Latest news with #REIT
Yahoo
2 hours ago
- Business
- Yahoo
City Office REIT to be taken private in near $1.1 billion deal
(Corrects to remove repeated word "deal" in paragraph 1) (Reuters) -Real estate company City Office REIT said on Thursday it has agreed to be taken private by MCME Carell in a deal valued at nearly $1.1 billion. MCME Carell will acquire all the outstanding shares of City Office it does not already own for $7.00 per share in cash, representing a 26% premium to the stock's last close. Shares of the company rose more than 24% to $6.92 in premarket trading. The deal is subject to certain agreements including among other things, the sale of the company's Phoenix portfolio. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
2 hours ago
- Business
- The Star
KIP REIT registers 2Q earnings boost on improved revenue, property appreciation
KUALA LUMPUR: KIP Real Estate Investment Trust (REIT) recorded a sharply higher earnings quarter as it received a boost to its property valuations following an assessment of its properties. In a statement, the REIT said it recorded a revaluation surplus of RM61.8mil on the annual fair value assessment of 14 investment properties as at June 30, 2025, conducted by Rahim & Co. "The gain reflects appreciation across the portfolio, notable from newly acquired assets such as D'Pulze Shopping Centre, TF Value-Mart and the Cheras Jaya industrial property, as well as from matured KIPMalls including Kota Warisan, Masai and Tampoi, which recorded double-digit fair value gains," it said in a statement. In the fourth financial quarter ended June 30, 2025, KIP REIT recorded a 6.1% higher year-on-year (y-o-y) net property income (NPI) of RM28.1mil, while net profit was nearly five times higher at RM79.25mil. Revenue jumped 22.2% y-o-y to RM39.9mil on the back of contributions from 7 KIPMalls, D'Pulze Shopping Centre, TF Value-Mart, as well as its portfolio of four industrial properties, especially the Cheras Jaya asset. Portfolio occupancy stood at a robust 97.8% during the quarter. Over the entire financial year, the REIT's net profit surged to RM115.14mil from RM47.31mil in the previous year, while revenue rose to RM136.13mil from RM102.16mil in FY24. "We are pleased with our FY2025 performance, which underscores the effectiveness of our disciplined growth strategy and unwavering focus on delivering resilient, long-term returns. "The acquisition of high-yielding, community-focused assets such as D'Pulze and TF Value-Mart has not only strengthened our earnings base but also reinforced the defensive nature of our retail portfolio," said KIP REIT CEO Valerie Ong. The REIT Manager proposed a final income distribution of 2.018 sen per unit for 4QFY25, with book closure date fixed for Aug 8, 2025, and payment on Aug 29, 2025.
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Business Standard
5 hours ago
- Business
- Business Standard
Mindspace REIT buys Hyderabad office asset for Rs 512 cr at 11% discount
The real estate investment trust (REIT) of Mindspace Business Parks has acquired Mack Soft Tech (MSTPL) in Hyderabad for Rs 512 crore. MSTPL is a holding company of Q-City, a 0.81 million square foot (msf) commercial asset in the city. Mindspace REIT bought the property at an 11.6 per cent discount to its independently assessed value. 'Securing the property at an 11.6 per cent discount to an independent valuation and an attractive 9.9 per cent cap rate demonstrates our disciplined capital deployment and commitment to long-term value for unitholders,' said Ramesh Nair, chief executive officer and managing director of the REIT. This is Mindspace REIT's first third-party asset addition, outside its portfolio parks. The transaction was done through Horizonview Properties, a special purpose vehicle. The acquired asset will be rebranded as The Square, 110 Financial District. The acquired asset has a leasable area of 0.81 msf, located in the Financial District of Hyderabad. Around 65 per cent of the asset is occupied. 'The asset stands to gain from Mindspace REIT's tenant network and asset enhancement expertise, driving quicker lease-up of the balance space,' said the REIT. Occupancy levels across Mindspace's assets stood at around 93 per cent as of Q4 FY25. With the acquisition, Mindspace REIT's Hyderabad presence is now over 16 msf in aggregate. Nair said, 'The Hyderabad market is India's hottest GCC hub, now home to more than 350 global capability centres and the nation's fastest-growing tech and BFSI talent base. With institutional-quality supply extremely tight and virtually no major investment-grade assets on the market, the timing is ideal. As Madhapur and HITEC City approach capacity, global occupiers are migrating westward in the city, and our acquisition positions us to capture this demand.' In Hyderabad, Madhapur rentals have risen to Rs 90 to Rs 100 per square foot due to limited supply and higher demand. Rental arbitrage with Madhapur positions Financial District to benefit from demand spillover, Mindspace said. Post-acquisition, Mindspace REIT's portfolio size will grow from 37.1 msf to 37.9 msf, while its gross asset value will increase from Rs 36,647 crore as of FY25 to Rs 37,143 crore. The loan-to-value ratio will increase from 24.3 as of FY25 to 25.1 per cent. The transaction will also increase the net asset value by Rs 1.8 per unit.
