Tag Archives: Singapore REITS

Frasers Centrepoint Trust’s Q3 DPU up 33.3%

Posted on 20 Jul 2012 | Comments Off on Frasers Centrepoint Trust’s Q3 DPU up 33.3%

Frasers Centrepoint Trust (FCT) has posted a 33.3 per cent on-year increase in its third quarter distribution per unit (DPU).

The DPU of 2.60 Singapore cents for the April to June period is the highest the trust has ever paid out, up from 1.95 cents distributed in the same period a year ago.

Net property income in the period grew 32.1 per cent on-year to S$24.6 million, up from S$18.7 million.

Meanwhile, the trust’s gross revenue climbed by 30.2 per cent to S$35.5 million, driven higher by the increase in revenue from Causeway Point.

Revenue from its biggest asset rose to S$15.5 million, up 45.4 per cent compared to the same period last year, during which the mall was undergoing extensive refurbishment.

Net property income for Causeway Point jumped 60.9 per cent to S$10.9 million.

However, net property income from Northpoint, its second-largest asset, fell 2.7 per cent to S$8.3 million due to higher repair and maintenance costs as well as increased electricity tariff rate.

The REIT’s distributable income has also risen, climbing nearly 37.1 per cent on-year to S$20.2 million.

FCT has maintained a positive outlook on its growth momentum, and said in a statement that it will continue to actively pursue growth opportunities.

Source : Channel NewsAsia – 19 Jul 2012

 

 

 

Comments Off on Frasers Centrepoint Trust’s Q3 DPU up 33.3%

Posted in Funds

Tagged , , ,

Far East REIT marketing $703m Singapore IPO

Posted on 20 Jul 2012 | Comments Off on Far East REIT marketing $703m Singapore IPO

Far East REIT, which owns hotels and serviced residences in Singapore, started pre-marketing on Friday of an initial public offering of up to $700 million, the biggest in the Southeast Asian country so far this year, a source said.

The real estate investment trust, sponsored by Far East Organization, comprises seven hotels and four serviced residences in Singapore with about 2,500 rooms, said the source, who was not authorized to speak publicly on the matter.

The deal will come on the heels of Ascendas Hospitality Trust’s US$304 million ($382 million) offering, which had to be relaunched this week after the company was forced to remove one of the hotels
from its portfolio.

It will be a welcome development for equity capital markets in Singapore, where issuance plunged 74% to US$4.7 billion in the first half of the year from the same period of 2011. The slump was much steeper than the 30% decline in stock sales in Asia ex-Japan, according to Thomson Reuters data.

Far East REIT and its bankers will start taking orders for the IPO on Aug. 6, with pricing slated for Aug. 15. The REIT is set to debut on the Singapore stock exchange on Aug. 27.

The REIT is being marketed at a yield of 6% to 6.5%, the source said. About half of the orders for the offering are expected to be covered by cornerstone investors, the source added.

DBS Group, Goldman Sachs and HSBC were hired as joint global coordinators and joint bookrunners on the deal.
Source : TheEdge 2012 Jul 20

Comments Off on Far East REIT marketing $703m Singapore IPO

Posted in Funds

Tagged , , ,