding South Korea real estate market and a “possible pipeline” from MPIL’s remaining stake in the property.
Tan notes that the acquisition, along with the strategic deals in Japan, adds to the REIT’s consistent diversification strategy. The acquisitions, he says, will offset the temporary drop income from the closure of MNACT’s anchor mall asset, Festival Walk in Hong Kong.
“With greater income diversity from Japan and Korea, we believe that prospects of potential inclusion into the EPRA NAREIT Developed World Index will drive share price upside in the medium term,” he adds.
The way Tan sees it, while the property’s initial yield of 3.2% appears low due to its age, Tan notes that it allows it to be competitive in the Gangnam submarket.
The property also has a low occupancy rate of 89.6% and in-place rents that are slightly below market.
“While there is a major number of tenants renewing in FY22F of c.51.3%, we understand that tenants are looking to renew their leases and are also looking to expand at this property. Assuming that the occupancy is raised to market average of around 95%, yields may rise to around 3.5% based on our estimates. Annual rental escalations of around 2%-3% will drive returns higher in the medium term,” he says.
OCBC’s research team says it is also positive on the REIT’s diversification on its income streams and co-investment with its sponsor MPIL. However, the team notes that more than half (or 51.3%) of the building’s monthly gross rental income in leases will be expiring in FY22.
The team added that while MNACT’s management was confident of growing the property’s occupancy rate, it “remains to be seen on how fast MNACT can ramp this up”.
“We do note that vacancies in the GBD remain low at 4.2% as at end 2Q20 and the property is slightly under-rented, which would provide some support on management’s drive to improve the operating metrics. Approximately 97% of the property’s leases have fixed annual rental escalations of around 2-3%. If management is able to bring up the occupancy and passing rent of the property, there would be further upside to its entry NPI yield of 3.2% as mentioned earlier,” it says.
CGS-CIMB analysts Lock Mun Yee and Eing Kar Mei are also buoyant on MNACT’s maiden entry into Seoul.
The analysts have lifted their DPU estimates for FY21-23F by 0.45-1.23% to 6-8.2 cents, as it expects the deal to be accretive to MNACT’s DPU. Lock and Eing also feels the deal will not only diversify the REIT’s income streams, it will enhance its resilience with an expanded tenant trade sector exposure.
“Based on our FY21-23F DPU estimates, we believe that performance fees will likely resume only from FY3/22F onwards,” they say.
The analysts add that they “still like MNACT for its attractive FY3/21F dividend yield of 6.7% and its increased resilience through its diversification strategy. A downside risk is slower-than-expected recovery of the HK SAR retail rental market”.
DBS and OCBC have maintained their target price at $1.05 and $1.09, while CGS-CIMB has increased its target price to $1.15 from $1.12 previously.
Units in MNACT closed flat at 92.5 cents on September 29.
Analysts in favour of Mapletree North Asia Commercial Trust's Seoul acquisition
https://www.theedgesingapore.com/ca...orth-asia-commercial-trusts-seoul-acquisition
DBS Group Research, OCBC Investment Research, and CGS-CIMB have rated Mapletree North Asia Commercial Trust (MNACT) “buy” or “add” following MNACT’s acquisition announcement on September 25.
The trust, together with its sponsor Mapletree Investments (MPIL), entered into a unit sale and purchase agreement to co-invest in The Pinnacle Gangnam, a Grade A office building in Seoul, South Korea, for KRW 452 billion ($528.4 million).
Under the agreement, MNACT will own a 50% stake in the property, while MPIL will own the remaining 50%.
The Pinnacle is located in Seoul’s Gangnam Business District (GBD) and has direct access to the Gangnam-gu Office station. The property is also served by various rail, subway, and bus networks including direct connections across the Seoul metropolitan area.
In the same statement, the manager of MNACT also announced that it will waive its entitlement to performance fees until the REIT’s distribution per unit (DPU) exceeds 7.12 cents, which is the same amount achieved in FY20 pre-Covid.
DBS analyst Derek Tan is positive on the acquisition, as he feels the deal will give MNACT access to the expanding South Korea real estate market and a “possible pipeline” from MPIL’s remaining stake in the property.
Tan notes that the acquisition, along with the strategic deals in Japan, adds to the REIT’s consistent diversification strategy. The acquisitions, he says, will offset the temporary drop income from the closure of MNACT’s anchor mall asset, Festival Walk in Hong Kong.
“With greater income diversity from Japan and Korea, we believe that prospects of potential inclusion into the EPRA NAREIT Developed World Index will drive share price upside in the medium term,” he adds.
The way Tan sees it, while the property’s initial yield of 3.2% appears low due to its age, Tan notes that it allows it to be competitive in the Gangnam submarket.
The property also has a low occupancy rate of 89.6% and in-place rents that are slightly below market.
