[Official] REITs CD tracking thread

Dividends Warrior

Dividends Warrior

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abc1987 said:
FCT: 22nd April after trading close.
Click to expand...

Changi City Point. Finally!!!!:s12:

Frasers Centrepoint Trust to Acquire Changi City Point for S$305.0 million

 Strengthens FCT’s ability to deliver regular and stable distribution per unit (“DPU”)
 Acquisition expected to be DPU-accretive to unitholders

Singapore, 8 April 2014 – Frasers Centrepoint Asset Management Ltd. (“FCAM”), the manager of Frasers Centrepoint Trust (“FCT” or the “Trust”), is pleased to announce that the Trust has today entered into a conditional sale and purchase agreement to acquire Changi City Point (the “Acquisition”) for a purchase consideration of S$305.0 million.
Dr Chew Tuan Chiong, Chief Executive Officer of FCAM said, “The proposed acquisition of Changi City Point will boost FCT’s portfolio of suburban retail malls from five to six malls, and increase its total assets by about 14% to S$2.4 billion. This acquisition will strengthen FCT’s ability to deliver regular and stable distributions to its unitholders, and unitholders can expect this acquisition to be DPU-accretive.”

The Acquisition
The Acquisition was negotiated on an arm’s length basis between FCAM, on behalf of the trustee of FCT, and the vendor, Ascendas Frasers Pte. Ltd., a 50:50 joint-venture between FCT’s sponsor, Frasers Centrepoint Limited, and Ascendas Development Pte. Ltd. The purchase consideration of S$305.0 million is based on the two independent valuations by Knight Frank Pte. Ltd. and Colliers International (Singapore) Pte. Ltd.

FCAM intends to finance the Acquisition with a combination of equity and debt financing so as to ensure that the Acquisition is DPU-accretive to FCT unitholders while maintaining an optimum level of gearing. Equity financing may be in the form of a private placement of new FCT units.

Details of the financing structure will be set out in the Unitholders’ Circular that will be sent to all unitholders in due course.
 
Paul Lee

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Dividends Warrior said:
Changi City Point. Finally!!!!:s12:
Frasers Centrepoint Trust to Acquire Changi City Point for S$305.0 million
Click to expand...

So predictable. I know they will makan this wayyyyy before Centerpoint. How's CCP? Its quite ulu right? It has an OK office crowd and the spillover from Expo but not sure about patronage.

Too bad FCT somehow dun believe in rights issue or PO, so no chance to top up. Probably more placement.

addict951 said:
Just announced ah?
Btw, sph reit how often cd one?
quarterly or half-yearly?
Paul, any idea?
Click to expand...

Quarterly.
 
Z

Z070188

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Dividends Warrior said:
Changi City Point. Finally!!!!:s12:

Frasers Centrepoint Trust to Acquire Changi City Point for S$305.0 million

 Strengthens FCT’s ability to deliver regular and stable distribution per unit (“DPU”)
 Acquisition expected to be DPU-accretive to unitholders

Singapore, 8 April 2014 – Frasers Centrepoint Asset Management Ltd. (“FCAM”), the manager of Frasers Centrepoint Trust (“FCT” or the “Trust”), is pleased to announce that the Trust has today entered into a conditional sale and purchase agreement to acquire Changi City Point (the “Acquisition”) for a purchase consideration of S$305.0 million.
Dr Chew Tuan Chiong, Chief Executive Officer of FCAM said, “The proposed acquisition of Changi City Point will boost FCT’s portfolio of suburban retail malls from five to six malls, and increase its total assets by about 14% to S$2.4 billion. This acquisition will strengthen FCT’s ability to deliver regular and stable distributions to its unitholders, and unitholders can expect this acquisition to be DPU-accretive.”

The Acquisition
The Acquisition was negotiated on an arm’s length basis between FCAM, on behalf of the trustee of FCT, and the vendor, Ascendas Frasers Pte. Ltd., a 50:50 joint-venture between FCT’s sponsor, Frasers Centrepoint Limited, and Ascendas Development Pte. Ltd. The purchase consideration of S$305.0 million is based on the two independent valuations by Knight Frank Pte. Ltd. and Colliers International (Singapore) Pte. Ltd.

FCAM intends to finance the Acquisition with a combination of equity and debt financing so as to ensure that the Acquisition is DPU-accretive to FCT unitholders while maintaining an optimum level of gearing. Equity financing may be in the form of a private placement of new FCT units.

Details of the financing structure will be set out in the Unitholders’ Circular that will be sent to all unitholders in due course.
Click to expand...

Share price of FCT will drop? Since new units maybe issue. Anyway, any further updates for Suntec and First Reits for issuing new units etc?
 
D

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Z070188 said:
Share price of FCT will drop? Since new units maybe issue. Anyway, any further updates for Suntec and First Reits for issuing new units etc?
Click to expand...

Depend on the price of the new units. If discount is too high, share price will drop then time to makan liao.
 
