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Cache Logistics Trust
24-10-2014, 06:32 AM.
Post: #31
RE: Cache Logistics Trust
http://www.businesstimes.com.sg/companie...lts-for-q3

Cache Logistics Trust produces steady set of results for Q3
By
Claire Huanghuangjy@sph.com.sg@ClaireHuangBT
BT_20141024_CHCACHE24_1334524.jpg Mr Cerf says the trust has increased its financial flexibility.
24 Oct5:50 AM
Singapore

MAINBOARD-LISTED Cache Logistics Trust posted a distribution per unit (DPU) of 2.140 Singapore cents for the third-quarter of 2014, up 0.7 per cent from a year ago.

The distribution will be paid by Nov 26.

Gross revenue rose slightly by 0.4 per cent in the third-

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24-10-2014, 02:42 PM.
Post: #32
RE: Cache Logistics Trust
Cache Logistics Trust’s net property income inched down 0.5 percent to $19.5 million for the third quarter ended 30 September, as a result of higher property maintenance expenses and lease commissions. However, a larger positive distribution adjustment ensured that the income available for distribution grew 1.2 percent to $16.7 million. Cache declared a distribution per unit of $0.0214, up 0.7 percent year-on-year (y-o-y).

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21-01-2015, 11:35 PM.
Post: #33
RE: Cache Logistics Trust
Industrial property is doing the heavy lifting in market movements
BEN WILMOT THE AUSTRALIAN JANUARY 22, 2015 12:00AM

INDUSTRIAL property is continuing to set the pace early this year with deals by Fife Capital and Singapore’s Cache Logistics Trust worth about $120 million in train.

Sydney’s boutique fund manager Fife Capital is looking at the purchase of about $50m worth of properties in and around Dandenong from Melbourne’s Elite Property Group.

The deal, thought to be being brokered by Knight Frank, is yet to be completed, sources said, citing confidentiality provisions. However, it is understood the properties are destined for a an unlisted fund rather than the Fife-managed Australian Industrial REIT, which is trying to fight off a takeover attempt by Tony Pitt’s larger 360 Capital Industrial Fund.

Sources suggested the fund was not in a position to purchase properties on tight yields and was focused on its takeover defence.

Earlier this week, the larger 360 Capital Industrial Fund lifted its distribution forecasts for the next two years, ramping up the pressure on Australian Industrial REIT, which has rebuffed its offer.

Separately, the Singapore-­listed Cache has emerged as a lead contender for the McPhee logistics portfolio that has been bid at close to $70m. The assets, which once caught the eye of Fife Capital, are likely to go to the Singaporean trust, which owns a portfolio of 13 warehouse properties across Singapore and China.

The portfolio, being handled by Colliers International, features three warehouse and logistics facilities in NSW, Victoria and Queensland that span 56,601sq m of building area.

The properties are in Chester Hill, NSW, Somerton, Victoria, and Coopers Plains in Queensland and carry a substantial weighted average lease to expiry of 9.5 years by income.

Buying the buildings, which generate a passing income of $5.06m per annum would mark the Singaporean group’s entry into Australia and give it the opportunity to add value to the assets.

This month, the group said it planned to leverage on its broad Asia Pacific mandate and in Australia it mentioned plans to focus on institutional-grade warehouses with good credit tenants.

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28-01-2015, 10:44 AM.
Post: #34
RE: Cache Logistics Trust
CACHE Logistics Trust on Tuesday reported a distribution per unit (DPU) of 2.146 Singapore cents for its fourth quarter ended Dec 31, 2014, slightly higher than the 2.137 Singapore cents it paid out a year ago.

This will be paid on Feb 27, 2015. The books closure date is Feb 4, 2015.

The trust's gross revenue dipped 0.4 per cent to S$20.6 million, while net property income dipped one per cent to S$19.4 million.

The decrease in net property income was due mainly to lower gross revenue from vacancies and tenants' rent-free period, as well as higher property maintenance expenses and lease commissions, it said.

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09-02-2015, 10:35 PM.
Post: #35
RE: Cache Logistics Trust
Cache Logistics Trust buys McPhee logistics portfolio
BEN WILMOT THE AUSTRALIAN FEBRUARY 10, 2015 12:00AM

SINGAPORE’S Cache Logistics Trust has snapped up the McPhee logistics portfolio in a $70 million play that marks its entry into the hot Australian industrial property market.

The purchase of the assets, flagged last month by The Australian, could be the start of a larger shift into Australia by the Singaporean trust, which is among the top Asia-Pacific owners of logistics property.

Cache is the latest of the new breed of international investors to forge into the local industrial property market, with funds ­giants Invesco and M&G Real ­Estate, as well as Malaysia’s KWAP, also making inroads.

Rival Singapore-listed Cambridge Industrial Trust, which yesterday launched a European roadshow, has also been scouring local markets for assets.

The chief executive of Cache’s manager, Daniel Cerf, called the move a “strategic investment” into Australia, and said it was in line with the manager’s strategy.

“The addition of three quality distribution warehouses on freehold land will not only strengthen the portfolio, but also provide income and geographical diversification,” he said.

Flagging ambitions to expand locally, Mr Cerf said: “These, being our first acquisitions in Australia, further demonstrate our interest in continuing to grow Cache accretively and in a prudent manner.”

McPhee Distribution Services, the fourth generation Australian-owned family transport business that specialises in providing warehousing and distribution services, flagged its own growth plans.