“While there is a major number of tenants renewing in FY22F of c.51.3%, we understand that tenants are looking to renew their leases and are also looking to expand at this property. Assuming that the occupancy is raised to market average of around 95%, yields may rise to around 3.5% based on our estimates. Annual rental escalations of around 2%-3% will drive returns higher in the medium term,” he says.
OCBC’s research team says it is also positive on the REIT’s diversification on its income streams and co-investment with its sponsor MPIL. However, the team notes that more than half (or 51.3%) of the building’s monthly gross rental income in leases will be expiring in FY22.
The team added that while MNACT’s management was confident of growing the property’s occupancy rate, it “remains to be seen on how fast MNACT can ramp this up”.
“We do note that vacancies in the GBD remain low at 4.2% as at end 2Q20 and the property is slightly under-rented, which would provide some support on management’s drive to improve the operating metrics. Approximately 97% of the property’s leases have fixed annual rental escalations of around 2-3%. If management is able to bring up the occupancy and passing rent of the property, there would be further upside to its entry NPI yield of 3.2% as mentioned earlier,” it says.
CGS-CIMB analysts Lock Mun Yee and Eing Kar Mei are also buoyant on MNACT’s maiden entry into Seoul.
The analysts have lifted their DPU estimates for FY21-23F by 0.45-1.23% to 6-8.2 cents, as it expects the deal to be accretive to MNACT’s DPU. Lock and Eing also feels the deal will not only diversify the REIT’s income streams, it will enhance its resilience with an expanded tenant trade sector exposure.
“Based on our FY21-23F DPU estimates, we believe that performance fees will likely resume only from FY3/22F onwards,” they say.
The analysts add that they “still like MNACT for its attractive FY3/21F dividend yield of 6.7% and its increased resilience through its diversification strategy. A downside risk is slower-than-expected recovery of the HK SAR retail rental market”.
DBS and OCBC have maintained their target price at $1.05 and $1.09, while CGS-CIMB has increased its target price to $1.15 from $1.12 previously.
Units in MNACT closed flat at 92.5 cents on September 29.
Shion
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Mapletree North Asia Commercial Trust receives HK$263 million in interim insurance payout for Festiv
Mapletree North Asia Commercial Trust receives HK$263 million in interim insurance payout for Festival Walk damages
https://www.businesstimes.com.sg/co...t-receives-hk263-million-in-interim-insurance
MAPLETREE North Asia Commercial Trust (MNACT) has received interim payments totalling HK$263 million (S$46 million) in insurance claims for property damage and revenue loss due to business interruption to Festival Walk mall in Hong Kong.
The mall had suffered extensive damage in civil unrest last year, causing the MNACT's largest asset to be closed for months.
In a statement to the bourse, the manager for MNACT said the insurers recently paid out an additional HK$118 million as partial payments on account of the estimated insurance claims for property damage and revenue loss due to business interruption.
"To date, the manager has received interim payments of HK$263 million (approximately S$46 million) on account of the estimated insurance claims," MNACT manager noted on Wednesday.
The assessment and agreement of the full quantum of revenue loss and property damage recoverable from insurance claims remains in progress. The manager will continue to pursue the insurance claims relating to both property damage and revenue loss due to business interruption, and will provide further updates as and when available.
The counter closed down one Singapore cent to S$0.92 on Wednesday.
Mapletree North Asia Commercial Trust receives HK$263 million in interim insurance payout for Festival Walk damages
https://www.businesstimes.com.sg/co...t-receives-hk263-million-in-interim-insurance
MAPLETREE North Asia Commercial Trust (MNACT) has received interim payments totalling HK$263 million (S$46 million) in insurance claims for property damage and revenue loss due to business interruption to Festival Walk mall in Hong Kong.
The mall had suffered extensive damage in civil unrest last year, causing the MNACT's largest asset to be closed for months.
In a statement to the bourse, the manager for MNACT said the insurers recently paid out an additional HK$118 million as partial payments on account of the estimated insurance claims for property damage and revenue loss due to business interruption.
"To date, the manager has received interim payments of HK$263 million (approximately S$46 million) on account of the estimated insurance claims," MNACT manager noted on Wednesday.
The assessment and agreement of the full quantum of revenue loss and property damage recoverable from insurance claims remains in progress. The manager will continue to pursue the insurance claims relating to both property damage and revenue loss due to business interruption, and will provide further updates as and when available.
The counter closed down one Singapore cent to S$0.92 on Wednesday.
