CapitaLand India Trust (CLINT) has entered into a forward purchase agreement with Phoenix Group to acquire IT buildings in HITEC CIty in Hyerabad, India. The assets feature a total leasable area of 2.5 million square feet. HITEC City is a major IT and office hub with many large multinational companies, said CLINT in its 3 May statement to announce the acquisition. As part of the forward purchase arrangement, CLINT will provide funding of INR2.15 billion (SGD34.68 million) to refinance the existing loan and receive interest on the funding at a rate which is higher than its borrowing cost. CLINT ..read more

Lendlease Global Commercial REIT (LREIT) has established a SGD500 million Euro commercial paper programme. The programme was established by DBS Trustee Limited, in its capacity as trustee of LREIT. Under the programme, the Issuer may from time to time issue euro-commercial paper notes in series or tranches, said the REIT. These paper notes may also be issued in currencies such as Euros, Sterling, United States dollars, Japanese Yen, Hong Kong dollars and any other currency agreed between the Issuer and the dealer subject to approvals. The notes will have tenors of not more than 364 days, the R ..read more

CapitaLand Ascendas REIT was the top Singapore Exchange (SGX)-listed REIT disposed of by institutional investors last week. The net outflow of institutional funds came in the wake of the REIT’s business updates for 1Q 2024, which was released on 22 April. CapitaLand Ascendas REIT is a Singapore-heavy REIT that owns a portfolio of mostly high-tech industrial assets. Related: CapitaLand Ascendas REIT sees SGD35.7 million outflow of institutional funds Dear members, please login to continue reading this article. Login or sign-up for a free 25-day trial here. Why subscribe ..read more

Data from Embassy REIT’s disclosure has been updated into the India REITs table. Embassy REIT’s revenue from operations and net operating income for FY2024 have each grown by 8% year-on year to INR3,6850 million (USD442 million) and INR2,9820 million respectively. Underlining the growth was the REIT’s portfolio of assets, all of which are more than 90% occupied when taken on an aggregate basis. Two of its assets are at 100% occupancy, while its Mumbai and Bengaluru properties are at 99% & 91% occupancy respectively, said the REIT. Additionally, Embassy REIT’s hotel portfolio saw a 14% grow ..read more

CapitaLand Ascendas REIT was the top Singapore Exchange (SGX)-listed stock disposed of by institutional investors last week. The net outflow of institutional funds came ahead of the REIT’s business updates for 1Q 2024, which was released on 22 April. CapitaLand Ascendas REIT is an industrial assets-heavy REIT that owns a portfolio of 232 properties, most of which are located across Singapore. Related: CapitaLand Ascendas REIT grilled over falling asset valuations Dear members, please login to continue reading this article. Login or sign-up for a free 25-day trial here. Why subscribe ..read more

Mixed commercial REIT CapitaLand Integrated Commercial Trust (CICT) has laid out its longer-term leverage target amid interest rates that looks set to remain elevated for longer. CICT is a Singapore-heavy REIT that owns a portfolio of office and retail assets. It currently has a portfolio of 26 properties across Singapore, Australia, and Germany. Related: Premier Healthcare buys 14 million units of CapitaLand Integrated Commercial Trust Dear members, please login to continue reading this article. Login or sign-up for a free 25-day trial here. Why subscribe ..read more

Data from Keppel REIT’s latest disclosure has been updated into the Singapore REITs table. Keppel REIT may have reported higher income for its 1Q 2024, but rising financing costs and deteriorating portfolio occupancy have cast a pall over its performance for the period. Keppel REIT reported on 23 April that its property income increased by 6.3% to SGD61.3 million on a year-on-year basis. Accordingly, the REIT’s net property income (NPI) grew by 7.2% to SGD48.2 million in 1Q 2024 when compared to the corresponding period of 2023. Dear members, please login to continue reading this article. Lo ..read more

Data from CapitaLand Ascendas REIT’s latest disclosure has been updated into the Singapore REITs table. CapitaLand Ascendas REIT (CLAR) has responded to questions over the valuation of its assets, and whether it has been making ‘hasty’ acquisitions. In particular, the REIT has addressed concerns over the valuation of 11 data centres, which has thus far recorded a valuation loss of about SGD156 million since acquisition. This valuation loss has likely contributed to a rise in the REIT’s gearing, which was reported at 38.3% in a business update issued on 22 April. Related: CapitaLand Ascendas RE ..read more

Data from Keppel DC REIT’s latest results have been updated into the Singapore REITs table. Keppel DC REIT disclosed on 19 April that it has reported gross revenue of SGD83.4 million for its 1Q 2024. This is an increase of 18.4% from what was reported in the corresponding period of 2023. Accordingly, the REIT’s net property income came in at SGD71.0 million, a rise of 11.2% on a year-on-year basis. However, the REIT distributable income came in 16.3% lower year-on-year at SGD38.8 million. Subsequently, the REIT’s distribution per unit for the period was recorded at 2.192 Singapore cents, a dec ..read more

Fundamental data from the various disclosures are also updated into the Singapore REITs table. REIT NPI (SGD million) YOY growth (%) In a nutshell Primary source CapitaLand Integrated Commercial Trust (1Q 2024) 293.7 +6.3 Higher growth in gross rental income coupled with lower operating expenses contributed to the rise in NPI. Keppel DC REIT (1Q 2024) 71.0 +11.2 Higher gross revenue in 1Q 2024 mainly due to settlement sum received in relation to the dispute with DXC and positive reversions and escalations ..read more