SpeedingBullet

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Paul Lee said:
So predictable. I know they will makan this wayyyyy before Centerpoint. How's CCP? Its quite ulu right? It has an OK office crowd and the spillover from Expo but not sure about patronage.

Too bad FCT somehow dun believe in rights issue or PO, so no chance to top up. Probably more placement.



Quarterly.
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I live nearby, CCP on the weekdays is insanely crowded cos of the working crowd. The number of ppl there is staggering during the weekdays, carpark full by 1215pm, etc.

Weekends quieter, restaurants about half filled?
 
SpeedingBullet

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Barclays Said to Move More Singapore Staff in Suburb to City - Bloomberg

Barclays Plc (BARC), the U.K.’s second-largest bank by assets, is moving more employees to an office in Singapore’s central business district from the suburbs to cut costs, said people familiar with the matter.

Barclays will terminate its lease on about 15,500 square feet (1,440 square meters) of office space at a building in Tampines, an eastern suburb, and relocate the employees to Marina Bay Financial Centre by July, said one of the people, who asked not to be named because the information is private. About 300 people who work in back-office roles will be affected, the person said. Barclays declined to comment in an e-mailed response.

It follows a similar move by the bank earlier this year when it exited Changi Business Park, another suburban office in the island-state, and relocated about 200 employees to the downtown office. Antony Jenkins, who replaced Robert Diamond as the London-based bank’s chief executive officer in 2012, is eliminating 12,000 jobs to curb costs and boost profitability.

“If you don’t have the size or scale, it’s better to be operating from one building,” said Donald Han, managing director of Chesterton Singapore Pte, a real estate consultancy. “The decision could be one of scale, one of efficiency and of being able to consolidate under one roof despite current rentals being higher at MBFC.”

Monthly rents at Marina Bay Financial Centre are now S$11 to S$12 a square foot, compared with around S$10 to S$11 per square foot when Barclays moved into the building in 2011, said Han. The bank may have gotten a “big discount,” considering the size of the space it leased, he said. That compares with as much as S$8 to S$9 per square foot monthly rent, including disaster recovery and data centers, at the building in Tampines, from which Barclays is vacating, he said.

Once the move from Tampines is completed, Barclays, which runs businesses including corporate banking and wealth management, will have a total of two offices in the island-state, including One Raffles Quay, also in the Marina Bay area.

It occupies about 290,000 square feet at Marina Bay Financial Centre, part of the 360-hectare (890-acre) Marina Bay development that Singapore started building in 2005 on reclaimed land located in the southern part of the country. It has another 96,000 square feet at One Raffles Quay, according to Barclays.

Barclays had 4,700 staff in Singapore, according to data provided by the bank in September 2012. In October 2013, it employed 3,500 full-time employees, according to a press release marking 40 years in Singapore.

Return on average equity at Barclays’s securities unit, a measure of profitability, fell to 8.2 percent last year from 13 percent in 2012, compared with Jenkins’s target of at least 11 percent in 2015. Compensation as a proportion of investment-banking revenue rose to 43.2 percent in 2013 from about 40 percent the previous year. That compares with the 35 percent target Jenkins set for 2015.
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aceirus

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SPH REIT – OCBC

2QFY14 results within expectations

SPH REIT turned in a sturdy set of 2QFY14 results last evening. NPI came in 8.6% higher than the pro forma figure in previous year at S$38.8m, while distributable income grew 9.4% YoY to S$34.9m. The positive variance was due to higher rental income from both Paragon and Clementi Mall, and lower utilities expenses. As a result, DPU for the quarter rose by a similar 8.6% YoY to 1.39 S cents, ahead of its prospectus forecast of 1.33 S cents by 4.5%. Together with 1Q distribution, 1HFY14 DPU amounted to 3.25 S cents (+5.5% YoY), 3.2% above prospectus forecast. This met 50.8% of our FY14F DPU, which we deem to be consistent with our expectations.

Robust operational performance

SPH REIT’s portfolio continued to exhibit resilience during the quarter. Both retail malls saw improvements in NPI YoY and remained fully leased. For 1HFY14, SPH REIT also achieved positive rental reversion of 10.8% for its portfolio, driven by rental uplift of 13.6% at Paragon and 5.1% at Clementi Mall. In addition, shopper traffic has held steady at Paragon, while that at Clementi Mall increased 2.7% YoY. The only slight disappointments for an otherwise robust performance were the 1) slight decline in recent tenant sales at Paragon in tandem with the softening of the luxury market; and 2) continued tight labour market which may hamper expansion plans by retailers. However, management shared that the situation is still far from worrying and that the strong lease commitment by its tenants is a strong testament to its quality portfolio properties.

Maintain HOLD on valuation grounds

Looking ahead, SPH REIT is keeping its view that it will continue to deliver steady performance. We understand that the development of its ROFR property, The Seletar Mall, is on track for completion in Dec 2014. Its balance sheet remains strong, with gearing at 26.9% and cost of debt at 2.33%. This gives SPH REIT ample debt headroom for growth. We are keeping our forecasts and S$0.99 fair value unchanged, as the results were in line with expectations. Maintain HOLD.
 
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