Shion
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Mapletree North Asia Commercial Trust sees 1H DPU drop 26% to 2.876 cents
Mapletree North Asia Commercial Trust sees 1H DPU drop 26% to 2.876 cents
https://www.theedgesingapore.com/ca...mmercial-trust-sees-1h-dpu-drop-26-2876-cents
The manager of Mapletree North Asia Commercial Trust (MNACT) has reported distribution per unit (DPU) of 2.876 cents for the 1HFY2020/2021, a 26% drop from DPU of 3.887 cents reported a year ago.
Gross revenue for the half-year period fell 9.6% y-o-y to $190.1 million mainly due to the rental reliefs granted to tenants at Festival Walk, which amounted to some $34.9 million.
The decline was partially offset by the half-year contributions from the acquisitions of MBP and Omori in February 2020 and the higher average rates of the HKD, JPY and RMB against the SGD.
Property operating expenses for 1HFY2020/2021 rose 24% y-o-y to $50.4 million due to expenses of MBP and Omori which were acquired in February 2020 and the higher average rates.
Net property income (NPI) for the period dropped 17.7% y-o-y to $30.1 million.
“Comparing 2QFY2020/2021 and 1QFY2020/2021 (ie. the quarter ended 30 June 2020), the NPI for 2Q FY20/21 improved by 4.0%. This was mainly attributable to higher turnover rental revenue, and lower rental reliefs granted to Festival Walk’s retail tenants,” says Cindy Chow, CEO of the manager.
“There was also higher average occupancy at Gateway Plaza and improved average occupancy at MON and MBP. Notwithstanding the improvement seen in 2QFY2020/2021, there remains significant uncertainty on when the Covid-19 situation might ease, especially with the onset of winter, and when a more sustained recovery across the various markets that MNACT operates in, will occur,” Chow adds.
In 1HFY2020/2021, MNACT received interim payments of $36.8 million from the insurers on account of the estimated insurance claims for property damage and revenue loss due to business interruption at Festival Walk.
“For Festival Walk, our retail tenants continue to navigate through a volatile and weak retail environment, impacted by the social distancing measures which were tightened from July 29 following a resurgence of infections in Hong Kong SAR,” notes Chow.
“With the COVID-19 situation showing some improvement in recent weeks, we have observed a gradual increase in shopper traffic and tenant sales at Festival Walk. We will continue to focus on maintaining a high occupancy rate at Festival Walk which stood at 99.0% at the end of September 2020, while exploring more initiatives to boost sales and traffic,” she adds.
The proceeds are considered as non-distributable income, and are recorded as non-operating income in the financial statements.
Portfolio occupancy as at Sept 30 stood at 96% with a weighted average lease expiry (WALE) of 2.5 years by GRI.
Cash and cash equivalents as at Sept 30 stood at $251.2 million.
“In view of the COVID-19 situation and market volatilities, MNACT’s performance in FY20/21 is expected to be lower than that in FY19/20. We will continue to drive operational efficiency through reducing operating expenses and non-essential capital expenditure. At the same time, acquisition opportunities will be actively sought to further diversify the portfolio and expand MNACT’s income stream,” she concludes.
Units in MNACT closed 2 cents lower or 2.2% down at 88.5 cents on Oct 29, prior to this announcement.
Mapletree North Asia Commercial Trust sees 1H DPU drop 26% to 2.876 cents
https://www.theedgesingapore.com/ca...mmercial-trust-sees-1h-dpu-drop-26-2876-cents
The manager of Mapletree North Asia Commercial Trust (MNACT) has reported distribution per unit (DPU) of 2.876 cents for the 1HFY2020/2021, a 26% drop from DPU of 3.887 cents reported a year ago.
Gross revenue for the half-year period fell 9.6% y-o-y to $190.1 million mainly due to the rental reliefs granted to tenants at Festival Walk, which amounted to some $34.9 million.
The decline was partially offset by the half-year contributions from the acquisitions of MBP and Omori in February 2020 and the higher average rates of the HKD, JPY and RMB against the SGD.
Property operating expenses for 1HFY2020/2021 rose 24% y-o-y to $50.4 million due to expenses of MBP and Omori which were acquired in February 2020 and the higher average rates.
Net property income (NPI) for the period dropped 17.7% y-o-y to $30.1 million.
“Comparing 2QFY2020/2021 and 1QFY2020/2021 (ie. the quarter ended 30 June 2020), the NPI for 2Q FY20/21 improved by 4.0%. This was mainly attributable to higher turnover rental revenue, and lower rental reliefs granted to Festival Walk’s retail tenants,” says Cindy Chow, CEO of the manager.
“There was also higher average occupancy at Gateway Plaza and improved average occupancy at MON and MBP. Notwithstanding the improvement seen in 2QFY2020/2021, there remains significant uncertainty on when the Covid-19 situation might ease, especially with the onset of winter, and when a more sustained recovery across the various markets that MNACT operates in, will occur,” Chow adds.
