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Suntec Reit
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Suntec REIT
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basantd
Senior |
05-Aug-2016 22:44
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Trust Management (Suntec) Limited Press Release Manager of Suntec REIT forms JV to acquire 50% interest in the iconic Southgate Complex, Melbourne Singapore, 5 August 2016 ? ARA Trust Management (Suntec) Limited, the manager of Suntec Real Estate Investment Trust (?Suntec REIT?, and the ?Manager?), is pleased to announce that Suntec REIT, through Southgate Trust, in which it holds a 50% indirect interest, has entered into an agreement to acquire 50% interest in the iconic Southgate Complex (the ?Property?) from Dexus Southgate Trust (?Dexus?) for a consideration of A$289 million. In addition, separate put and call option agreements have been entered into with Dexus where the remaining 50% interest in Southgate Complex will be acquired for the same purchase consideration of A$289 million. Located alongside the Yarra River in the Southbank arts and leisure precinct of Melbourne, Australia, Southgate Complex is a freehold, landmark waterfront integrated development comprising two A- Grade office towers, a 3-storey retail podium and a car park with 1,026 lots. The office and retail components constitute approximately 87% and 13% of the total net lettable area (?NLA?) respectively. Surrounded by business, residential, recreational and retail amenities, the Property is directly opposite Flinders Street train station and within close proximity to Melbourne?s city rail loop. Commenting on Suntec REIT?s second acquisition in Australia, Mr. Yeo See Kiat, Chief Executive Officer of the Manager, said, ?We are pleased to acquire the iconic Southgate Complex which is a strategic fit with Suntec REIT?s portfolio of quality assets and in line with our strategy to expand our footprint in Asia Pacific. The acquisition augments Suntec REIT?s presence in Australia.? The Property has a total NLA of 820,324 sq ft and is leased to well-established tenants such as IBM, The Herald and Weekly Times, Commonwealth of Australia, APT, Dairy Australia, City Road Melbourne and LinkedIn. The committed occupancy was 88% as at 5 August 2016 with a weighted lease expiry of approximately 4.6 years. The annual rental escalations for the office leases are predominantly between 3% to 4%. 5 August 2016 |
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basantd
Senior |
28-Jul-2016 10:09
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Suntec going into Australian market!i think they aiming to be a big aussie player soon..Backed by li ka shing, he knows how to the make moves... Singapore&rsquo s ARA eyes Suntec REIT to close Southgate deal
The Soutbank complex, opposite Flinders Street Station, includes the HWT Centre and IBM Tower.
Singapore-listed ARA Asset Management may draft in one of the listed real estate investment trusts it manages to help complete its purchase of Dexus Property Group&rsquo s landmark Southgate Complex in Melbourne for a price near $600 million. The group, which has already secured the backing of a major Asian wealth fund, thought to be the Korean Investment Corporation, on the Melbourne deal, is now likely to bring in Singapore vehicle Suntec REIT. The complex, opposite Flinders Street Station at the gateway to Melbourne&rsquo s arts precinct in the heart of Southbank, includes the HWT Centre and IBM Tower. Suntec is best known in Australia for buying 177-199 Pacific Highway, North Sydney, a 31-storey A-grade tower housing Leighton Holdings&rsquo new headquarters, in late 2013 for $413.19m. That tower was completed earlier this year. The head of the Singaporean trust in 2014 said it was looking to invest in prime Sydney and Melbourne buildings. Suntec chief executive Yeo See Kiat said the trust would look for opportunities that suited its focus on prime stock with strong lease covenants. Suntec REIT declined to comment yesterday but also holds an extensive portfolio of retail and office properties in Singapore. Dexus, which also declined to comment, held the Melbourne complex at $482.2m, reflecting a market capitalisation rate of 6.41 per cent, but the ARA deal is at a sharper level. The office towers comprise two A-grade buildings spanning about 66,455sq m and the overall complex, including retail, spans about 76,600sq m. ARA has been separately targeting the purchase of 80 Grenfell Street, an Adelaide office tower that US private equity house Blackstone bought as part of a larger complex last year. But the Melbourne deal will probably be done first. Dexus is also selling the Finlay Crisp Centre, a three-building campus-style office complex in Canberra tipped to sell for more than $85m. JLL&rsquo s Michael Heather and Rob Sewell are marketing the asset. The property comprising Customs House, Allara House and Nara Centre spans a net leaseable area of 29,982sq m. Demand is high in Canberra. Brookfield has secured a buyer &mdash Sydney-based adviser Sumner Capital, potentially backed by Prime Super &mdash for a Canberra Department of Infrastructure-occupied building for more than $80m. Dexus is also close to selling one of the Adelaide CBD&rsquo s biggest office towers, the 12-level building at 108 North Terrace to a local group for about $85m. The asset, which has tenants including Hewlett Packard, Optus and the SA government, spans a net lettable area of more than 20,000sq m and was marketed by Colliers International. In Brisbane, Brookfield and the Dexus Wholesale Property Fund are selling 324 Queen Street in the CBD with hopes of about $150m. The 26-level property on the corner of Creek Street is being marketed via Knight Frank and JLL and is into a second round of bids. |
