REITS No Horse Run 4.0 brewing... Bigger is better in the local property trust sector
Cache Logistics Trust Q4 DPU falls 8.4% to 1.376 S cents
But so many wooing to acquire this company.... just watch


CACHE Logistics Trust’s distribution per unit (DPU) fell by 8.4 per cent to 1.376 Singapore cents for its fourth quarter ended Dec 31, from 1.502 cents a year ago, the real estate investment trust's manager said on Thursday morning.

Gross revenue was down 12.2 per cent to S$27.2 million for the quarter, from S$31 million a year ago. This was due to lower revenue from converting the master lease to a multi-tenancy lease structure at Cache Gul LogisCentre, transitory vacancy downtime between leases and lower signing rents for leases compared with previous ones.

Net property income (NPI) fell 12.4 per cent on the year to S$20.5 million for the quarter, from S$23.4 million.

Distributable income declined 7.6 per cent year on year to S$14.9 million, from S$16.2 million. The distribution will be paid out on Feb 27, after books closure on Feb 3.

Meanwhile, for the full year ended Dec 31, DPU was 6.4 per cent lower at 5.523 Singapore cents, versus 5.903 cents a year ago, and distributable income fell 5.7 per cent to S$59.8 million. Gross revenue was 6.6 per cent lower at S$113.6 million, while NPI eased 5.6 per cent to S$85.8 million for the full year.
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CCT & CMT’s proposed mega merger would create biggest Reit here and third-biggest in Asia-Pacific
ST explains in simple terms


The proposed merger involves office landlord CapitaLand Commercial Trust (CCT) and shopping centre operator CapitaLand Mall Trust (CMT) joining forces to create what will be the biggest real estate investment trust (Reit) here.

The new entity - called CapitaLand Integrated Commercial Trust (CICT) - will have a market cap of about $16.8 billion and a total property value of about $22.9 billion.

1) The $8.27 billion cash-and-stock deal involves CMT acquiring all the issued units in CCT in the form of cash and new CMT units.

2) CCT unitholders will receive $0.259 in cash for each unit they hold and 0.72 new CMT units at $2.59 apiece. This means CCT investors will be paid a scheme consideration of $2.1238 per CMT unit

3) The deal is expected to lead to higher distribution per unit (DPU) for CMT and CCT.
For illustrative purposes, the pro-forma DPU accretion will be about 1.6 per cent for CMT and 6.5 per cent for CCT as at Dec 31 last year, if the merger had been completed on Jan 1 last y ear, and if CMT had held and operated the properties of CCT through to Dec 31.

4) The merger, which is at least the fifth tie-up among local Reits over the past 12 months, will give the enlarged new entity the ability to consolidate management expertise and build a bigger war chest for acquisitions. It will also be able to compete better here and overseas in the retail and office sectors.
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WHAT THE TWO TRUSTS OWN IN SINGAPORE

CMT, with 15 shopping centres, is already the largest mall owner here, while CCT is the biggest office landlord with 10 buildings, including two in Germany.

Here is a list of the properties owned in Singapore by the two trusts.

CAPITALAND MALL TRUST
•Tampines Mall, 4 Tampines Central 5
•Junction 8, 9 Bishan Place
•IMM Building, 2 Jurong East Street 21
•Plaza Singapura, 68 Orchard Road
•Bugis Junction, 200 Victoria Street
•JCube, 2 Jurong East Central 1
•Lot One Shoppers' Mall, 21 Choa Chu Kang Avenue 4
•Bukit Panjang Plaza, 1 Jelebu Road
•The [email protected], 60A, 60B Orchard Road
•Clarke Quay, 3 River Valley Road
•Bugis+, 201 Victoria Street
•Bedok Mall, 311 New Upper Changi Road
•Westgate, 3 Gateway Drive
•Funan, 107, 109 North Bridge Road
•Raffles City Singapore, 252 North Bridge Road

CAPITALAND COMMERCIAL TRUST (CCT)
•Capital Tower, 168 Robinson Road
•Asia Square Tower 2, 12 Marina View
•CapitaGreen, 138 Market Street
•Six Battery Road, formerly the Standard Chartered Bank Building
•One George Street (CCT holds 50 per cent interest)
•Raffles City Singapore, 252 North Bridge Rd (CCT holds 60 per cent interest)
•21 Collyer Quay, formerly the HSBC Building
•CapitaSpring, 88 Market Street (CCT holds 45 per cent interest)
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