Archive for July 8th, 2008
Posted by luxuryasiahome on July 8, 2008
Singapore conglomerate Fraser and Neave (F&N) said on Tuesday its property unit has bought 17.7 per cent of Allco Commercial Reit and all of the real estate investment trust’s manager for $180 million (US$132 million).
Fraser’s property unit Fraser Centrepoint said in a statement it would buy 125.6 million shares in Allco Reit for $0.83 per share, and drop earlier plans for the listing of a commercial property trust.
Fraser Centrepoint plans to rename Allco, which is a unit of troubled Australian asset manager Allco Finance Group, to Fraser Commercial Trust following the acquisition.
At 0152 GMT, shares of Allco Reit climbed 7.8 per cent to a six-day high of $0.77 with almost two million shares changing hands, while its parent Allco jumped 11.6 per cent in Australia.
F&N shares were up 0.2 per cent.
‘Fraser Centrepoint…will be able to assist Allco Reit in negotiating the refinancing of its existing loans, which will bring clear benefits to Allco Reit’s unitholders,’ Fraser Centrepoint chief executive Lim Ee Seng said in a statement.
Singapore’s real estate investment trusts are expected to go through a round of mergers and acquisitions this year as weaker players find it increasingly tough to raise funds and refinance loans.
Fraser Centrepoint said it plans to grow Allco Reit by injecting a pipeline of its commercial property worth $700 million, which was initially identified for its own Reit.
The company has a listed Reit for its retail properties, Frasers Centrepoint Trust, and said it intends to list a third Reit comprising serviced residences in two to three years, depending on market conditions. — REUTERS
Source : Business Times – 8 Jul 2008
Posted in General, REITS | Tagged: Allco Reit, Allco Singapore, Fraser and Neave, Frasers Centrepoint, Frasers Commercial Trust, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on July 8, 2008
Singapore conglomerate Fraser and Neave (F&N) said on Tuesday its property unit has bought 17.7 per cent of Allco Commercial Reit and all of the real estate investment trust’s manager for $180 million (US$132 million).
Fraser’s property unit Fraser Centrepoint said in a statement it would buy 125.6 million shares in Allco Reit for $0.83 per share, and drop earlier plans for the listing of a commercial property trust.
Fraser Centrepoint plans to rename Allco, which is a unit of troubled Australian asset manager Allco Finance Group, to Fraser Commercial Trust following the acquisition.
At 0152 GMT, shares of Allco Reit climbed 7.8 per cent to a six-day high of $0.77 with almost two million shares changing hands, while its parent Allco jumped 11.6 per cent in Australia.
F&N shares were up 0.2 per cent.
‘Fraser Centrepoint…will be able to assist Allco Reit in negotiating the refinancing of its existing loans, which will bring clear benefits to Allco Reit’s unitholders,’ Fraser Centrepoint chief executive Lim Ee Seng said in a statement.
Singapore’s real estate investment trusts are expected to go through a round of mergers and acquisitions this year as weaker players find it increasingly tough to raise funds and refinance loans.
Fraser Centrepoint said it plans to grow Allco Reit by injecting a pipeline of its commercial property worth $700 million, which was initially identified for its own Reit.
The company has a listed Reit for its retail properties, Frasers Centrepoint Trust, and said it intends to list a third Reit comprising serviced residences in two to three years, depending on market conditions. — REUTERS
Source : Business Times – 8 Jul 2008
Posted in General, REITS | Tagged: Allco Reit, Allco Singapore, Fraser and Neave, Frasers Centrepoint, Frasers Commercial Trust, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on July 8, 2008
Frasers Centrepoint, a unit of Fraser and Neave, says it’s buying 18 percent of Allco REIT and all of Allco Singapore, which manages the trust.
The deal is valued at S$180 million.
Frasers Centrepoint will rename Allco REIT to Frasers Commercial Trust when the transaction is completed.
Under the deal, Frasers Centrepoint will buy about 126 million shares in Allco REIT for 83 Singapore cents a share, a near 17 per cent premium over its last traded price on Monday.
Frasers Centrepoint will also drop its plans to list a separate commercial property trust.
Frasers Centrepoint will instead offer its current portfolio of commercial assets, worth about S$700 million, as a potential pipeline for the acquired Allco REIT.
It said the acquisition will deliver on its plan for a commercial REIT.
The company intends to list a third REIT for its serviced residence assets in the next two to three years, subject to prevailing market conditions.
Frasers Centrepoint already has a retail REIT – Frasers Centrepoint Trust, which was listed on the Singapore Exchange in 2006.
Allco REIT has a market capitalisation of S$504 million, with S$2 billion of commercial properties located in Singapore, Australia and Japan.
Source : Channel NewsAsia – 8 Jul 2008
Posted in General, REITS | Tagged: Allco Reit, Allco Singapore, Frasers Centrepoint, Frasers Commercial Trust, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on July 8, 2008
Frasers Centrepoint, a unit of Fraser and Neave, says it’s buying 18 percent of Allco REIT and all of Allco Singapore, which manages the trust.
