CapitaCommercial Trust’s Q3 DPU up 20% to 1.85 Singapore cents

CapitaCommercial Trust (CCT) has said its distribution per unit (DPU) for the third quarter ended in September is 1.85 cents.

This is a 20.1 per cent on-year rise, with last year’s DPU restated to 1.54 cents after adjusting for a rights issue.

Distributable income for the third quarter came in at S$52.1 million, up about 21 per cent on-year.

CCT’s CEO, Lynette Leong, said the performance over the period was boosted by proactive lease and cost management strategies.

For the quarter, CCT successfully signed leases with companies such as serviced office operator Servcorp and financial services firm Exane SNC.

Going forward, Ms Leong said she expects positive demand for office space to return and rental rates to stabilise if Singapore’s economic recovery continues.

She noted that CCT is already experiencing an increase in leasing enquiries with more tenants planning for future expansion.

CCT announced a 1-for-1 rights issue in May this year to raise gross proceeds of about S$828 million.

Source : Channel NewsAsia – 21 Oct 2009

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