MI-REIT – SGX

MACARTHURCOOK INDUSTRIAL REIT’s PORTFOLIO VALUE INCREASES BY S$30.6 MILLION FOLLOWING ANNUAL REVALUATIONS

MacarthurCook Investment Managers (Asia) Limited (“MCKIM Asia”), the Manager of SGXST
listed MacarthurCook Industrial REIT (“MI-REIT”), is pleased to announce today that
independent annual revaluations1 for six of MI-REIT’s properties (the ”Properties”) have been completed.

The revaluations have resulted in an increase of S$30.6 million to MI-REIT’s book value, representing a 9.7% gain over the appraised value2 of the Properties as at the Listing Date of 19 April 2007. The revaluations, which have been completed in accordance with the relevant accounting standard, Financial Reporting Standard 40 Investment Property, and the Property Fund Guidelines, have raised MI-REIT’s total portfolio value to S$346,800,000.

The largest rise in valuation came from MI-REIT’s largest property by value, UE Technology Park, which saw a revaluation gain of S$23.9 million, or 21.0%.

2 Appraised value of total portfolio is S$316.2 million, as at Listing Date on 19 April 2007. Valuations were issued on 15 November 2006.

Source : SGX

September 4, 2007 AIMSAMPIReit, MI-REIT No Comments »

MI-REIT – BT

MI-Reit to buy warehouse for $18.3m

MACARTHURCOOK Industrial Reit (MI-Reit) has signed a conditional put and call option agreement to acquire a four-storey office and warehouse facility at 7 Clementi Loop for $18.3 million.

The vendor of the facility, Nova Engineering and Logistics, will lease back the property for five years, with the option to extend the lease for another five years. The lease will start after refurbishment to the building is completed by Nov 30, which is when MI-Reit’s acquisition of the property is expected to be completed.

Based on this scheduled completion date, the pro forma financial effect on MI-Reit’s distribution per unit (DPU) for the financial year ended March 31, 2008 is an additional 0.20 cents per unit on an annualised basis. This represents an increase of 2.7 per cent from the forecasted FY2008 DPU of 7.41 per cent per unit.

For FY2009, the pro forma effect of the acquisition is an additional 0.23 cents a unit, representing an increase of 3 per cent over the forecasted DPU of 7.59 cents a unit.

Chris Calvert, CEO of the Reit manager MacarthurCook Investment Managers (Asia), said that apart from the yield accretion derived from the deal, the property will provide greater geographic diversification to the Reit’s portfolio and provide exposure to the growing logistics and warehousing property sub-sector here.

‘MI-Reit will benefit from firm rentals and capital values in this sub-sector as a result of the strong demand for high quality and strategically located warehousing and logistics property, arising from the growing outsourcing trend in high value-added industries,’ said Mr Calvert.

The acquisition will reduce MI-Reit’s exposure to UE Tech Park, the Reit’s largest property by value, from 36.1 per cent to 34.1 per cent of total portfolio value. In terms of income source, exposure to UE Tech Park is reduced from 33.2 per cent to 31.3 per cent.

The purchase of 7 Clementi Loop is also the first of a series of acquisitions worth a total of $500 million that MI-Reit intends to complete by March 31, 2008.

September 1, 2007 AIMSAMPIReit, MI-REIT No Comments »

CDL H-Trust – SGX
ANNOUNCEMENT USE OF PROCEEDS FROM THE ISSUE OF 120,162,795 NEW STAPLED SECURITIES (THE “NEW STAPLED SECURITIES”)

M&C REIT Management Limited, as manager of H-REIT (the “H-REIT Manager”), and M&C Business Trust Management Limited, as trustee-manager of HBT (the “HBT Trustee-Manager”), wish to announce that further to their earlier announcement on 19 July 2007 on the issue of New Stapled Securities pursuant to the Equity Fund Raising completed on 19 July 2007 and the use of part of the proceeds from the Equity Fund Raising, a further S$32.5 million from the proceeds of the Equity Fund Raising has been used to repay part of the Deutsche Bank Term Facility (as defined in the CDL Hospitality Trusts Circular dated 6 July 2007) with Deutsche Bank Aktiengesellschaft which was used to partially fund the acquisition of Rendezvous Hotel Auckland.

