Here are some recent deals by players.
Singapore's Industrial REITs have been on a shopping spree
lately as they divest relatively old and lower specs.
According to OCBC Investment Research, this could put them
in a stronger position to weather the challenges facing Singapore’s industrial
market.
Most recently, Cache Logistics Trust proposed to acquire a
freehold single-storey warehouse with ancillary office space which is currently
100% leased to Spotlight in Melbourne, Australia, for a purchase consideration
of A$22.25m.
"This translates into an initial NPI yield of 7.4%. The
proposed acquisition is expected to be funded by net proceeds from CACHE’s
recent divestment of one of its Singapore properties which has a remaining land
lease of only 17 years," OCBC said.
Meanwhile, Mapletree Logistics Trust proposed to divest its
20 Old Toh Tuck Road property at a sale consideration of $14.25m, which is
higher than its purchase price of $11.6m and last valuation of $13.0m. OCBC
stated that this 18-year old property has remained vacant since last year,
following the expiry of the master lease.
On the other hand, Ascendas REIT has sought to move further
up the value chain by completing the acquisition of three built-to-suit Science
Park buildings held under a single land title from its sponsor for a purchase
consideration of around $420m.
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