Tag Archives: Singapore REITS

Saizen REIT unit gets S$15.7m loan from Japan’s Mizuho bank

Posted on 2 Oct 2009 | Comments Off on Saizen REIT unit gets S$15.7m loan from Japan’s Mizuho bank

Yugen Kaisha JOF, a subsidiary of mainboard-listed Saizen REIT, has entered into an agreement for a S$15.7-million loan from Japan’s Mizuho Bank.

The loan, which has been fully disbursed, has a term of 10 years.

Under the terms, the asset manager of Saizen will act as a guarantor for the loan, and the property portfolio of Yugen will be pledged as security for the loan.

The proceeds will be used to fully repay a S$6.3-million short-term bridging loan that the Saizen unit has from Star Finance, and the balance will be used for working capital purposes.

Saizen said on Thursday its asset manager plans to explore further financing possibilities with Mizuho.

Source : Channel NewsAsia – 1 Oct 2009

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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 →

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