Frasers Property (formerly: Frasers Cpt (FCL))

[CityFarmer]

Interims due after 9 May 14, Friday mkt close...

http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

Yes, looking forward for the result, and the dividend of course.

[greengiraffe]

As indicated by CIMB analyst, amongst the top 7 non-reit property companies by market cap (of which FCL now is currently ranked 7th), only HK Land consistently declares interim dividends over the years.

Should FCL declares an interim, the interim dividend policy will continue from its previous track record as an unlisted company and reiterate its appeal as a potential yielder.

Keenly awaiting its maiden interims as an listed entity.

Vested
GG

Interims due after 9 May 14, Friday mkt close...

http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

Yes, looking forward for the result, and the dividend of course.

[greengiraffe]

Early days but after tasting the success in Central Park, Sydney one can expect FCL to be interested in sizable high profile developments should they be available...

Developers vie for a slice of Barangaroo
GREG BROWN THE AUSTRALIAN MAY 03, 2014 12:00AM

DEVELOPERS are jockeying for the next big opportunity in Sydney, with about 25 groups registering their interest in the $1 billion Central Barangaroo urban regeneration project.

Central Barangaroo has the potential for about 800 apartments, as well as retail, office space and civic space on Sydney Harbour.

The project has attracted a total of 140 registrations of interest from these groups as well as financiers, designers, architects and tenants, Barangaroo Delivery Authority chief executive John Tabart says.

The 3ha site will sit between Lend Lease’s $6bn commercial development at Barangaroo South and the northern precinct, called Headland Park, which is expected to have 6ha of parklands.

Half of the space in Central Barangaroo would be open to the public and for civic use, with a successful bidder to provide plans that would fund the development of these recreation and cultural spaces, Mr Tabart said.

“There’s a lot of culture and arts in this area, in Walsh Bay where there are already significant dance and theatre (areas) and we are planning for cultural arts (spaces) in Central Barangaroo,” he said.

In parallel with the development, expressions of interest would be sought from cultural organisations that would want space in the precinct, which could lead to museums or performing arts spaces in the area, Mr Tabart said.

At a Property Council of Australia presentation in Sydney yesterday, a partner of Chicago-based architectural firm Skidmore Owings & Merrill, Phil Enquist, who led the design of the precinct’s master plan, said Central Barangaroo would act like an urban theatre that linked the city to the waterfront, through Kent Street and potentially right up to Observatory Hill.

Grocon, Lend Lease, Iwan ­Sunito’s Crown Group, Meriton, Brookfield Asset Management and Frasers Property are among the developers expected to vie for the relatively low-rise site.

However, most of these companies would not comment when contacted by The Weekend Australian this week due to the early phase of the campaign.

Frasers Property Australia chief executive Guy Pahor indicated that it was on the company’s radar. The likes of Singaporean developers Far East Organisation and Hiap Hoe may also bid as they have been aggressive in chasing local apartment developments.

Local heavyweights Stockland, Mirvac Group and Australand Property Group are yet to register interest. Chinese giant Greenland Holding Group is also understood to have backed away from tendering for the development despite showing interest last year.

[greengiraffe]

Not sure if anyone has posted the link:

http://www.tccland.com/hotel.html

Interested investors can have a bird's eye view of the hotels / service residence holdings outside Thailand that TCC Land owns:

CAMBODIA Siem Reap Le Meridien Angkor, Siem Reap
LAOS Luang Prabang The Grand Luang Prebang
VIETNAM Hanoi Melia Hanoi
SINGAPORE InterContinental Hotels & Resorts, Singapore
CHINA Sakura Hotel, Kunming
Bank Hotel, Kunming
JAPAN Kobe ANA Crowne Plaza Hotel
MALAYSIA Kuala Lumpur Westin Hotels & Resorts
AUSTRALIA Novotel Rockford Darling Harbour
InterContinental Adelaide, Australia
Hyatt Hotel Canberra - A Park Hyatt Hotel, Australia
EUROPE London, UK The Park International Hotel
NORTH AMERICA New York, USA Plaza Athenee New York

Vested
GG

FCL gave more hints on the initial hospitality assets that could be anchoring its upcoming hospitality trusts.

