Latest news with #LendleaseGlobalCommercialReit
Business Times
6 days ago
- Business
- Business Times
Stocks to watch: CICT, CapitaLand Ascendas Reit, Lendlease Global Commercial Reit, Frasers Hospitality Trust, Sunpower
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (Aug 5): CapitaLand Integrated Commercial Trust : The trust posted a 3.5 per cent rise in distribution per unit (DPU) to 5.62 cents for the first half of 2025. This rise was largely due to the six-month contribution from ION Orchard, better performance from existing properties and lower interest expenses from lower gearing and an easing interest rate environment. Revenue dipped 0.5 per cent to S$787.6 million, while net property income fell 1.7 per cent to S$579.9 million. The counter closed 2.28 per cent or S$0.050 up on Monday (Aug 4) at S$2.240. CapitaLand Ascendas Reit : The industrial property player posted a 0.6 per cent drop in DPU for the first half of the 2025 financial year, down to S$0.07477, on the back of an enlarged unit base. The unit base grew 0.7 per cent year on year. The Reit also posted a 2 per cent lower H1 revenue at S$754.8 million due to the divestment of five properties in Australia, Singapore and the US, and the decommissioning of a property in the UK for redevelopment in June 2024. Its units closed Monday up 2.2 per cent or S$0.06 at S$2.80, before the results were released. Lendlease Global Commercial Reit : The Lendlease Global Commercial Reit posted a 1.8 per cent increase in DPU for the first half of FY2025. The higher DPU was due to better performance of its Singapore properties and lower finance costs, said the Reit's manager on Monday. Revenue rose 1.9 per cent to S$102.9 million, while net property income was 2.7 per cent higher at S$73.8 million. The Reit's units closed Monday 2.7 per cent or S$0.015 higher at S$0.565, before the financial statements were released. Frasers Hospitality Trust : The trust posted mixed results across its markets on Monday for the third quarter ended June. RevPAR fell by between 1.2 per cent and 5.6 per cent in Singapore, Australia and Malaysia. On the other hand, RevPAR rose 17.6 per cent in Japan, and 0.1 per cent in the United Kingdom. The average daily rate increased 8.3 per cent year on year, mainly due to weakness in the transient and corporate segment, but there was a 4 percentage occupancy improvement to 73 per cent for its Singapore portfolio for the quarter. Units of Frasers Hospitality Trust rose 0.7 per cent or S$0.005 to S$0.705 on Monday, before the results were published. Sunpower : The environmental protection solutions provider received 135.2 million yuan (S$24.2 million) in biomass subsidies from the state grid corporation of China. This was for biomass electricity generated through the Xintai Project from April 2023 to December 2024. The subsidies were granted under China's policy to support renewable energy development. The group said on Tuesday that it plans to build artificial intelligence-powered thermal and steam pipeline networks and expand into renewable and alternative energy development. Shares of Sunpower closed Monday flat at S$0.23. Dasin Retail Trust : Its subsidiary Zhongshan Yuanxin Commercial Property Management could face legal action if it fails to make full repayment of offshore liabilities within a five-day window starting from Aug 1, when it was issued a letter from an offshore facility agent. The letter said Zhongshan had, among other things, breached the terms of an intercreditor deed, by making an unauthorised loan repayment that resulted in its outstanding onshore loans falling below a minimum required amount. Units of Dasin Retail Trust have been suspended from trading.
Business Times
7 days ago
- Business
- Business Times
Lendlease Global Commercial Reit to divest office component of Jem to Keppel for S$462 million
[SINGAPORE] Lendlease Global Commercial Reit will be divesting the office component of the Juong commercial-retail development Jem to Keppel for S$462 million, with the proceeds to be used to pay down debts and potentially for distribution to unitholders. In a regulatory statement published on Monday (Aug 4), the manager of the real estate investment trust (Reit) announced that the trustee entered into a put and call option agreement with the purchaser on Monday. Currently, the 12-level office space – which the Reit acquired in 2022 – is leased to the Ministry of National Development for 30 years from December 2014. Net proceeds from the divestment will be used to predominantly repay certain loans, and this is expected to reduce the Reit's aggregate leverage ratio to approximately 35 per cent on a pro forma basis from 42.6 per cent as at June 2025. The divestment could result in a net cash gain of approximately S$8.9 million, which will be available for distribution to unitholders. The manager said that key benefits of the divestment include improving the Reit's financial position, unlocking value of the office component, and increasing the Reit's focus on retail to over 85 per cent of its portfolio by valuation BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Had the divestment been completed on Jul 1, 2024, the pro forma distribution per unit (DPU) would have been S$0.0352 Singapore cents, 2.2 per cent lower than S$0.036 cents before the sale. Had the divestment been completed in end-June, 2025, the net asset value per unit would have been S$0.74, marginally lower than S$0.75 before the sale. Keppel said in a media statement that private funds under its sustainable urban renewal strategy are acquiring the office component of Jem, and the asset manager and operator will explore upgrading works to reduce the energy use intensity. Keppel's earnings per share and net tangible assets per share for the current year are not expected to be materially impacted by the acquisition, it said. Lendlease Global Commercial Reit units closed 2.7 per cent or S$0.015 higher at S$0.565 while Keppel shares closed S$0.04 or 0.5 per cent higher at S$8.35 on Monday, before this announcement.
