CCT Q1 distributable income up 27%

CAPITACOMMERCIAL Trust (CCT) on Thursday said that Q1 distributable income rose 27 per cent to $45.4 million – from $35.9 million a year earlier – as it saw contributions from recently-acquired properties One George Street and Wilkie Edge.

Distribution per unit (DPU) rose 25 per cent to 3.24 Singapore cents from the 2.59 Singapore cents.

CCT also gave an update on its debt position. The three-year secured term loan to refinance the $580 million commercial mortgage-backed securities (CMBS) due in March 2009, which CCT announced in January, has been fully drawn down to repay the CMBS, the trust said.

CCT also recently obtained a commitment letter from a bank for a three-year secured term loan of up to $160 million to refinance the remaining outstanding debt maturing this year. Secured against HSBC Building, the all-in margin for the term loan is 3.0 per cent per year.