In its maiden annual report pages 197 - 200, one can deduce by differentiating between completed investment properties and completed properties held for sale.

Under completed properties held for sale, I can only manage to trace down the following hospitality assets:

i) 80.5% held Fraser Suites Sydney with a (100%) book value of A$99m

ii) 87.5% held Fraser Suites Perth with a (100%) book value of A$125M

iii) 50% held Capri By Fraser, Changi City with a (100%) book value of S$101m. Viva REIT acquired the 251-room hotel in UE Bizhub East for a per key valuation of S$550k. Using similar benchmark, the 303-room Capri By Fraser, Changi City should be worth around $166.65m.

As the previously rumoured listing market cap of US$473m or S$600m for the hospitality reit, the classification of the above 3 assets sounds about right and TCC Assets may just need to contribute another 1 to 2 more assets for the initial listing assuming little gearing at the inception of the hospitality reit.

Vested
GG

http://infopub.sgx.com/FileOpen/Frasers%...leID=20041

I did further research on FCL on the pending listing of Fraser Hospitality Trust. On page 59 of the maiden annual report, the net book value of hospitality assets are worth in excess of S$1.6bn. The entire division chalked up EBIT of $70m possibly implying an unleveraged yield of around 4.3%.

Based on previous media speculation of the float size, it appears that the intended hospitality trust could have a very healthy pipeline of assets (currently FCL already has more than 3 times the speculated float value) in the years ahead once the relatively immatured assets are being nurtured to maturity. The pipeline may be enhanced with the indicated participation of unlisted parent TCC Assets.

Other catalysts for FCL going forward includes:

i) further asset light strategies on its retail mall assets - speculated next up to be 50% owned Changi City Point
ii) interim dividends payable based on its track record of unlisted entity. FCL paid an adjusted 6.9 cents DPS last years - a 50% payout ratio
iii) streamlining of F&N and FCL holdings between TCC and Inter Bev (Thai Bev)
iv) eventual improvement in free float of FCL that will enhance institutional participation and potential inclusion in major stock indices.

Vested
GG

Recap:

http://infopub.sgx.com/Apps?A=COW_CorpAn...7700387B4B

6 Feb 14 - "Thai tycoon Charoens FCL eyes $473 mln hospitality REIT in Q2 sources".

http://infopub.sgx.com/FileOpen/FCL-Tham...eID=286023

12 Mar 14 - RECEIPT OF ELIGIBILITY-TO-LIST FOR PROPOSED REIT LISTING

http://infopub.sgx.com/FileOpen/Frasers_...eID=288920

31 Mar 14 - Marking Sweet 16 with 92

Facts: PBIT for Hospitality S$69.7m or 12% of total group PBIT for year ending 30 Sept 2013.

With financial engineering for the floating of REIT and with the potential participation of TCC Group, it appears that another platform for value creation will soon be established.

Vested
GG

[newyorkcityboy]

Frasers centre point has acquired Sofitel Sydney wentworth for a$200 mil. Or about $458k per key.
Frasers join other Asian groups such as Mirae, TA Global as hotel owners in Sydney.

[toiletsiao]

can provide link to this piece of news? cant seem to locate this at this moment

[greengiraffe]

Frasers buys Wentworth

Larry Schlesinger
305 words
7 May 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Listed Singapore property group Frasers Centrepoint is understood to have bought the five-star Sofitel Sydney Wentworth in the biggest hotel deal of the year.

Frasers owns and operates $1 billion worth of apartment hotels in Australia through subsidiary, Frasers Hospitality.

The deal was struck at a price in excess of $200 million for the 436-room hotel, which was Sydney's first five-star hotel when it opened in 1966.

The hotel was put up for sale by global real estate manager LaSalle Investment Management late last year.

