Suntec REIT

[greentea]

http://btd.sg/1Jt0zez : Suntec Reit divests Park Mall for S$411.8 million

[cyclone]

Previous announcement : Suntec REIT divests Park Mall for S$411.8 million
Now the divestment has been completed.

[CY09]

http://www.straitstimes.com/lifestyle/fa...tor=CS1-10

Retail nightmare starting soon for central region malls

[corydorus]

http://www.straitstimes.com/lifestyle/fa...tor=CS1-10

Retail nightmare starting soon for central region malls

This has been going on for a few cycles already. So far Suntec Reit results holds up well surprisingly from others.  AEI works and active works on the parkmall and Australia investment helps.

[cyclone]

ARA Trust Management (Suntec) Limited, in its capacity as manager of Suntec REIT, announces the following changes:
1. the retirement of Mr Yeo See Kiat as Chief Executive Officer and Executive Director of the Manager with effect from 31 December 2016; and
2. the appointment of Mr Chan Kong Leong as Chief Executive Officer and Executive Director of the Manager with effect from 1 January 2017.

[cyclone]

Acquisition of 100% Interest in Freehold Grade A Office Building at  55 Currie Street, Adelaide, Australia

ARA Trust Management (Suntec) Limited, the manager of Suntec Real Estate Investment Trust, announced that Suntec REIT through its wholly-owned sub trust, Suntec REIT 55 Trust, has entered into a contract of sale and purchase to acquire 100% interest in the freehold Grade A office building located at 55 Currie Street, Adelaide, South Australia for a purchase consideration of A$148.3 million.

On Suntec REIT’s first foray into Adelaide, Mr Chong said, "We are pleased to expand our footprint in Australia with the acquisition of 55 Currie Street, a Grade A office building situated in the heart of Adelaide’s central business district. Underpinned by a strong cashflow of high quality office tenants, the initial net property income yield of 8.0% will provide immediate DPU accretion upon completion of the acquisition by end August 2019. Unitholders will also enjoy income stability with growth through the annual rental escalations of between 3.50% to 3.75%."

The twelve-storey property has an approximate net lettable area of 282,000 sq ft and had undergone several rounds of refurbishment. In the recent asset enhancement exercise completed in 2018, major mechanical and electrical plant and equipment that were upgraded included the lift system, chillers and building management system. Solar panels were also installed to improve the sustainability of the building. A 4.5-star NABERS Energy rating was obtained after the upgrading. In addition, end-of-trip facilities were installed together with the upgrading of the central atrium, lift lobbies and toilets.

The property has a committed occupancy of 91.6% with the Commonwealth Government, South Australian Government, Allianz and Data Action as the key tenants. In addition, the vendor will provide a 27-month rent guarantee for the vacant spaces. The property has a weighted average lease expiry of 4.4 years.

More details in :
1. https://links.sgx.com/FileOpen/Suntec-Ac...eID=570377
2. https://links.sgx.com/FileOpen/Suntec-Pr...eID=570378
3. https://links.sgx.com/FileOpen/Suntec-Pr...eID=570379

[¯|_(ツ)_/¯]

With uncertainty on when the situation could improve and after considerable deliberation and review between Suntec Singapore and BATU, a one-off workforce rationalisation plan has now been announced. This will affect 85 roles across the company including sales, operations and support functions such as finance and HR.

At present, Suntec Singapore employs 149 locals and 29 non-locals (84% locals and 16% nonlocals). With the retrenchment of the 85 roles comprising 60 locals and 25 non-local staff, Suntec Singapore will maintain a core of 89 locals and 4 non-locals (96% locals; 4% non-locals) that possess the best fit of experience, qualifications, knowledge and skills to bring the business forward post COVID.

Stay home and stay healthy, everyone.

[¯|_(ツ)_/¯]

Suntec -
The Manager’s investment focus is in key cities that have strong fundamentals, stable growth and similar risk-return profile as Singapore and Australia.

The United Kingdom is a highly attractive investment destination due to the following:
- It is the 2nd largest economy in Europe
- Received approximately US$0.6 trillion in Foreign Direct Investments between 2015 and 2019; One of the top recipients in Europe
- Home to highly innovative firms and world class science and research base
- London's CBD office stock is the largest amongst key European cities, providing liquidity for investments;

The London commercial property market is expected to remain resilient in the long term.

https://links.sgx.com/FileOpen/Suntec%20...eID=641464


The property is developed by Landsec and Landsec will continue to provide property management services to the property.

Stay home and stay safe, everyone.

[weijian]

Even a layman like me understand the uncertainties of Brexit does on London (and noting how London voted against Brexit).

A captive buyer for their JV partner Land Securities?

[¯|_(ツ)_/¯]

Suntec reit @ 146 - buying more London property - Minster Building.


Suntec REIT is pleased to announce that it has entered into sale and purchase agreements to divest a portfolio of strata units at Suntec City Office for S$197.0 million (8.9% premium) and acquire a 100% interest in a Grade A office building with ancillary retail (”The Minster Building”) located in the heart of City of London for an agreed value of £353.0 million (S$667.2 million).

Mr. Chong Kee Hiong, Chief Executive Officer of the Manager, said, “We are pleased to expand our footprint in London with the acquisition of The Minster Building. The Grade A office development is a strategic fit with Suntec REIT’s existing portfolio and will enhance the resilience, diversification and income stability of Suntec REIT’s portfolio. The property has an income yield of 4.5% and long weighted average lease expiry of 12.3 years.”
https://links.sgx.com/FileOpen/Suntec%20...eID=672945



Stay home and stay safe, everyone.