Tag Archives: Ascendas Reit

A-REIT enhances capital base to refinance borrowings, fund acquisitions

Posted on 16 Mar 2010 | Comments Off on A-REIT enhances capital base to refinance borrowings, fund acquisitions

Mainboard-listed Ascendas Real Estate Investment Trust (A-REIT) said it has enhanced its capital structure through a series of capital management initiatives.

It said it has conducted a successful offering of S$300 million of exchangeable collaterised securities (ECS) due in 2017 with a put option in 2015. The ECS was priced at a coupon and yield to maturity of 1.6 per cent with an initial exchange price of S$2.45 per unit.

Proceeds from the ECS issue will be used to refinance its existing borrowings, finance acquisitions and development of properties by A-REIT.

A-REIT added that it has recently successfully extended its S$300-million term loan due in March 2010 by seven years to March 2017.

As a result of all the moves, A-REIT’s weighted average debt maturity has been extended from 2.4 years to 4.5 years.

Source : Channel NewsAsia – 16 Mar 2010

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A-Reit manager announces board changes

Posted on 16 Sep 2009 | Comments Off on A-Reit manager announces board changes

ASCENDAS Funds Management (AFM), the manager of Ascendas Real Estate Investment Trust (A-Reit), yesterday announced the retirement of Benedict Kwek Gim Song and Swee Kee Siong and the appointment of Koh Soo Keong, Henry Tan Song Kok and Monica Villegas Tomlin as directors with effect from yesterday.

Mr Kwek will also step down as chairman of the audit committee and Mr Swee will step down as a member of the executive committee, with Joseph Chen Seow Chan, currently an audit committee member, taking over the chairmanship.

‘On behalf of the board and management, I would like to thank Benedict Kwek and Swee Kee Siong for their service and counsel to A-Reit since its IPO. Their wisdom, dedication and contributions towards the board and trust for the past seven years have guided A-Reit in its development into the largest business space and industrial Reit in Singapore today. I would like to wish them all the best in their future endeavours,’ said AFM chairman David Wong.

Mr Koh, 58, is a managing director with EcoSave Pte Ltd. He was the president and CEO of SembCorp Logistics for more than eight years and retired in April 2007 after the company was bought over by Toll Holdings. He is also the chairman of the board of Agrifood and Veterinary Authority of Singapore and chairman of AusGroup.

Mr Tan, 45, is the managing director of Nexia TS Pte Ltd and Nexia TS Public Accounting Corporation. Mrs Tomlin, 59, is an independent senior management adviser. Most recently, she held the post of assistant chief executive (planning) at the Singapore Tourism Board, after spending more than 20 years in management consulting with international firms including Arthur D Little and McKinsey & Company.

Source : Business Times – 16 Sep 2009

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