LaSalle acquired it from Tourism Asset Holdings (TAHL) for $130 million in 2010 for its $3.1 billion LaSalle Asia ­Opportunity Fund III.

The sale was handled by Craig Collins of JLL Hotels and alongside Sam McVay, of McVay Real Estate. Neither wished to comment.

The Sofitel Wentworth is leased to Australia's biggest hotel group Accor on a long-term agreement in excess of 10 years. LaSalle sought to exit its investment, to take advantage of improving CBD hotel values amid rising demand for these strongly performing assets from Asian and Middle Eastern investors.

In August, Korea's Mirae Asset Global Investments purchased Sydney's Four Seasons Hotel for $340 million, in the biggest single hotel deal in Australian history. A month later the Abu Dhabi Investment Authority paid $800 million for 31 hotels leased or managed by Accor.

Sydney's five-star hotels ranked as the top-performing hotel market over the first quarter of the year, with a 90 per cent occupancy rate and revenue per available room (revPAR) rising 14 per cent to $290, STR Global figures show.

The property holdings of 130-year-old conglomerate Fraser & Neave, a company controlled by Thai billionaire Charoen Sirivadhanabhakdi, were spun off into the listed Frasers Centrepoint Group.


Fairfax Media Management Pty Limited

Document AFNR000020140506ea570001j

[MINX]

Frasers buys Wentworth

Larry Schlesinger
305 words
7 May 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Listed Singapore property group Frasers Centrepoint is understood to have bought the five-star Sofitel Sydney Wentworth in the biggest hotel deal of the year.

Frasers owns and operates $1 billion worth of apartment hotels in Australia through subsidiary, Frasers Hospitality.

The deal was struck at a price in excess of $200 million for the 436-room hotel, which was Sydney's first five-star hotel when it opened in 1966.

The hotel was put up for sale by global real estate manager LaSalle Investment Management late last year.

LaSalle acquired it from Tourism Asset Holdings (TAHL) for $130 million in 2010 for its $3.1 billion LaSalle Asia ­Opportunity Fund III.

The sale was handled by Craig Collins of JLL Hotels and alongside Sam McVay, of McVay Real Estate. Neither wished to comment.

The Sofitel Wentworth is leased to Australia's biggest hotel group Accor on a long-term agreement in excess of 10 years. LaSalle sought to exit its investment, to take advantage of improving CBD hotel values amid rising demand for these strongly performing assets from Asian and Middle Eastern investors.

In August, Korea's Mirae Asset Global Investments purchased Sydney's Four Seasons Hotel for $340 million, in the biggest single hotel deal in Australian history. A month later the Abu Dhabi Investment Authority paid $800 million for 31 hotels leased or managed by Accor.

Sydney's five-star hotels ranked as the top-performing hotel market over the first quarter of the year, with a 90 per cent occupancy rate and revenue per available room (revPAR) rising 14 per cent to $290, STR Global figures show.

The property holdings of 130-year-old conglomerate Fraser & Neave, a company controlled by Thai billionaire Charoen Sirivadhanabhakdi, were spun off into the listed Frasers Centrepoint Group.


Fairfax Media Management Pty Limited

Document AFNR000020140506ea570001j

Frasers CPT came out to say that the hotel is not in the bag yet. They are still talking

[greengiraffe]

http://infopub.sgx.com/FileOpen/CLARIFIC...eID=295712

Kudos to the power of valuebuddies and our resourceful buddies. Otherwise, I think FCL will not issue such clarifications.

Vested
GG

[greengiraffe]

Was reviewing Fraser Hospitality's assets and that of TCC Land's international portfolio alongside of the rumoured purchase of Sdyney Sofitel Wentworth, the purchase of the hotel may not be at odd with the both the related group's objectives.

In fact, the proposed hospitality REIT by FCL may have combined characteristics of CDL H REIT and Ascott REIT.

Anyway, hope to get more updates from interim results out tomorrow.