Time of India
9 hours ago
- Business
- Time of India
Mindspace REIT make first third-party acquisition with Rs 512-cr deal in Hyderabad
Mindspace Business Parks Real Estate Investment Trust ( REIT ) has acquired a prime commercial asset Q-City , an 810,000 sq ft office campus spread over 6 acres of land in Hyderabad's Financial District for over Rs 512 crore. The transaction marks the listed Real Estate Investment Trust's (REIT) first-ever third-party acquisition outside its existing portfolio parks. Explore courses from Top Institutes in Please select course: Select a Course Category Technology Leadership healthcare Healthcare Product Management Management Data Science Project Management Digital Marketing CXO MCA Operations Management Data Analytics Artificial Intelligence Finance Degree PGDM Design Thinking Data Science Public Policy Others MBA others Cybersecurity Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details The K Raheja Corp-backed REIT has bought the asset through acquisition of 100% equity in Mack Soft Tech (MSTPL), the owner of Q-City. Mindspace REIT has carried out the acquisition through its asset special purpose vehicle Horizonview Properties. Following the acquisition, the asset will now be rebranded as 'The Square, 110 Financial District' and marks the REIT's strategic entry into one of Hyderabad's fastest-growing commercial micro-markets. The transaction is aligned with Mindspace REIT's strategy of disciplined expansion within its core markets. The asset located opposite the U.S. Consulate and within 1 km of the upcoming Wipro Circle metro station, offers robust last-mile connectivity. It is currently 65% leased and expected to benefit from Mindspace REIT's tenant network and asset enhancement capabilities to fill up the remaining space. Live Events 'We have just closed our first large external acquisition, a decisive milestone in Mindspace REIT's growth journey. The campus, located in the Financial District, further strengthens our foothold in Hyderabad. The market is India's hottest GCC institutional-quality supply extremely tight and virtually no major investment-grade assets on the market, the timing is ideal,' said Ramesh Nair, CEO & MD of Mindspace Business Parks REIT. The gross acquisition price stands at Rs 496 crore, implying a capital value of Rs 6,130 per sq ft, and represents an 11.6% discount to an independent valuation. The deal delivers an attractive 9.9% implied cap rate and is expected to add Rs 53.5 crore to the REIT's proforma net operating income on a stabilized basis, translating to a 2.6% boost to 2024-25 earnings. The transaction was funded through debt. Following the acquisition, Mindspace REIT's Hyderabad portfolio will grow to over 16 million sq ft, while its overall portfolio will increase from 37.1 million sq ft to 37.9 million sq ft. The Gross Asset Value will rise to Rs 37,143 crore from Rs 36,647 crore, and the Loan-to-Value (LTV) ratio will edge up to 25.1% from 24.3%. The value-accretive acquisition will raise the Net Asset Value by Rs 1.8 per unit. The deal strengthens Mindspace REIT's Hyderabad presence to over 16 million square feet, in aggregate. Hyderabad is one of India's most coveted commercial markets, characterized by high GCC demand, minimal institutional-grade vacancy, and strong tenant preference. With Hyderabad now hosting over 350 global capability centres and robust demand from tech and BFSI occupiers, Mindspace REIT is strategically positioned to benefit from the city's ongoing office space expansion westward. Supported by a talent pool and progressive state policies, the city continues to attract key global occupiers. The Financial District, once a government-led vision, has evolved into a prime business corridor with robust expressway connectivity, expanding metro access, and world-class infrastructure. Global organizations including Amazon, Google, Apple, Microsoft, Infosys , Wipro, TCS , and Honeywell already anchor in the micro-market. As unabsorbed demand shifts from Madhapur and HITECH City to Financial District and Gachibowli, due to limited supply and strong office demand, Hyderabad's Western Corridor is firmly positioned for the next decade of GCC growth.
Globe and Mail
15 hours ago
- Business
- Globe and Mail
Chimera Investment Corporation Sets Date for Second Quarter 2025 Earnings Release and Conference Call
Chimera Investment Corporation (NYSE: CIM) (the "Company") announced today that it will release its financial results for the second quarter ended June 30, 2025, on Wednesday, August 6, 2025, prior to 7:00 a.m. Eastern Daylight Time (EDT). The Company will host a conference call and live audio webcast to discuss the results on Wednesday, August 6, 2025, at 8:30 a.m. EDT. Call-in Number: U.S. Toll Free: (866) 604-1613 International: (201) 689-7810 Webcast: Conference Call Replay: U.S. Toll Free: (877) 660-6853 International: (201) 612-7415 Conference ID: 13754918 A replay of this call can be accessed through Wednesday, August 20, 2025. If you would like to be added to the e-mail distribution list, please visit click on News & Events, and complete the email notification form. About Chimera Investment Corporation Chimera is a publicly traded real estate investment trust, or REIT, that is primarily engaged in the business of investing for itself and for unrelated third parties through its investment management and advisory services in a diversified portfolio of real estate assets, including residential mortgage loans, Non-Agency RMBS, Agency RMBS, business purpose and investor loans, including RTLs, MSRs, and other real estate-related assets such as Agency CMBS, junior liens and HELOCs, equity appreciation rights, and reverse mortgages.