The deal is valued at S$180 million.
Frasers Centrepoint will rename Allco REIT to Frasers Commercial Trust when the transaction is completed.
Under the deal, Frasers Centrepoint will buy about 126 million shares in Allco REIT for 83 Singapore cents a share, a near 17 per cent premium over its last traded price on Monday.
Frasers Centrepoint will also drop its plans to list a separate commercial property trust.
Frasers Centrepoint will instead offer its current portfolio of commercial assets, worth about S$700 million, as a potential pipeline for the acquired Allco REIT.
It said the acquisition will deliver on its plan for a commercial REIT.
The company intends to list a third REIT for its serviced residence assets in the next two to three years, subject to prevailing market conditions.
Frasers Centrepoint already has a retail REIT – Frasers Centrepoint Trust, which was listed on the Singapore Exchange in 2006.
Allco REIT has a market capitalisation of S$504 million, with S$2 billion of commercial properties located in Singapore, Australia and Japan.
Source : Channel NewsAsia – 8 Jul 2008
Posted in General, REITS | Tagged: Allco Reit, Allco Singapore, Frasers Centrepoint, Frasers Commercial Trust, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on July 8, 2008
Frasers Centrepoint, a unit of Fraser and Neave, says it’s buying 18 percent of Allco REIT and all of Allco Singapore, which manages the trust.
The deal is valued at S$180 million.
Frasers Centrepoint will rename Allco REIT to Frasers Commercial Trust when the transaction is completed.
Under the deal, Frasers Centrepoint will buy about 126 million shares in Allco REIT for 83 Singapore cents a share, a near 17 per cent premium over its last traded price on Monday.
Frasers Centrepoint will also drop its plans to list a separate commercial property trust.
Frasers Centrepoint will instead offer its current portfolio of commercial assets, worth about S$700 million, as a potential pipeline for the acquired Allco REIT.
It said the acquisition will deliver on its plan for a commercial REIT.
The company intends to list a third REIT for its serviced residence assets in the next two to three years, subject to prevailing market conditions.
Frasers Centrepoint already has a retail REIT – Frasers Centrepoint Trust, which was listed on the Singapore Exchange in 2006.
Allco REIT has a market capitalisation of S$504 million, with S$2 billion of commercial properties located in Singapore, Australia and Japan.
Source : Channel NewsAsia – 8 Jul 2008
Posted in General, REITS | Tagged: Allco Reit, Allco Singapore, Frasers Centrepoint, Frasers Commercial Trust, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on July 8, 2008
Frasers Centrepoint, a unit of Fraser and Neave, says it’s buying 18 percent of Allco REIT and all of Allco Singapore, which manages the trust.
The deal is valued at S$180 million.
Frasers Centrepoint will rename Allco REIT to Frasers Commercial Trust when the transaction is completed.
Under the deal, Frasers Centrepoint will buy about 126 million shares in Allco REIT for 83 Singapore cents a share, a near 17 per cent premium over its last traded price on Monday.
Frasers Centrepoint will also drop its plans to list a separate commercial property trust.
Frasers Centrepoint will instead offer its current portfolio of commercial assets, worth about S$700 million, as a potential pipeline for the acquired Allco REIT.
It said the acquisition will deliver on its plan for a commercial REIT.
The company intends to list a third REIT for its serviced residence assets in the next two to three years, subject to prevailing market conditions.
Frasers Centrepoint already has a retail REIT – Frasers Centrepoint Trust, which was listed on the Singapore Exchange in 2006.
Allco REIT has a market capitalisation of S$504 million, with S$2 billion of commercial properties located in Singapore, Australia and Japan.
Source : Channel NewsAsia – 8 Jul 2008
Posted in General, REITS | Tagged: Allco Reit, Allco Singapore, Frasers Centrepoint, Frasers Commercial Trust, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on July 8, 2008
Frasers Centrepoint, a unit of Fraser and Neave, says it’s buying 18 percent of Allco REIT and all of Allco Singapore, which manages the trust.
The deal is valued at S$180 million.
Frasers Centrepoint will rename Allco REIT to Frasers Commercial Trust when the transaction is completed.
Under the deal, Frasers Centrepoint will buy about 126 million shares in Allco REIT for 83 Singapore cents a share, a near 17 per cent premium over its last traded price on Monday.
Frasers Centrepoint will also drop its plans to list a separate commercial property trust.
Frasers Centrepoint will instead offer its current portfolio of commercial assets, worth about S$700 million, as a potential pipeline for the acquired Allco REIT.
It said the acquisition will deliver on its plan for a commercial REIT.
The company intends to list a third REIT for its serviced residence assets in the next two to three years, subject to prevailing market conditions.
Frasers Centrepoint already has a retail REIT – Frasers Centrepoint Trust, which was listed on the Singapore Exchange in 2006.
