acquisitions

Mapletree Industrial Trust and Mapletree Investments to acquire US$1.4 bil data centre portfolio in North America

SINGAPORE (Sept 16): Mapletree Industrial Trust (MIT) and Mapletree Investments have formed a joint venture to acquire a US$1.4 billion ($1.9 billion) data centre portfolio in North America. The acquisition is expected to be DPU and NAV accretive to unitholders, says the manager of MIT. 

The manager of MIT said it plans to raise at least $350 million via a private placement to partially fund the acquisition. It plans to sell 158.3 million new units priced at between $2.211 and $2.265 each. Debt financing will also be used to fund the remainder.

Frasers Centrepoint Trust poised for re-rating as it enters next phase of growth

SINGAPORE (Sept 3): Units in Frasers Centrepoint Trust (FCT) have already surged more than 26% so far this year. But market watchers remain bullish on the retail REIT as it stands on the cusp of a re-rating.

For the latest 3Q19 ended June, FCT saw its income available for distribution rise 12.4% to $31.8 million, even as net property income dipped 1.1% to $34.6 million on the back of higher property expenses.

The higher expense arose from the absence of property tax refund which occurred in the same period a year ago.

ISOTeam poised to ride strategic acquisitions to stay out of the red

SINGAPORE (Aug 30): ISOTeam ended FY19 on a high, as it reversed out of the red on the back of higher revenue. Now, the building maintenance and estate upgrading company looks poised to ride a wave of strategic acquisitions to continue its growth trajectory.

The group saw its FY19 earnings surge 14-fold to $6.8 million, as full year revenue jumped 63% to $136.6 million.

All of the group’s segments recorded double-digit growth figures on the back of an increase in the number of projects as well as higher value projects such as the new nightclub at Marina Bay Sands.

Singapore’s beloved REITs could see more growth on possible rule change

(Aug 2): Investors in Singapore’s much-loved real estate investment trusts (REITS) may soon have another reason to cheer, as the central bank considers looser debt rules that could spur more acquisitions by property managers.

HC Surgical expands GP headcount by acquiring 25% stake in The Ming Clinic operator

SINGAPORE (May 31): HC Surgical Specialists, the Catalist-listed medical services provider, is acquiring a 25% stake in Medistar Services for $480,000 from three general practitioners (GPs), namely: Tan Hooi Wa, Roger Pang Heng Mun and Wong Yik Mun.

HC Surgical’s own GP, Lai Junxu, is also acquiring an additional 5% of share capital in Medistar.

Medistar operates a GP clinic, The Ming Clinic, at Camden Medical Centre.

Manulife US REIT acquires Virginia asset for US$122 mil; proposes US$94 mil private placement to fund deal

SINGAPORE (April 29): Manulife US REIT has agreed to acquire a freehold 11-storey Class ‘A’ office asset at the Washington Metropolitan area in Fairfax, Virginia, for a consideration of US$122 million ($166.1 million) from Carr Properties.

Comprising two towers dubbed Centrepointe I and II, the property is located along 4000 and 4050 Legato Road and features a total net lettable area (NLA) of 419,981 sq ft with 1,456 parking spaces.

Keppel asset management unit acquires 3 commercial buildings in Seoul for $510 mil

SINGAPORE (April 29): Keppel Capital Holdings, the asset management arm of Keppel Corporation Limited, says its Alpha Asia Macro Trends Fund III (AAMTF III) is acquiring 100% stakes in three Grade ‘A’ freehold commercial buildings in Seoul, Korea, for a total of KRW 430 billion ($510 million).

The portfolio of three commercial buildings comprises Yeouido Finance Tower at the Yeouido business district, Nonhyun Building at the Gangnam business district, and Naeja Building at the Gwanghwamun central business district.

Global Invacom cancels $280 mil acquisition of Tactilis due to 'difficulties' meeting agreement terms

SINGAPORE (April 22): Global Invacom, has cancelled its proposed US$200 million ($280 million) acquisition of Tactilis due to “difficulties in fulfilling all of the conditions precedent” in the sale purchase agreement (SPA) it signed with the vendor last year.

With the termination also comes the cessation of 5% coupon-rate convertible notes meant to be issued by Tactilus.

United Industrial Corp raises stake in Marina Centre to 77.34% with $675.3 million deal

SINGAPORE (April 13): United Industrial Corporation (UIC), a subsidiary of UOL Group, is acquiring a further 24.27% stake in its 53.07%-owned indirect subsidiary Marina Centre Private Holdings (MCH) for $485.3 million to be paid in cash.

10%, 10.27% and 4% of the sale shares will be purchased from vendors OUE Limited, Finnegan Investments Limited, and Mackmoor Pte Ltd for $200 million, $205.3 million and $80 million, respectively.

Singapore Myanmar Investco's sale of TPR Myanmar crumbles over unmet terms

SINGAPORE (April 8): Singapore Myanmar Invesco’s (SMI) intended sale of its telecommunication infrastructure subsidiary, TPR Myanmar, to Tiger Infrastructure for US$10.8 million ($14.4 million) has fallen through after the latter failed to fulfil terms of the sale share agreement (SSA) .

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