Tag Archives: K-Reit

K-Reit Asia to distribute $18m in 3Q

Posted on 13 Oct 2009 | Comments Off on K-Reit Asia to distribute $18m in 3Q

K-Reit Asia, the office landlord owned by Keppel Land, says its third-quarter distribution to shareholders will be $18 million, up 18.3% compared to 3Q08. This means a distribution unit of 2.69 cents.

K-REIT Asia achieved a distributable income of $51.1 million for the period from Jan 1 to Sept 30, 2009. This was 25.4% higher than that for the same period in 2008, due mainly to higher rental rates achieved for new and renewed leases.

Gross rental income from K-REIT Asia’s initial properties, namely Keppel Towers, GE Tower, Prudential Tower and Bugis Junction Towers, grew by 19.9% year-on-year to $45.1 million for YTD Sep 2009.

Net property income for YTD Sep 2009 was $35.4 million which represents a 27.3% year-on-year increase, due to the higher gross rental income from K-REIT Asia’s initial properties. Continue reading →

Comments Off on K-Reit Asia to distribute $18m in 3Q

Posted in Funds

Tagged , , ,

K-Reit Asia proposes rights issue to raise $620m

Posted on 1 Oct 2009 | Comments Off on K-Reit Asia proposes rights issue to raise $620m

80.8% of gross proceeds will be used to repay loans from Kephinance

K-REIT Asia yesterday proposed a one-for-one rights issue to raise some $620 million in gross proceeds.

The proposed issue price of 93 cents per unit is at a 21.2 per cent discount to yesterday’s closing price of $1.18 per unit. The issue price is also an 11.8 per cent discount to the theoretical ex-rights price of $1.06 per unit.

Chief executive Ng Hsueh Ling of K-Reit Asia Management (the manager of K-Reit Asia) said that the proposed issue of about 666.7 million units at this price would ‘provide significant funding headroom and put K-Reit Asia in a strong financial position to seize future acquisition opportunities’.

The manager intends to use 80.8 per cent of the gross proceeds to repay loans from Kephinance Investment. These include a bridging loan to be drawn down for the acquisition of six strata floors of Prudential Tower.

Another 18.5 per cent of the proceeds will fund K-Reit Asia’s ‘potential acquisitions and asset enhancement initiatives’, and for general corporate and working capital purposes. Continue reading →

Comments Off on K-Reit Asia proposes rights issue to raise $620m

Posted in Funds

Tagged , , , ,