Croesus Retail Trust (CRT)

Croesus Retail Trust co-founder speaks up about going private

SINGAPORE (Jan 12): Last September, Croesus Retail Trust (CRT) was taken private by Blackstone Group at a higher price than it ever garnered in the public market.

The trust had traded below its net asset value (NAV) for most of the 4½ years it was listed.

“I was obsessed with closing the valuation gap,” says Jeremy Yong, who was managing director of CRT’s trustee-manager and co-founded the trust.

“We needed to make sure we were trading at fair value so that our acquisition currency was strong enough to acquire new assets,” he adds.

Croesus Retail Trust 4Q17 DPU 18.2% higher at 2.01 cents

SINGAPORE (Aug 18): The trustee-manager of Croesus Retail Trust (CRT) has announced a distribution per unit (DPU) of 2.01 cents for the 4Q17 ended June.

This represents an 18.2% increase from the restated DPU of 1.70 cents achieved in 4Q16 and brings 2H17 DPU to a total of 4.06 cents.

For 4Q17, CRT reported gross revenue of nearly JPY3 billion, an increase of 11.9% from JPY2.7 billion recorded in 4Q16.

Lessons learnt from Croesus Retail Trust

SINGAPORE (July 3): There was little to suggest that Croesus Retail Trust would leave any significant mark on the local real estate investment trust sector when it listed in 2013. For starters, it is not even a REIT. It is a business trust that simply chose to behave like a REIT – notably by paying out all of its distributable income. CRT was also not backed by a major property development group with a pipeline of assets for it to acquire and grow. Also, all its properties were in Japan, making them unfamiliar to many investors in Singapore.

RHB says to take profit on Croesus Retail Trust after $1.17 cash offer

SINGAPORE (June 29): RHB is upgrading Croesus Retail Trust (CRT) to “take profit” from “neutral”  following a proposed acquisition of all its issued units by Cyrus BidCo, a company incorporated in Singapore by funds advised by Blackstone Real Estate.

CRT was offered $1.17 per unit in cash as the book closure date, representing a significant premium to the prevailing and historical trading price of units prior to the last full trading day.

Blackstone to pay $1.17 in cash per unit to acquire Croesus Retail Trust

SINGAPORE (June 28): Affiliates of Blackstone Real Estate have proposed to acquire all the issued units in Croesus Retail Trust (CRT) by way of a trust scheme for a consideration of $1.17 in cash per unit.

Based on the scheme consideration, the implied equity value of CRT is approximately $900.6 million.

In addition, if the effective date of the acquisition falls on or before Oct 31, unitholders may receive distributable income of CRT up to an aggregate of approximately $31.3 million, representing approximately 4.06 cents per unit.

H&M to open store in Croesus’ Mallage Shobu mall in Tokyo

SINGAPORE (June 1): Croesus Retail Asset Management, the trustee-manager of Croesus Retail Trust (CRT) announced that global fashion retailer H&M Hennes & Mauritz AB will open a new store in Mallage Shobu mall in Tokyo.

This is H&M’s first store in the market area surrounding the shopping facility that has target of attracting about over a million customers within.

The H&M store will occupy a retail space of 1,500 sqm on the ground floor of the shopping mall as an anchor tenant.

Croesus Retail Trust downgraded to ‘neutral’ after hitting target price

SINGAPORE (May 16): RHB Research has downgraded Croesus Retail Trust to “neutral”, from “buy” previously, with a higher target price of $1.00, after hitting its previous target price of 97 cents.

“Going forward, we expect asset enhancement initiative (AEI) plans as well as positive rental renewals from some of its malls like Torius and Feeeal Asahikawa to contribute positively to net property income (NPI),” says RHB analyst Jarick Seet in a Tuesday report.

Croesus Retail Trust in prelim talks over potential acquisition

SINGAPORE (April 26): The trustee-manager of Croesus Retail Trust, says it has been approached in connection with a potential transaction which may or may not lead to an acquisition of all the issued units in CRT.

“Discussions are preliminary and there is no certainty or assurance whatsoever that these discussions will result in any transaction,” says Croesus Retail Asset Management.

The trustee-manager has appointed Citigroup Global Markets Singapore as its financial adviser in connection with such approach.

CIMB sees strong DPU visibility for this robust retail REIT

SINGAPORE (Feb 15): CIMB Research is maintaining its “add” call on Croesus Retail Trust (CRT) with an unchanged target price of 98 cents, following a strong quarter where the REIT reported a 5.2% DPU increase to 1.81 cents for 2Q17.

(See also: Croesus Retail Trust’s 2Q DPU rises 5.2% to 1.81 cents)

Croesus Retail Trust off to a ‘solid start’ in FY17

Croesus Retail Trust (CRT) logo

SINGAPORE (Nov 15): DBS Group Research is keeping Croesus Retail Trust at “buy” with an unchanged target price of 99 cents following 1Q17 results that were “in line with expectations”.

CRT announced a DPU of 1.79 cents for 1Q17 ended Sept, a 9.8% increase from the restated DPU of 1.63 cents in the same quarter last year.

Gross revenue of JPY 3,126 million ($41.4 million) for 1Q17 was 55.8% higher than the JPY2,007 million recorded in 1Q16.

Be informed of the stories that matter