Tag Archives: Starhill Global Reit

YTL Pacific Star REIT Management Limited, as manager of Starhill Global REIT, said on Wednesday Starhill Global REIT One TMK has signed a conditional agreement with Mizuho Trust & Banking Co, Ltd and Future Revolution K. K. to terminate the master leases and property management agreements for Starhill Global REIT’s portfolio of seven properties in Japan.

This will mitigate tenant concentration risks with Future Revolution.

Starhill Global REIT has acquired a new special purpose vehicle, Starhill Global ML K.K., to step in as master lessee and assume the position of sub-lessor under the lease agreements with the end-tenants.

It is proposed that Savills Japan K.K. will replace Future Revolution as the local property manager for the seven properties.

Source : Business Times – 18 Nov 2009

Starhill Global Reit, which owns shopping malls on Orchard Road, said its income to be distributed for the third quarter rose 7.8 per cent to S$18.3 million from a year ago.

Distribution per unit for the three months ended September was 0.95 cents, 6.7 per cent higher compared to the year-ago period, after adjusting for the rights issue.

Net property income for the quarter rose 10.4 per cent to S$26.1 million mainly due to better performance by the reit’s Singapore properties.

The reit’s manager said it’s cautiously optimistic about the outlook ahead, given the encouraging signs of recovery in the global credit market, as well as the turnaround in the Singapore economy and tourist arrivals.

Source : Channel News Asia – 28 Oct 2009