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basantd
Senior |
03-Jun-2016 12:35
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Suntec got a pretty sweet deal for this 177 Pacific Highway Huge office building they are constructing which should be ready really soon... - The sale to Suntec REIT, Singapore' s second largest listed REIT by assets under management, marks its entry into Australia where it joins its peer, the Singapore-based KREIT, managed by the Keppel Group. - Suntec REIT has guided that on a proforma basis, the transaction would lead to a c.4.7% improvement in DPU (based on FY12 numbers). Based on this, we have worked out (see next page) that this would be premised on implied net effective rents of around A$687psm per year. This is above the higher-end of current net effective rents of A$454psm estimated by Savills, given the lack of new Grade A supply in the North Sydney area. Assuming no change in asset valuation of Suntec REIT& rsquo s current properties, its leverage would climb from 38.6% to c.42% after the drawdown of all the debt required to finance this transaction. FIRST CROSS‐ BORDER ACQUISITION A STRATEGIC FIT TO EXISTING PORTOFLIO PURCHASE CONSIDERATION COUPON PAYMENT ASSET OVERVIEW LEASE COMMITMENT A$413.19 million for a 100% interest in 177‐ 199 Pacific Highway a freehold land and property to be developed Leighton Properties to pay a coupon of 6.32% p.a. during construction phase 31‐ storey, state‐ of‐ the‐ art commercial office tower with a NLA of approx. 423,915 sq ft Designed by award winning architecture firm Bates Smart 5‐ star NABERS Energy rating and a 5‐ star Green Star as built rating 100% pre‐ committed o Corporate Headquarters of Leighton Group who will take a head lease of 76% of the NLA o Leighton to provide a rental guarantee for 4 years for any vacant space upon completion KEY INVESTMENT MERITS Development and cost overrun risks to be borne by Leighton Coupon of 6.32% p.a. provide positive carry during construction DPU accretive upon completion Initial NPI yield of 6.9% in Year 1 upon completion |
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basantd
Senior |
23-May-2016 10:04
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BlackRock disposes 950,000 units of Suntec REIT0US-based wealth management firm BlackRock Inc has indirectly sold of 949,100 units of Singapore-listed retail and office REIT, Suntec REIT(SGX:T82U), a filing made on the Singapore Exchange on 10 March has revealed. The units were disposed through a market transaction on 8 March via its subsidiaries. Total consideration received for the units was SGD 1,569,706, translating to about SGD1.65 received per unit. With the disposal, BlackRock now has a deemed interest in 151,477,288 units of Suntec REIT, representing a stake of about 5.99%. Units of Suntec REIT finished the trading day 1.52% higher from its previous close on the Singapore Exchange to end at SGD1.66. |
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waters
Senior |
27-Apr-2016 00:58
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SuperLuckyCorn
Supreme |
19-Feb-2016 16:11
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Ha..luckily, now switch to positive mode. Can recycle $$...^_^
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spore1
Supreme |
01-Feb-2016 23:31
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tdy price dropped 5 cents more then the declared dividend. This is rather negative. It may cont to head lower. http://sporeshare.blog spot.sg/2016/02/suntec-reit.html |
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yohowslife
Member |
27-Jul-2015 17:34
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Decent performance in 2Q15 driven by increase in revenue from the completion of Suntec City Mall Phase 2. Moving forward, 2015 should be a stable year as higher revenue will offset a potential increase in interest expenses as a result of the pending interest rate hike. Overall, the recent drop in stock prices presents some value as well as give investors a dividend yield of 5.5%. http://www.investark.com/Analysis68suntecreit2q15.html |
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tobias_i_d
Senior |
15-Jul-2015 17:37
Yells: "Good technicians don't eat heads and tails." |
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greenteaapple
Member |
29-Jun-2015 22:13
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Suntec Reit divests Park Mall for S$411.8 millionJUN 29, 2015 8:45 PM SUNTEC Real Estate Investment Trust (Reit) is selling Park Mall for S$411.8 million, said ARA Trust Management (Suntec), the manager of Suntec Reit on Friday. Suntec Reit acquired Park Mall, which is an integrated office, lifestyle and home furnishing mall situated within the Orchard Road shopping belt, in 2005 for S$245.1 million. The property is more than 40 years, with a remaining land lease tenure of 53 years. http://btd.sg/1eUXUgU |
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bishan22
Supreme |
13-Jun-2015 10:11
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Over valued n interest rate risk.
