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K-REIT Asia (K71U.SG) is up 0.7% at $1.45 after posting 4Q results with distribution per unit of 1.71 cents, +17.9% on year and +1.2% on quarter.
But trade amounts to just 223,000 units changing hands, with investors’ interest subdued as the units are currently at their highest level since January 2008, while the market’s upbeat view on Singapore’s office sector has seen the units rise fairly steadily since K-REIT’s October announcement of an asset swap with Keppel Land (K17.SG) involving the acquisition of one-third interest in MBFC Phase 1.
But trade amounts to just 223,000 units changing hands, with investors’ interest subdued as the units are currently at their highest level since January 2008, while the market’s upbeat view on Singapore’s office sector has seen the units rise fairly steadily since K-REIT’s October announcement of an asset swap with Keppel Land (K17.SG) involving the acquisition of one-third interest in MBFC Phase 1.
DMG, which does not rate the units, says NPI increased 37.7% on year, largely driven by contributions from acquisitions; it notes there’s no debt maturing in 2011, with debt weighted term to maturity pushed out to 4.2 years from 1.4 years.
“K-REIT is expected to continue to benefit from the strong office rent outlook, with 90% of its Singapore portfolio located in Raffles Place and Marina Bay area.” The orderbook suggests a strong cap at $1.47.
