Daily Archives: 1 Oct 2009

Esplanade MRT station to house 40 retail outlets

Posted on 1 Oct 2009 | Comments Off on Esplanade MRT station to house 40 retail outlets

COMMUTERS will get more than connectivity when the train pulls in at the Esplanade MRT station.

Scheduled to open next year as part of the Circle Line Stage 1, the station will boast a shopping area called Esplanade Xchange.

There are similar shopping areas at Raffles Place and Dhoby Ghaut stations, with the most recent opened at Choa Chu Kang in January last year.

The Esplanade station will house about 40 shops spread across 2,000 sq m – or slightly less than half a football field – of retail space.

SMRT said it aims to have a good mix of retail and food and beverage shops.

The station, with a floor area of 19,000 sq m, is the largest of all the Circle Line stations.

It will have four entrances: at Suntec City; One Raffles Link; the War Memorial Park; and the former Singapore Armed Forces Non-Commissioned Officers Club.

There will also be three underpasses, linking commuters to Raffles City, Marina Square and One Raffles Link.

SMRT is marketing the retail space and will call for tenders later this year. Continue reading →

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Posted in Office / Retail / Industrial

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K-REIT to raise S$620m through one-for-one rights issue

Posted on 1 Oct 2009 | Comments Off on K-REIT to raise S$620m through one-for-one rights issue

K-REIT Asia is planning to raise S$620 million through a one-for-one rights issue.

It is offering about 667 million rights units at 93 cents each, representing a 21.2 per cent discount to K-REIT Asia’s closing price of S$1.18 per unit on September 30.

K-REIT Asia said it intends to use about 80 per cent of the gross proceeds to repay borrowings provided by Kephinance Investment. This includes a bridging loan to be drawn down for the acquisition of six strata floors of Prudential Tower.

The remaining proceeds are to be used to fund potential acquisitions and asset enhancement initiatives, as well as general corporate and working capital purposes.

When the rights issue is completed, K-REIT Asia said its aggregate leverage is expected to decrease from 33 per cent to 9.1 per cent.

Keppel Corporation and Keppel Land, which together own about 75.8 per cent of K-REIT Asia’s units, have undertaken to subscribe for their entitlement of rights units.

The remaining 24.2 per cent of rights units will be underwritten by BNP Paribas, Singapore Branch, which is acting as lead manager, underwriter and financial adviser for the rights issue.

An extraordinary general meeting is expected to be convened to approve the rights issue.

Source : Channel NewsAsia – 30 Sep 2009

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Posted in Funds

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