Tag Archives: Singapore REITS

Moody’s raises outlook for A-Reit to ’stable’

Posted on 25 Aug 2009 | Comments Off on Moody’s raises outlook for A-Reit to ’stable’

It changes rating to reflect completion of placement issue

MOODY’S Investors Service yesterday changed its ratings outlook for Ascendas Real Estate Investment Trust (A-Reit) from ‘negative’ to ’stable’.

Its outlook for A-Reit’s ‘Baa1′ corporate family and ‘Baa2′ senior unsecured ratings was changed to reflect the completion of A-Reit’s private placement of equity issuance, Moody’s senior analyst Kathleen Lee said.

She expects the $302 million private placement, announced earlier this month, to improve A-Reit’s liquidity and balance sheet position, and enhance its credit metrics.

‘The private placement also reflects A-Reit’s ongoing efforts to improve its capital management thereby strengthening its balance sheet, enhance its financial flexibility and address its previous reliance on revolving uncommitted facilities to support asset growth,’ said Ms Lee.

Moody’s said that it ‘remains cautious of weakness in A-Reit’s operating environment and the new supply of industrial properties coming onstream from 2009 onwards’ but expects this to be manageable within the trust’s current rating, given its good quality assets and improved financial metrics.

A-Reit has a portfolio of 89 properties in Singapore, including business and science park properties, industrial properties, and logistics and distribution centres.

Source : Business Times – 25 Aug 2009

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Indiabulls trust may not proceed with rights issue

Posted on 25 Aug 2009 | Comments Off on Indiabulls trust may not proceed with rights issue

INDIABULLS Property Management, which manages the Indiabulls Properties Investment Trust listed here, has clarified that it might not go ahead with a proposed $200 million rights issue.

In a statement, Indiabulls said that it is still in the process of evaluating various sources of funding and other means of capital management for its trust fund, including a rights issue and other borrowing facilities,

In evaluating the sources of funding, the manager will take into account the financial requirements of the fund and the prevalent market conditions to continue to build a solid foundation for long-term success and unitholders’ value maximisation.

Indeed, the trust manager said that it has not formally appointed an investment bank to act as the manager and underwriter of the rights issue or the terms of the rights issue.

Instead, it will make these decisions at a later stage depending on the financial requirements of IPIT and the prevalent market conditions at the material time.

However, it did make a listing application to the stock exchange for new units to be issued under a rights issue.

Source : Business Times – 25 Aug 2009

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