In 1HFY2020/2021, MNACT received interim payments of $36.8 million from the insurers on account of the estimated insurance claims for property damage and revenue loss due to business interruption at Festival Walk.
“For Festival Walk, our retail tenants continue to navigate through a volatile and weak retail environment, impacted by the social distancing measures which were tightened from July 29 following a resurgence of infections in Hong Kong SAR,” notes Chow.
“With the COVID-19 situation showing some improvement in recent weeks, we have observed a gradual increase in shopper traffic and tenant sales at Festival Walk. We will continue to focus on maintaining a high occupancy rate at Festival Walk which stood at 99.0% at the end of September 2020, while exploring more initiatives to boost sales and traffic,” she adds.
The proceeds are considered as non-distributable income, and are recorded as non-operating income in the financial statements.
Portfolio occupancy as at Sept 30 stood at 96% with a weighted average lease expiry (WALE) of 2.5 years by GRI.
Cash and cash equivalents as at Sept 30 stood at $251.2 million.
“In view of the COVID-19 situation and market volatilities, MNACT’s performance in FY20/21 is expected to be lower than that in FY19/20. We will continue to drive operational efficiency through reducing operating expenses and non-essential capital expenditure. At the same time, acquisition opportunities will be actively sought to further diversify the portfolio and expand MNACT’s income stream,” she concludes.
Units in MNACT closed 2 cents lower or 2.2% down at 88.5 cents on Oct 29, prior to this announcement.
peppermint7
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Upcoming DPU will be 0.02876 paid on 28/12/2020 
Not bad
Not bad
Last edited:
Shion
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MNACT acquires 50% stake in Seoul office building
MNACT acquires 50% stake in Seoul office building
https://www.businesstimes.com.sg/companies-markets/mnact-acquires-50-stake-in-seoul-office-building
MAPLETREE North Asia Commercial Trust (MNACT) has acquired a 50 per cent stake in Pinnacle Gangnam for a price tag of 229.4 billion won (S$276.4 million).
The total acquisition cost for the 20-storey freehold office building in Seoul's Gangnam business district in South Korea, was fully funded by debt, said MNACT. This includes the 50 per cent agreed property value of 226 billion Korean won, the acquisition fee of about S$2.7 million, as well as estimated professional and other transaction fees and expenses of 0.7 billion won.
The acquisition, slated for completion by year- end, is believed to be an "attractive value proposition" in terms of distribution per unit (DPU) accretion and net property income (NPI) yield, said the real estate investment trust (Reit) in a previous announcement.
MNACT's managers said the acquisition is expected to raise the DPU by 0.4 per cent to 7.15 Singapore cents on a pro-forma FY19/20 basis.
Pinnacle Gangnam has a gross floor area of 44,444 sq m. It also has an occupancy rate of 89.6 per cent and a weighted average lease expiry of 2.8 years by monthly gross rental income (GRI) as at end-July.
The building's five largest tenants include Qualcomm, Huvis, JustCo, Ralph Lauren and Echo Marketing, all of which collectively represent 55.4 per cent of the property's monthly GRI as at end-July.
MNACT units closed down S$0.015, or 1.7 per cent, to S$0.87 on Friday prior to the announcement.
MNACT acquires 50% stake in Seoul office building
https://www.businesstimes.com.sg/companies-markets/mnact-acquires-50-stake-in-seoul-office-building
MAPLETREE North Asia Commercial Trust (MNACT) has acquired a 50 per cent stake in Pinnacle Gangnam for a price tag of 229.4 billion won (S$276.4 million).
The total acquisition cost for the 20-storey freehold office building in Seoul's Gangnam business district in South Korea, was fully funded by debt, said MNACT. This includes the 50 per cent agreed property value of 226 billion Korean won, the acquisition fee of about S$2.7 million, as well as estimated professional and other transaction fees and expenses of 0.7 billion won.
The acquisition, slated for completion by year- end, is believed to be an "attractive value proposition" in terms of distribution per unit (DPU) accretion and net property income (NPI) yield, said the real estate investment trust (Reit) in a previous announcement.
MNACT's managers said the acquisition is expected to raise the DPU by 0.4 per cent to 7.15 Singapore cents on a pro-forma FY19/20 basis.
Pinnacle Gangnam has a gross floor area of 44,444 sq m. It also has an occupancy rate of 89.6 per cent and a weighted average lease expiry of 2.8 years by monthly gross rental income (GRI) as at end-July.
The building's five largest tenants include Qualcomm, Huvis, JustCo, Ralph Lauren and Echo Marketing, all of which collectively represent 55.4 per cent of the property's monthly GRI as at end-July.
MNACT units closed down S$0.015, or 1.7 per cent, to S$0.87 on Friday prior to the announcement.
peppermint7
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This one good baby. I scoop more yesterday and now it goes back up to my average price
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