“As the McPhee Group continues to expand in Australia, we hope to strengthen our relationship with Cache on other potential business opportunities,” said managing director Jay McPhee.

The deal was handled by Gavin Bishop, Peter Dale, Tony Iuliano and Simon Beirne of Colliers International.

The portfolio features three warehouse and logistics facilities in NSW, Victoria and Queensland that span 56,601sq m of building area. The properties carry a substantial weighted average lease to expiry term of 9½ years by income.

Buying the buildings, which generate a passing income of $5.06m per annum, gave the portfolio sale a yield of about 7 per cent. The total acquisition cost was about $75.6m once stamp duty and transaction expenses were taken into account.

The three distribution warehouses will be fully leased to tenants including McPhee, Linfox Australia and Stirling Holdings.

The portfolio has fixed annual escalations of 3-3.5 per cent.

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09-02-2015, 11:25 PM.
Post: #36
RE: Cache Logistics Trust
I find it a little inconceivable that with all the uncertainties surrounding the extension of the tax exemption on foreign-sourced income received from overseas properties that CLT would proceed with an foreign acquisition at this time.

Does ARA knows something we dun? Or do they have a strategy to mitigate the impact in the event that the tax exemption is not extended?

Considering the list of potential pipeline of asset acquisitions from sponsor CWT, it makes this decision even more inexplicable.

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09-02-2015, 11:59 PM.
Post: #37
RE: Cache Logistics Trust
(09-02-2015, 11:25 PM)lonewolf Wrote: I find it a little inconceivable that with all the uncertainties surrounding the extension of the tax exemption on foreign-sourced income received from overseas properties that CLT would proceed with an foreign acquisition at this time.

Does ARA knows something we dun? Or do they have a strategy to mitigate the impact in the event that the tax exemption is not extended?

Considering the list of potential pipeline of asset acquisitions from sponsor CWT, it makes this decision even more inexplicable.

Well, it looks like they are trying to beat the 31 March 2015 dead line.........................................

- Pursuant to the terms of the SPAs, the completion of the Acquisitions is expected to take place on 27 February 2015
- foreign-sourced interest income and / or trust distributions, net of relevant withholding tax, received from MIT will be granted income tax exemption in Singapore under Section 13(12) of the Income Tax Act, Chapter 134 of Singapore (“ITA”), subject to qualifying conditions being fulfilled.
http://infopub.sgx.com/FileOpen/Cache_Pr...eID=334119
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Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.

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10-02-2015, 08:20 AM.
Post: #38
RE: Cache Logistics Trust
(09-02-2015, 11:25 PM)lonewolf Wrote: I find it a little inconceivable that with all the uncertainties surrounding the extension of the tax exemption on foreign-sourced income received from overseas properties that CLT would proceed with an foreign acquisition at this time.

Does ARA knows something we dun? Or do they have a strategy to mitigate the impact in the event that the tax exemption is not extended?

Considering the list of potential pipeline of asset acquisitions from sponsor CWT, it makes this decision even more inexplicable.

Lonewolf san

I'm not a tax expert unlike Leonard Ong of KPMG. However, I suspect he is just fear mongering. Big Grin

E.g. Under normal circumstances, a company could apply for relief on s13(8) of the income tax act. If the company is unable to do that, it can still rely on s13(12). One of the crucial issues is whether the headline tax in the country whereby the property is situated in has a headline tax of at least 15%. Another important point is the domicile of the holding company (or intermediate holding company). The bottomline is that without the extension of the tax exemption, the REIT might still be able to claim exemption, except that it is not automatic, i.e. more paperwork is involved.....

If you wish to read more about s13(12), here is more literature:

Tax Exemption for s13(12) - specific scenarios

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10-02-2015, 10:39 AM.
Post: #39
RE: Cache Logistics Trust
Moody's Likes Cache Logistics Trust's Australia Foray
Posted on 10 February 2015 10:18 | DOW JONES INSTITUTIONAL NEWS

0218 GMT [Dow Jones] Moody's Investors Service says that Cache Logistics Trust's (K2LU.SG) proposed acquisition of three warehouses in Australia will increase its portfolio size, expand its geographical exposure beyond existing assets in Singapore and China, as well as enhance income diversification. "We expect Cache to benefit from the recurring cash flow generation from these three distribution warehouses, which are fully leased and have a long weighted average lease expiry profile of 9.7 years," Jacintha Poh, an analyst at Moody's, says in a note. Cache's investment portfolio size will also increase to S$1.2 billion after the acquisition, from S$1.12 billion at Dec. 31, it notes. Cache is down 0.9% at S$1.16, underperforming the benchmark Straits Times Index that's up 0.1%. (gaurav.raghuvanshi@wsj.com)

Editor: KLH

(END) Dow Jones Newswires

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23-04-2015, 11:25 AM.
Post: #40
RE: Cache Logistics Trust
22 Apr6:08 PM

CACHE Logistics Trust on Wednesday reported a 0.3 per cent increase in distribution per unit (DPU) to 2.146 Singapore cents for its first quarter ended March 31, 2015.

Gross revenue rose 1.6 per cent to S$21 million, while net property income rose 0.6 per cent to S$19.7 million.

"The increase in net property income is mainly due to build-in rental escalation within the portfolio's lease and contribution of gross revenue from the Australian properties, offset by vacancies and higher property maintenance expenses and lease commissions," the industrial Reit said.

Cache will pay its distribution of 2.146 cents per unit on May 27, 2015. The books closure date is April 30, 2015.

Its counter added one cent to finish at S$1.20 on Wednesday.

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