Vested
GG

Not sure if anyone has posted the link:

http://www.tccland.com/hotel.html

Interested investors can have a bird's eye view of the hotels / service residence holdings outside Thailand that TCC Land owns:

CAMBODIA Siem Reap Le Meridien Angkor, Siem Reap
LAOS Luang Prabang The Grand Luang Prebang
VIETNAM Hanoi Melia Hanoi
SINGAPORE InterContinental Hotels & Resorts, Singapore
CHINA Sakura Hotel, Kunming
Bank Hotel, Kunming
JAPAN Kobe ANA Crowne Plaza Hotel
MALAYSIA Kuala Lumpur Westin Hotels & Resorts
AUSTRALIA Novotel Rockford Darling Harbour
InterContinental Adelaide, Australia
Hyatt Hotel Canberra - A Park Hyatt Hotel, Australia
EUROPE London, UK The Park International Hotel
NORTH AMERICA New York, USA Plaza Athenee New York

Vested
GG

FCL gave more hints on the initial hospitality assets that could be anchoring its upcoming hospitality trusts.

In its maiden annual report pages 197 - 200, one can deduce by differentiating between completed investment properties and completed properties held for sale.

Under completed properties held for sale, I can only manage to trace down the following hospitality assets:

i) 80.5% held Fraser Suites Sydney with a (100%) book value of A$99m

ii) 87.5% held Fraser Suites Perth with a (100%) book value of A$125M

iii) 50% held Capri By Fraser, Changi City with a (100%) book value of S$101m. Viva REIT acquired the 251-room hotel in UE Bizhub East for a per key valuation of S$550k. Using similar benchmark, the 303-room Capri By Fraser, Changi City should be worth around $166.65m.

As the previously rumoured listing market cap of US$473m or S$600m for the hospitality reit, the classification of the above 3 assets sounds about right and TCC Assets may just need to contribute another 1 to 2 more assets for the initial listing assuming little gearing at the inception of the hospitality reit.

Vested
GG

http://infopub.sgx.com/FileOpen/Frasers%...leID=20041

I did further research on FCL on the pending listing of Fraser Hospitality Trust. On page 59 of the maiden annual report, the net book value of hospitality assets are worth in excess of S$1.6bn. The entire division chalked up EBIT of $70m possibly implying an unleveraged yield of around 4.3%.

Based on previous media speculation of the float size, it appears that the intended hospitality trust could have a very healthy pipeline of assets (currently FCL already has more than 3 times the speculated float value) in the years ahead once the relatively immatured assets are being nurtured to maturity. The pipeline may be enhanced with the indicated participation of unlisted parent TCC Assets.

Other catalysts for FCL going forward includes:

i) further asset light strategies on its retail mall assets - speculated next up to be 50% owned Changi City Point
ii) interim dividends payable based on its track record of unlisted entity. FCL paid an adjusted 6.9 cents DPS last years - a 50% payout ratio
iii) streamlining of F&N and FCL holdings between TCC and Inter Bev (Thai Bev)
iv) eventual improvement in free float of FCL that will enhance institutional participation and potential inclusion in major stock indices.

Vested
GG

Recap:

http://infopub.sgx.com/Apps?A=COW_CorpAn...7700387B4B

6 Feb 14 - "Thai tycoon Charoens FCL eyes $473 mln hospitality REIT in Q2 sources".

http://infopub.sgx.com/FileOpen/FCL-Tham...eID=286023

12 Mar 14 - RECEIPT OF ELIGIBILITY-TO-LIST FOR PROPOSED REIT LISTING

http://infopub.sgx.com/FileOpen/Frasers_...eID=288920

31 Mar 14 - Marking Sweet 16 with 92

Facts: PBIT for Hospitality S$69.7m or 12% of total group PBIT for year ending 30 Sept 2013.

With financial engineering for the floating of REIT and with the potential participation of TCC Group, it appears that another platform for value creation will soon be established.

Vested
GG