Allco REIT has a market capitalisation of S$504 million, with S$2 billion of commercial properties located in Singapore, Australia and Japan.
Source : Channel NewsAsia – 8 Jul 2008
Posted in General, REITS | Tagged: Allco Reit, Allco Singapore, Frasers Centrepoint, Frasers Commercial Trust, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on July 8, 2008
Frasers Centrepoint, a unit of Fraser and Neave, says it’s buying 18 percent of Allco REIT and all of Allco Singapore, which manages the trust.
The deal is valued at S$180 million.
Frasers Centrepoint will rename Allco REIT to Frasers Commercial Trust when the transaction is completed.
Under the deal, Frasers Centrepoint will buy about 126 million shares in Allco REIT for 83 Singapore cents a share, a near 17 per cent premium over its last traded price on Monday.
Frasers Centrepoint will also drop its plans to list a separate commercial property trust.
Frasers Centrepoint will instead offer its current portfolio of commercial assets, worth about S$700 million, as a potential pipeline for the acquired Allco REIT.
It said the acquisition will deliver on its plan for a commercial REIT.
The company intends to list a third REIT for its serviced residence assets in the next two to three years, subject to prevailing market conditions.
Frasers Centrepoint already has a retail REIT – Frasers Centrepoint Trust, which was listed on the Singapore Exchange in 2006.
Allco REIT has a market capitalisation of S$504 million, with S$2 billion of commercial properties located in Singapore, Australia and Japan.
Source : Channel NewsAsia – 8 Jul 2008
Posted in General, REITS | Tagged: Allco Reit, Allco Singapore, Frasers Centrepoint, Frasers Commercial Trust, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on July 8, 2008
Frasers Centrepoint, a unit of Fraser and Neave, says it’s buying 18 percent of Allco REIT and all of Allco Singapore, which manages the trust.
The deal is valued at S$180 million.
Frasers Centrepoint will rename Allco REIT to Frasers Commercial Trust when the transaction is completed.
Under the deal, Frasers Centrepoint will buy about 126 million shares in Allco REIT for 83 Singapore cents a share, a near 17 per cent premium over its last traded price on Monday.
Frasers Centrepoint will also drop its plans to list a separate commercial property trust.
Frasers Centrepoint will instead offer its current portfolio of commercial assets, worth about S$700 million, as a potential pipeline for the acquired Allco REIT.
It said the acquisition will deliver on its plan for a commercial REIT.
The company intends to list a third REIT for its serviced residence assets in the next two to three years, subject to prevailing market conditions.
Frasers Centrepoint already has a retail REIT – Frasers Centrepoint Trust, which was listed on the Singapore Exchange in 2006.
Allco REIT has a market capitalisation of S$504 million, with S$2 billion of commercial properties located in Singapore, Australia and Japan.
Source : Channel NewsAsia – 8 Jul 2008
Posted in General, REITS | Tagged: Allco Reit, Allco Singapore, Frasers Centrepoint, Frasers Commercial Trust, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on July 8, 2008
Vacancy rates for apartments, offices up in Q2
As Las Vegas sees its hotel and casino businesses sputter and office, apartment and retail real estate markets flag, the rest of the country is hoping what happens in Vegas stays in Vegas.
Despite its crushing housing market, one of the worst in the nation, Las Vegas’ economy has been held up on the shoulders of tourists ready to imbibe giant drinks, shop, see shows, and, of course, gamble.
But there are growing signs that the higher cost of gas, food and airline travel is trumping the gold and glitter.
‘The tourist economy of Las Vegas can’t just rely on its own or nearby surrounding areas,’ said Sam Chandan, chief economist of real estate research firm Reis. ‘People really have to come in from outside.’
So far in 2008, overall visitation to Las Vegas is down from last year.
Nevada casinos won just over US$1 billion from gamblers in April, the latest figures available, a 5.1 per cent decrease from the same month a year earlier, according to Nevada’s Gaming Control Board.
The major casino operators all reported lower profits or outright losses for the first quarter, and there are few indications that conditions are improving.
Last week UBS cut its share price target on Las Vegas casino owners Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Mirage.
In the second quarter, the office vacancy rate in Las Vegas rose to 17.3 per cent, up 3.2 percentage points, the greatest jump among the 79 office market Reis tracks.
The apartment vacancy rate in the quarter rose to 7 per cent, up 0.5 percentage point, according to Reis. The Las Vegas apartment market was the third worst performer among major US markets. In comparison, the average overall US apartment vacancy rate was stable at 5.9 per cent.
Vacancies at the city’s strip malls crept up 0.3 percentage point to 5.6 per cent. Strip mall rents fell 0.2 per cent, making the market No 44 out of 79 in terms of rent growth.
‘In spite of having a strong demographic trend in terms of population growth, it does rely on tourism dollars,’ Mr Chandan said. — Reuters
Source : Business Times – 8 Jul 2008
Posted in General, Overseas Property | Tagged: Las Vegas Property, US Property | Leave a Comment »
