REIT Oracle

The Osaka data centre was purpose-built and completed in July 2021. It offers 19,900 kilowatts (kW) of critical IT load and is situated on sponsor Digital Realty’s Osaka connected data centre campus, servicing “a diverse community of leading hyperscale and technology companies”, according to a March 26 announcement.

FCT has announced the launch of an equity fund raising (EFR) of no less than $400 million, comprising a placement of $200 million at a price of $2.07 to $2.113 per unit, which translates into a discount of 1.8% to 3.8% of adjusted VWAP; and a preferential offer of $200 million with unit prices ranging from $2.03 to $2.07, representing a discount to VWAP of 3.8% to 5.7%.

In a March 3 bourse filing, the manager of Elite UK REIT says the vacant property was valued at GBP600,000 at end-2024 based on an independent valuation conducted by CBRE.

Sitting on a land parcel of approximately 4.6 acres, the office project is part of a mixed-used development with a total net leasable area of approximately 1.36 million sq ft. The mixed-use development is a flagship commercial project of Maia, comprising office and retail space with net leasable areas of 1.13 million sq ft and 0.22 million sq ft respectively. As part of the forward purchase arrangement, CLINT will fully fund the development of the office project and receive interest on the funding at a rate which is higher than its borrowing cost. Upon completion of the development and stabilisation, CLINT is expected to acquire the office space in 1H 2030, while Maia will retain the retail portion. The purchase price of the office space is estimated to be INR14,717 million / S$233.6 million.

The manager said the net proceeds of about US$39 million from the Plaza divestment, coming on the heels of the sale of its Capitol for a net consideration of US$110 million, would enable the Reit to pay off US$130.7 million in loans maturing in 2025, and get an early start on paying down debts maturing in 2026.

Following the divestment, the Reit’s portfolio occupancy will stand at 96.6 per cent, while its weighted average lease expiry by net lettable area will improve from 6.3 years to 7.4 years.

Cuscaden Peak, held by Mapletree Investments and CLA Real Estate Holdings, became the sponsor of Paragon REIT in April 2022, after the completion of the acquisition of Singapore Press Holdings' non-media assets.

The properties are located in Senai Airport City, an industrial and manufacturing hub in the Senai region, which is part of the Johor-Singapore Special Economic Zone in Malaysia.

The three properties – three single-floor detached factories that are each annexed with a two-storey office block – are expected to be completed in the first quarter of 2025.

Teo noted that the FY2024 NOI yield of the two hotels is 230 basis points higher than the blended exit yield of about 2 per cent for the four previous divestments in Japan.

She said: “By swiftly redeploying divestment proceeds into these higher-yielding assets, we have fully replaced the income from the four divested properties. Clas continues to focus on delivering growth by ensuring our portfolio is well-positioned to capture lodging demand.”

However, the net proceeds of US$23.2 million from the divestment is about 10.2 per cent, or US$2.6 million, lower than the book value of the property, which stood at US$25.8 million as at Jun 30, 2024.