Suntec – SGX
SUPPLEMENTAL AGREEMENT IN RELATION TO THE PROPOSED ACQUISITION OF ONE-THIRD INTEREST IN ONE RAFFLES QUAY
Singapore, 11 September 2007 – ARA Trust Management (Suntec) Limited (“ARA Suntec”), Manager of Suntec Real Estate Investment Trust (“Suntec REIT”), wishes to announce that HSBC Institutional Trust Services (Singapore) Limited, as trustee of Suntec REIT, has today entered into a supplemental agreement to the share purchase agreement signed with Cavell Limited (the “Vendor”) on 30 July 2007 for the acquisition by Suntec REIT of a one-third interest in One Raffles Quay through the acquisition of the entire issued share capital of Comina Investment Limited (“Comina”).
Under the terms of the supplemental agreement, the consideration for the purchase of the entire issued share capital of Comina shall be satisfied by (i) allotment and issue of units in Suntec REIT (“Consideration Units”) of an aggregate value of S$94.15 million, and (ii) payment in cash, by Suntec REIT to the Vendor. This is subject to, inter alia, the approval by the unitholders of Suntec REIT which will be sought at a general meeting to be convened to approve the proposed acquisition, as well as regulatory approval by the Singapore Stock Exchange.
Mr Justin Chiu, Chairman of the Manager said, “The issue of the consideration units underscores Cheung Kong’s commitment and support to Suntec REIT by aligning its interest along with that of Suntec REIT’s unitholders”.
Source : SGX
MapleTree – SGX
(I) H.S.(M) 17454, LOT NO. PT 2607, LOCALITY OF SUNGAI PENAGA, MUKIM OF PETALING, DISTRICT OF PETALING, STATE OF SELANGOR DARUL EHSAN, MALAYSIA FOR RM19.945 MILLION; AND
(II) H.S.(M) 10905, LOT NO. PT 298, LOCALITY OF SUNGAI PENAGA, MUKIM OF PETALING, DISTRICT OF PETALING, STATE OF SELANGOR DARUL EHSAN, MALAYSIA FOR RM9.5 MILLION
1 Mapletree Logistics Trust Management Ltd., as manager of Mapletree Logistics Trust (“MapletreeLog”), is pleased to announce the completion of the acquisition of (i) H.S.(M) 17454, Lot No. PT 2607, Locality of Sungai Penaga, Mukim of Petaling, District of Petaling, State of Selangor Darul Ehsan, Malaysia (the “Subang 3 Property”); and (ii) H.S.(M) 10905, Lot No. PT 298, Locality of Sungai Penaga, Mukim of Petaling, District of Petaling, State of Selangor Darul Ehsan, Malaysia (the “Subang 4 Property”) today for a purchase price of RM19.945 million and RM9.5 million respectively.
2 MapletreeLog (M) Holdings Sdn. Bhd. (“MMH”), a subsidiary of MapletreeLog, has today completed the sale and purchase of the Subang 3 Property and the Subang 4 Property, in connection with the two separate conditional sale and purchase agreements entered into between (i) Haluan Kreatif Sdn Bhd and MMH, and (ii) LYL Building Materials Sdn Bhd and MMH, respectively, on 16 February 2007.
3 The purchase price and other acquisition costs of the Property are funded by the proceeds from the issue of new units under the equity fund raising exercise of MapletreeLog, which was completed on 25 January 2007.
AI-Trust – SSB
1) Evolving regulatory risks in respect to forex repatriation of funds.
2) Forex volatility adversely impacting returns.
3) Potential supply/demand risks in IT/ITES locations.
4) Conflicts of interest between sponsor and a-iTrust.
Cambridge : SGX
Cambridge Industrial Trust Management Limited issues Circular to Unitholders relating to, among other things, the acquisition of six Target Properties by Cambridge Industrial Trust
• CIT to issue New Units for a private placement to raise up to S$193.9 million to fund the acquisition of the Target Properties
• Property portfolio expected to increase 60.7% in value to S$879.8 million with 40 properties as compared to S$547.4 million with 27 properties since Initial Public Offering (“IPO”)
• Forecast Period 2007 DPU (annualised) enhanced by 9.4%1 vs IPO 2007 Projection DPU of 5.12 cents
• Projection Year 2008 DPU at 5.799 cents, an increase of 3.5% over Forecast Period 2007 DPU2
• CIT’s Aggregate Leverage to be reduced from 48.2%3 to 38.1%3
1 Assumes completion of the Equity Fund Raising, completion of the acquisitions of the Target Properties and the Natural Cool Building and a private placement issue price of S$0.80.
2 Assumes completion of the Equity Fund Raising, completion of the acquisitions of the Target Properties and the Natural Cool Building and a private placement issue price of S$0.80.
3 Estimated as at 31 August 2007 based on CIT’s existing portfolio of 33 properties.
3 Computed based on forecast net borrowings and total assts of CIT as at 31 October 2007, assuming the completion of the Equity Fund Raising, and the acquisition of the six Target Properties and Natural Cool Building, bringing CIT’s portfolio from 33 to 40 properties.
Extracts of Press Release
The increased portfolio size is expected to provide CIT with a stronger platform for future acquisition growth. With the increased number of properties since IPO, CIT is pleased to announce that its DPU is expected to increase by 9.4%, from CIT’s IPO 2007 Projection DPU (of 5.12 cents, obtained from CIT’s prospectus dated 14 July 2006) for the CIT’s initial portfolio, to 5.604 cents (on an annualised basis) for the forecast period from 18 September 2007 to 31 December 2007 (the “Forecast Period 2007”) for the Enlarged Portfolio. Based on CIT’s Enlarged Portfolio, the projected DPU for the financial year ending 31 December 2008 is approximately 5.799 cents, an increase of 3.5% over the forecast DPU (annualised) for the Forecast Period 2007.
Mr Wilson Ang, Chief Executive Officer of CITM, said, “The completion of these properties will bring our property portfolio under management from S$689.4 million to S$879.8 million and increase total Unitholders’ distributions. The Equity Fund Raising will reduce our gearing ratio from 48.2% to 38.1% and give us more acquisition capacity to grow. After our planned S$193.9 million fund raising, CIT’s distribution per unit to Unitholders will be enhanced by 9.4% for 2007 compared to our IPO projections and we expect further growth of 3.5% in 2008. Based on our Projection Year 2008 DPU of 5.799 cents and an illustrative issue price of S$0.80, CIT offers investors an attractive yield of 7.2%.”
Source : SGX
Parkway Life – SGX
THE INITIAL PUBLIC OFFERING (THE “OFFERING”) OF UNITS (THE “UNITS”) IN PARKWAY LIFE REAL ESTATE INVESTMENT TRUST (THE “REIT”)
UBS AG, acting through its business group, UBS Investment Bank, as stabilising manager designated in connection with the initial public offering of the REIT, wishes to announce that it has as of 6 September 2007 ceased to undertake any stabilisation action.
UBS AG, acting through its business group, UBS Investment Bank has exercised the over-allotment option granted by Parkway Investments Pte Ltd in part on 6 September 2007, in respect of 11,097,000 Units, solely for the purposes of covering the balance of the 11,097,000 Units which had been overallocated in connection with the Offering, and which were not covered by purchases made under the price stabilising action.
Source : SGX