Results of My Application for Frasers Logistics and Industrial Trust Preferential Offering

Last month, I have bought Frasers Logistics and Industrial Trust which entitles me to the recent public placement via Preferential Offering. One Preferential Offering new unit was offered for every ten existing units of Frasers Logistics and Industrial Trust you held. Each new Preferential Offering new unit was offered at S$0.967.

Based on the closing price of S$1.03 on 1st June 2018, the new Preferential Offering new units will be a 6.51% discount if you have applied for it. Yes, I have taken up the offer for the Preferential Offering and also subscribed for excess units. Read More

Starhill Global REIT Sells Nakameguro Place Property

Following my updates on Starhill Global REIT’s recent financial results ( Starhill Global REIT 3Q2017/18 Results Is Disappointing ) , the manager of the REIT has announced the divestment of one of its Japan properties. The divested property is located in the Nakameguro district and is a 4-storey building mainly for retail use. The property by asset value accounts for 8.6% of the Japan portfolio and 0.2% of Starhill Global REIT’s portfolio.

The property is valued at JPY 420 million (estimate S$5.1 million) but was sold for JPY 525 million. I consider it as a decent transaction. If you didn’t know, the property was acquired in 2007 together with 6 other properties in Tokyo for approximate S$182.5 million. The Nakameguro place property was one of the property within the Fund Creation Portfolio which was then owned by Fund Creation Co Pte Ltd. Read More

Starhill Global REIT 3Q2017/18 Results Is Disappointing

Starhill Global REIT Logo

On 26 April 2018, Starhill Global REIT has released a set of disappointing 3QFY17/FY18 results. Gross Revenue, Net Property Income (“NPI”), Distributable Income and Distribution Per Unit (“DPU”) has all declined.

Despite the fact that distributable income has declined by 6.3%, the manager retained $1.6 million for working capital purposes, worsening the income to be distributed to unit holders. Distribution Per Unit (“DPU”) fell by 7.6%. This was unexpected of a Retail/Office REIT.
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