The balance of the net proceeds from the Equity Fund Raising of S$6.9 million will be used for other general corporate and working capital purposes.

August 31, 2007 CDL H-Trust No Comments »

Cambridge – SGX
APPOINTMENT/RESIGNATION OF NON-EXECUTIVE DIRECTOR AND ALTERNATE DIRECTOR

The Board of Directors of Cambridge Industrial Trust Management Limited, the Manager of Cambridge Industrial Trust, (the “Company”) is pleased to announce the following Board changes with effect from 31 August 2007:

  • The appointment of Mr Tadashi Yamaguchi as a Non-Executive Director of the Company;
  • The appointment of Mr Yasuhiro Nakano as Alternate Director to Mr Tadashi Yamaguchi;
  • The resignation of Mr Takayuki Kawashima as a Non-Executive Director of the Company; and
  • The cessation of Mr Tetsuya Karasawa as Alternate Director to Mr Takayuki Kawashima.
Mr Takayuki Kawashima has left the REIT division and moved onto another division in Mitsui & Co., Ltd. Mr Tadashi Yamaguchi is replacing him in the REIT division of Mitsui & Co., Ltd whereby Mr Yasuhiro Nakano has been appointed as Alternate Director to Mr Tadashi Yamaguchi. Mr Tetsuya Karasawa will relinquish his post as Alternate Director to Mr Takayuki Kawashima and remain as the Executive Director of Cambridge Industrial Trust Management Limited.
August 31, 2007 ESR No Comments »

MI-REIT – SGX

MACARTHURCOOK INDUSTRIAL REIT ACQUIRES LOGISTICS PROPERTY FOR S$18.3 MILLION

– Yield-accretive acquisition
– Increases DPU by 2.7% to 7.61 cents per unit for FY 08 and 3.0% to 7.82 cents per unit for FY 09

Singapore, 30 August 2007 – MacarthurCook Investment Managers (Asia) Limited (“MCKIM Asia”), the Manager of SGX-ST Listed MacarthurCook Industrial REIT ( “MIREIT”), is pleased to announce that through HSBC Institutional Trust Services (Singapore) Limited (the Trustee”), MI-REIT has signed a conditional put and call option agreement (the “Agreement” ) to acquire the property at 7 Clementi Loop, Singapore, for a total consideration of S$18.3 million.

The vendor of 7 Clementi Loop, Nova Engineering and Logistics Pte Ltd (“NEL”), will lease back the property for five years, with the option to extend for another five years. The lease will commence following the completion of certain refurbishment works to the property, which are expected to be completed by 30 November 2007.

Based on the scheduled completion date, the acquisition is accretive to MI-REIT’s distribution per unit (“DPU”). The pro forma financial effect of the acquisition on the DPU for the financial year ended 31 March 2008 (“FY2008”) is an additional 0.201 Singapore cents per unit, representing an increase of 2.7% from the forecasted FY2008 DPU of 7.41 Singapore cents per unit. The pro forma financial effect of the acquisition on the forecasted FY2009 DPU of 7.59 Singapore cents per unit for the financial year ended 31 March 2009 (“FY2009”) is an additional 0.231 Singapore cents per unit, representing an increase of 3.0%.

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FUNDING
The acquisition of 7 Clementi Loop is expected to be completed by 30 November 2007. The Manager intends to finance the acquisition wholly by debt but may consider alternative funding sources in line with its capital management strategy to optimize the funding of MIREIT. Assuming 100% debt financing and that no other acquisitions occur between now and settlement of the Property, the acquisition will increase MI-REIT’s gearing level from its current level of 8.6% to 13.7%5.

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1 On an annualized basis. Assuming MI-REIT has purchased, held and operated the properties for the financial year ended 31 March 2008 (“FY2008”) and that the acquisition is 100% debt-funded.
5 This excludes any debt commitment for the recently announced acquisition of Plot 4A International Business Park, which is due for completion in December 2009.

Source : SGX

August 31, 2007 AIMSAMPIReit, MI-REIT No Comments »