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MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Ascendas Real Estate Investment Trust    AEMN   SG1M77906915

ASCENDAS REAL ESTATE INVESTMENT TRUST

(AEMN)
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Ascendas Real Estate Investment Trust : to Buy Business Parks for $1.22 Billion

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10/31/2019 | 11:58pm EST

By P.R. Venkat

Ascendas Real Estate Investment Trust (A17U.SG) said Friday that it is buying business parks in the U.S. and Singapore for 1.66 billion Singapore dollars (US$1.22 billion) as it seeks to expand its presence in the technology, financial and medical sectors.

The acquisition would include 28 properties in the U.S. and two in Singapore, Ascendas REIT said in a statement.

The properties are being acquired from CapitaLand Ltd. (C31.SG).

Ascendas REIT is planning to fund the acquisition through a mix of equity and debt. Under the plan, Ascendas REIT will issue 498.04 million new units through a rights issue to raise S$1.31 billion in gross proceeds. Separately, the company also plans to drawdown on loan facilities, the statement said.

The REIT is planning to sell each unit at S$2.63, which is a 17.0% discount to Thursday's closing price of S$3.17.

With the proposed acquisitions, Ascendas REIT would own a total of 99 properties in Singapore, 35 properties in Australia, 38 properties in the U.K. and 28 properties in the U.S., the company said.

Write to P.R. Venkat at venkat.pr@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ASCENDAS REAL ESTATE INVESTMENT TRUST -1.27% 3.11 End-of-day quote.4.71%
CAPITALAND LIMITED -4.88% 3.7 End-of-day quote.-1.33%
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Financials (SGD)
Sales 2020 1 024 M
EBIT 2020 714 M
Net income 2020 557 M
Debt 2020 4 373 M
Yield 2020 5,29%
P/E ratio 2020 19,6x
P/E ratio 2021 18,9x
EV / Sales2020 15,3x
EV / Sales2021 14,9x
Capitalization 11 253 M
Technical analysis trends ASCENDAS REAL ESTATE INVES
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 3,12  SGD
Last Close Price 3,11  SGD
Spread / Highest target 12,5%
Spread / Average Target 0,35%
Spread / Lowest Target -19,0%
EPS Revisions
Managers
NameTitle
Wee Leong Tay CEO & Non-Independent Executive Director
Hock San Lim Chairman
Lee Sze Koo Chief Financial Officer
Manohar Ramesh Khiatani Non-Executive Director
Peng Ee Chan Lead Independent Non-Executive Director
Sector and Competitors