Tag Archives: Singapore REITS

Saizen to resume payouts in Q4 FY’10

Posted on 28 Aug 2009 | Comments Off on Saizen to resume payouts in Q4 FY’10

It posts 19% fall in distributable income to 1.37 billion yen for FY2009

SAIZEN Real Estate Investment Trust (Reit), which has suspended distribution of income for the financial year ended June 30, 2009 (FY2009) to conserve cash, said that it aims to resume distribution from the last quarter of FY2010 or the first quarter of FY2011.

This comment came in its financial report for FY2009, which saw it posting a 19 per cent fall in distributable income to 1.37 billion yen (S$20.37 million).

Its net property income, however, grew 17.2 per cent to 2.9 billion yen as it recognised contributions from 166 properties for the full fiscal year. In fiscal 2008, some 65 properties were added gradually across the year.

Saizen also completed its divestment of UI Building for 274.68 million yen yesterday. Continue reading →

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Pacific Star launches mall in Seoul

Posted on 28 Aug 2009 | Comments Off on Pacific Star launches mall in Seoul

SINGAPORE-based real estate investment company Pacific Star Group yesterday launched an international mall in Seoul – its first venture in South Korea.

Pacific Star bought the Noon Square mall with co-investor Woori Bank in November 2007 for more than US$200 million. Pacific Star’s stake of US$187 million was acquired through its Asia Real Estate Income Fund (Areif). The 1.2 billion euro (S$2.5 billion) fund invests in prime commercial and residential property in Asian gateway cities.

The nine-storey Noon Square, in Seoul’s Myeondong district, has net lettable space of 15,667 sq m. It is in the heart of the city’s prime shopping district, which draws local pedestrian traffic of 500,000 to 700,000 a day. The area also attracts some six million tourist shoppers a year.

Known as Avatar Mall before its relaunch as Noon Square, the 40-year-old property was an under-performing asset for several decades, said Pacific Star. Under Pacific Star, with local asset manager Koramco, the property was given a US$23 million makeover and an extensive rebranding effort to unlock value.

Frank-Rainer Vaessen, president of Pacific Star Fund Management and chairman of Areif, said that the company is on the lookout for more assets in South Korea as the economy there recovers. Acquisitions could be made through the Areif or one of the other funds managed by the group, he said.

Source : Business Times – 28 Aug 2009

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