K-Reit’s Q1 DPU rises 34.6 per cent

K-REIT Asia will distribute 1.79 Singapore cents per unit for the first quarter of this year, up 34.6 per cent increase from the same period a year ago.

Distributable income grew by 36.1 per cent year-on-year to S$24.3 million due to contributions from newly acquired assets, the trust said.

The commercial property investor said net property income increased 7.6 per cent year-on-year to S$14.9 million as a result of contributions from the two newly acquired Australian assets – 275 George Street and the office tower at 77 King Street.

K-REIT Asia’s properties in Singapore account for 90 per cent of its total assets under management.

Of these, more than 90 per cent is located in the Marina Bay and Raffles Place downtown precincts.

Source : Today – 15 Apr 2011