Tag Archives: Singapore REITS

Suntec REIT issues $25m fixed rate notes under $500m MTN programme

Posted on 17 Sep 2009 | Comments Off on Suntec REIT issues $25m fixed rate notes under $500m MTN programme

Suntec REIT says Sunshine Assets Limited, the special purpose vehicle set up in 2006 to issue notes under the $500 million Medium Term Notes Programme, today issued a new series of three-year fixed rate notes bearing a fixed interest rate of 3.55% per annum, due September 2012.

The aggregate issue size of the notes is $25 million, which was oversubscribed. The proceeds from the notes will be on-lent by the Issuer to Suntec REIT, which will be used to fund Suntec REIT’s investment in the joint venture company established to acquire the Suntec Singapore International Convention & Exhibition Centre.

With this issuance of the notes, Suntec REIT’s gearing ratio stands at 34.2%.

The notes carry a Baa2 investment grade rating from Moody’s Investor Service.

Suntec REIT’s family rating from Moody’s Investor Service is Baa1.

Citicorp Investment Bank (Singapore) Limited was appointed as the lead manager of this issue of notes.

Source : The Edge – 17 Sep 2009

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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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