Tag Archives: Funds

Mapletree Commercial Trust launches IPO

Posted on 19 Apr 2011 | Comments Off on Mapletree Commercial Trust launches IPO

Mapletree Commercial Trust (MCT) has launched its initial public offering of more than 712 million new shares on the Singapore Exchange.

The IPO is priced at 88 Singapore cents a share and the firm is expected to raise S$893 million in net proceeds.

The trust could potentially raise up to S$983 million if the Over-Allotment Option is exercised in full.

The proceeds will be used to pay for the acquisition of two office and retail properties in Singapore’s Southern Corridor, for the repayment of loans, payment of issue and debt-related costs as well as working capital.

MCT’s initial portfolio includes VivoCity and newly acquired office building Bank of America Merrill Lynch HarbourFront as well as the PSA Building.

The 40-storey landmark PSA Building is presently undergoing asset enhancement works with three storeys of retail space named Alexandra Retail Centre currently being constructed.

It is expected to be completed by the end of the year.

Citigroup Global Markets Singapore, CIMB Bank, DBS, Deutsche Bank and Goldman Sachs are the joint bookrunners, issue managers and underwriters for the IPO.

The offer will close at 9am on April 25 and the trading of the Trust’s shares is expected to begin two days later.

Source : CNA – 18 Apr 2011

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K-Reit’s Q1 DPU rises 34.6 per cent

Posted on 15 Apr 2011 | Comments Off on 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

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