Capitaland Mall Trust (CMT)

CMT, CCT propose merger to create largest REIT in Singapore, third largest in Asia Pacific

SINGAPORE (Jan 22): CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) are proposing to merge into a diversified commercial real estate investment trust (REIT) to be named CapitaLand Integrated Commercial Trust (CICT).

The merged entity is expected to have a market capitalisation of $16.8 billion and a combined property value of $22.9 billion, making it the largest REIT in Singapore and the third largest in Asia Pacific.

CICT brings together CMT’s portfolio of 15 malls in Singapore with CCT’s portfolio of 10 office assets in Singapore and Germany.

Singapore stocks tank as Iran launches missile attacks on US bases in Iraq

SINGAPORE (Jan 8): The Singapore Exchange (SGX) saw a sea of red on Wednesday morning, as investors woke to news that Iran had fired a series of missiles at two US-Iraqi airbases.

The attacks are believed to be in retaliation for the killing of Iranian General Qassem Soleimani by American forces last week.

The Straits Times Index (STI) opened 36.58 points lower, or down 1.12%, on Wednesday.

The benchmark index continue to fall to as low as 3,193.31 points – some 1.68% lower than the previous close of 3,247.86 points on Tuesday – before paring some of the losses.

REITs have had a good run, yield compression may have come to an end

(Nov 18): Yields on 10-year Singapore Government Securities have been rising, albeit gently from a low base (see Chart 1). Similarly, yields on 10-year US Treasuries are also rising, from a low of 1.4% in September to 1.945% as at Nov 11 (see Chart 2). On Oct 30, the US Federal Reserve, through a statement by the Federal Open Market Committee, announced a 25-basis-point cut in the Fed funds rate to 1.5% to 1.75%.


Analysts neutral on CapitaLand Mall Trust on weak retail outlook, but AEIs may help spur growth

SINGAPORE (Oct 23): Analysts are keeping a rather neutral stance on CapitaLand Mall Trust (CMT) following its results announcement on Oct 21.

The trust posted a 4.8% increase in its 3Q19 DPU to 3.06 cents from 2.92 cents in 3Q18, with distributable income increasing 9.1% y-o-y to $113.0 million.

Gross revenue also grew 17.9% y-o-y to $201.1 million, mainly due to the completion of the acquisition of the remaining 70.0% interest in Westgate on Nov 1, 2018, and the opening of Funan after a three-year redevelopment on June 28, 2019.

CapitaLand Mall Trust posts 4.8% rise in 3Q DPU to 3.06 cents

SINGAPORE (Oct 21): The manager of CapitaLand Mall Trust (CMT) has announced distribution per unit (DPU) of 3.06 cents for the 3Q19 ended September, some 4.8% higher than DPU of 2.92 cents a year ago.

Distributable income for 3Q19 was 9.1% higher at $113.0 million, compared to $103.5 million in 3Q18.

3Q19 gross revenue jumped 17.9% to $201.1 million, from $170.5 million a year ago.

Co-working here to stay, even if WeWork does not work out

SINGAPORE (Oct 4): Things have not been working out these past couple of weeks for co-working space operator WeWork.

First, its controversial co-founder and CEO, Adam Neumann, stepped down following concerns about corporate governance and the money-losing startup’s aggressive spending. Then, WeWork withdrew the prospectus for its initial public offering (IPO), pulling the rug from under one of the most hotly anticipated IPOs this year.

WeWork's cancelled IPO to have limited impact on CCT

Singapore (Oct 7): WeWork’s aborted IPO, announced amid questions over corporate governance, mounting losses and unrealistic valuations, has raised questions over whether the office space leasing company can meet its commitments for properties it plans to lease that are not operational yet. Among those in key global cities is 21 Collyer Quay in Singapore, better known by its former name, the HSBC Building.


After fun at Funan, will CapitaLand Mall Trust turn its sights to Jewel Changi for added shine?

SINGAPORE (July 25): The reopening of CapitaLand Mall Trust’s (CMT) Funan shopping mall after a three-year redevelopment was met with much fanfare late last month.

Comprising a six-storey retail mall, two six-storey office blocks and a Lyf-branded serviced residence, the mixed-use development on North Bridge Road is one of 15 properties owned by CMT.

The retail portion comprises 507,000 sq ft of gross floor area and 320,000 sq ft of net lettable area, while the office component consists of 260,000 sq ft of GFA and around 210,000 sq ft of NLA.

CapitaLand Mall Trust records 3.9% rise in 2Q DPU to 2.92 cents

SINGAPORE (July 23): The manager of CapitaLand Mall Trust (CMT) has announced distribution per unit (DPU) of 2.92 cents for the 2Q19 ended June, some 3.9% higher than DPU of 2.81 cents a year ago.

Distributable income to unitholders rose 7.7% to $107.7 million, from $100.0 million a year ago.

2Q19 gross revenue grew 10.6% to $189.5 million, from $171.4 million a year ago, mainly due to the completion of the acquisition of the remaining 70% interest in Westgate in November last year.

New Funan gives CMT an immediate boost in AUM, subsequent lift to NAV, NPI and DPU

(July 8): On June 27, Will Butler-Adams, CEO of Brompton Bikes, could be seen around Funan, where -Brompton Bikes was readying its flagship store in Southeast Asia called Brompton Junction. One of the bikes is a Lion City Special Edition bike. On June 29, Butler-Adams led a group of some 300 local Brompton bike owners for a cycle ride from Labrador Park to Funan, where there are end-of-trip facilities. For a free shower, the QR code on the CapitaStar app can be used to enter the shower/changing rooms.

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