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marubozu1688
Master |
13-Jun-2015 10:03
Yells: "Be humble in front of Mr. Market." |
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Fundamental and Technical Analysis for Suntec REIT. http://mystocksinvesting.com/singapore-stocks/suntec-reit/suntec-reit-fundamental-and-technical-analysis/ |
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marubozu1688
Master |
07-Jun-2015 21:54
Yells: "Be humble in front of Mr. Market." |
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Suntec REIT still not attractive fundamentally after the recent sell down. http://mystocksinvesting.com/singapore-reits/singapore-reit-selection-using-bubble-charts-pricenav-vs-distribution-yield-vs-gearing-ratio/ |
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marubozu1688
Master |
10-May-2015 14:52
Yells: "Be humble in front of Mr. Market." |
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Suntec REIT worst performer for past 2 weeks. May rebound from the current support. http://mystocksinvesting.com/singapore-reits/singapore-reits-mini-sell-off-what-is-going-on/ |
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victortan
Elite |
10-May-2015 00:25
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recent just last week we see capitalmall, capital comm, face selling and keppel reit too, because rate are gg up ard the world. now US 10 yr treasury is 2.3% up from 1.9x..i think more selling in reit to follow. |
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chezball
Member |
09-May-2015 18:34
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This reit has done well for me but i think they are facing a lot of headwinds on the retail front. Do see my qualitaive assessment of this counter after I have attended the AGM. http://wealthdirections.asia/denied-entry-to-suntec-reit-agm/ |
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jebuscries
Member |
27-Apr-2015 14:30
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Email from OCBC on 24 Apr Suntec REIT: Flat DPU performance, below expectations Suntec REIT reported 1Q15 revenue of S$74.5m, an increase of 12.9% YoY. However, DPU was flat at 2.23 S cents and fell short of ours and the street&rsquo s expectations. Although committed occupancy for Suntec City mall&rsquo s Phase 3 AEI improved from 70.5% to 80%, we believe leasing momentum has been sluggish as it is slated to open soon. Rental rates have also come under pressure for this mall. On a positive note, Suntec REIT&rsquo s office segment remains stable, and management is confident of the performance of this segment for the remainder of the year. Given the slow start to FY15, we see the need to pare our FY15 revenue/DPU forecasts by 4.0%/4.9%, and our FY16 revenue/DPU projections by 4.4%/4.9%. Consequently, we lower our DDM-derived fair value estimate from S$1.86 to S$1.72. Maintain HOLD on Suntec REIT. The stock is currently trading at FY15F distribution yield of 5.3%. DYODD. Phase 3 going to open but 1 out of 5 shops remain empty. Does not bode well at all. |
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jebuscries
Member |
17-Apr-2015 12:07
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1) Low yield. amongst the WORST in SG reits. 2) Wasted money on ill-timed AEI instead of making an accretive acquisition when property market was favorable. 3) Low price to book suggests dim outlook by investors on this counter' s future. An ever increasing number of malls in Singapore will cause rental pressure on tenants and draw away shopper traffic. Will skip this one. |
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yohowslife
Member |
13-Mar-2015 14:05
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with strong portfolio to weather interest rate rise in 2015, can add for value in the mid term if share price continues to drop from its 52 w high. http://investark.com/Analysis26suntec2014.html |
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marubozu1688
Master |
04-Jan-2015 21:25
Yells: "Be humble in front of Mr. Market." |
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Yield < 5% now.
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