IREIT Global declares 7.6% lower 4Q DPU of 1.46 cents

IREIT Global declares 7.6% lower 4Q DPU of 1.46 cents

By: 
PC Lee
14/02/18, 09:56 pm

SINGAPORE (Feb 14): The manager of IREIT Global has declared a DPU of 1.46 cents for 4Q17, 7.6% lower than the distribution of 1.58 cents in 4Q16.

This brings FY17 DPU to 5.77 cents, 8.8% lower compared to the DPU of 6.33 cents declared in FY16.

IREIT Global Group says net property income and distributable income grew by 0.3% and 3.1% year-on-year, respectively, to EUR7.9 million ($12.9 million) and EUR6.6 million in 4Q17.

Contributing to this set of steady results was continued firm rental income from its portfolio of five quality freehold assets in Germany, as well as the 10% rental uplift at Bonn Campus after the CPI-linked hurdle rate was crossed in December 2016.

For FY17, net property income came in at EUR31.5 million, up 2.2%, while distributable income rose by 1.7% to EUR26.0 million.

As at Dec 31 2017, IREIT's portfolio valuation stood at EUR463.1 million versus EUR453.0 million a year ago.

Together with the partial loan repayments of EUR2.55 million in 2H17, IREIT’s aggregate leverage improved 1.3 percentage points year-on-year to 40.3% as at Dec 31 2017.

Aymeric Thibord, the CEO of IREIT Global Group, says, “In the year ahead, its portfolio performance should continue to be supported by its blue-chip tenant base and long leases, with notably no lease expiry in 2018.”

Looking ahead, IREIT Global will continue to pursue its growth strategy based on the four pillars of seeking diversification, adopting a long-term approach, achieving scale, and leveraging on Tikehau Capital’s established local presence.

IREIT Global Group, a subsidiary of pan-European asset management and investment firm Tikehau Capital.

Units in IREIT Global closed at 78 cents on Wednesday.

DBS kept at 'buy' with still more upside expected ahead: RHB

SINGAPORE (Jan 21): RHB Research is maintaining its “buy” call on DBS Group Holdings with an unchanged target price of $29.80. This comes on the back of expectations of still more upside ahead, led by widening net interest margin (NIM). Analyst Leng Seng Choon notes that the 3-month SIBOR has been on a rising trend. It currently stands at 1.89%, after hitting an average of 1.73% in 4Q18 – some 0.1 percentage point higher than the preceding quarter. While he explains that there is some lag effect from the SIBOR rise to filter through to NIM widening, Leng believes DBS’ 4Q18 NIM....
Read More >>

Temasek ramps up pressure over Standard Chartered turnround: FT

SINGAPORE (Jan 21): Standard Chartered’s largest investor Temasek has grown frustrated with the slow pace of chief executive Bill Winters’ turnround, according to a report by The Financial Times of UK, and is stepping up pressure on the UK-listed bank ahead of his pivotal strategy update in February. The Singapore state investment company, which owns about 16% of StanChart, was reported by FT to be asking for more frequent and detailed briefings from top executives and even floated the prospect of taking a board seat in a meeting last year, two people with knowledge of the discussion to....
Read More >>

Ascendas-Singbridge properties to house public EV charging network with help from SP Group

SINGAPORE (Jan 21): Ascendas-Singbridge Group is appointed as Singapore Power (SP) Group’s first major location partner in its plans to build “Singapore’s largest and fasted public EV charging network” with 1,000 charging points island-wide by 2020. Under the partnership, 24 charging points were installed in six buildings owned by Ascendas-Singbridge – Hyflux Innovation Centre at  80 Bendemeer Road, Corporation Place, Techlink, Techplace I, The Capricorn and The Kendall – with operations commencing in phases since Dec 2018.   Main image: SP Group CEO Wong Kim Yin (l....
Read More >>