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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  SPH REIT    SK6U   SG2G02994595

SPH REIT

(SK6U)
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SPH REIT : Successfully Secures Refinancing Of S$280 Million In A Five-Year Loan

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04/29/2020 | 09:48pm EDT

For Immediate Release

Media Release

SPH REIT successfully secures refinancing of S$280 million in a five-year loan

29 April 2020 - SPH REIT Management Pte. Ltd., in its capacity as the manager of SPH REIT (the "Manager") announced today that it has secured the refinancing of an existing loan of S$280 million due in July 2020, for a new term of five years from Oversea-Chinese Banking Corporation Limited (OCBC).

In line with SPH REIT's prudent capital management strategy, the 5 year tenure will continue to ensure that the debt maturity profile is well staggered, without major concentration of debts maturing in any single year. This will help to maintain a healthy balance sheet for SPH REIT with the gearing remaining at approximately 29.3%, with no other refinancing required until June 2021. Portfolio weighted average debt term to maturity expected to increase from 2.2 years to 3 years

Mr Benjamin Kuah, SPH REIT's Chief Financial Officer and Head of Investor Relations, said: "This refinancing is an integral and proactive part of our ongoing efforts to manage our capital structure. In anticipation of the challenges posed by the prolonged Covid-19 situation, we believe that this will provide us with greater capital management flexibility to safeguard the interests of our investors. I would like to thank all stakeholders involved in making this transaction a success."

For further information and enquiries, please contact:

Benjamin Kuah Hsien Yiao

Chief Financial Officer &

Head of Investor Relations

SPH REIT Management Pte. Ltd.

Tel: +65 6319 3391

Email: benkuah@sphreit.com.sg

Chin Soo Fang

Head

Corporate Communications & CSR

Singapore Press Holdings

Tel: +65 6319 1216

Email: soofang@sph.com.sg

ABOUT SPH REIT

SPH REIT is a Singapore-based real estate investment trust established principally to invest in a portfolio of income-producing real estate primarily for retail purposes in Asia Pacific, as well as real estate-related assets.

SPH REIT has a portfolio of five assets in Singapore and Australia.

Its portfolio of properties in Singapore comprises a 99-year leasehold interest in Paragon, a 99-year leasehold interest in The Clementi Mall and a 99-year leasehold interest in The Rail Mall. These Singapore properties have an aggregate net lettable area of approximately 960,000 sq. ft.

In Australia, SPH REIT owns an 85% stake in Figtree Grove Shopping Centre, a freehold sub-regional shopping centre in Wollongong, New South Wales, Australia. SPH REIT also owns a 50% stake in Westfield Marion Shopping Centre, the largest regional shopping centre in Adelaide, South Australia. Both Australian properties have an aggregate gross lettable area of approximately 1.7 million sq. ft.

Visit SPH REIT's website at www.sphreit.com.sgfor more details.

ABOUT THE REIT MANAGER: SPH REIT MANAGEMENT PTE. LTD.

SPH REIT is managed by SPH REIT Management Pte. Ltd., a wholly-owned subsidiary of Singapore Press Holdings Limited. The Manager's key objective for SPH REIT is to provide Unitholders with regular and stable distributions, and sustainable long-term growth in DPU and NAV per Unit, while maintaining an appropriate capital structure.

ABOUT SPONSOR: SINGAPORE PRESS HOLDINGS LTD

Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) is Asia's leading media organisation, engaging minds and enriching lives across multiple languages and platforms.

SPH's core business is in the publishing of newspapers, magazines and books in both print and digital editions. It also owns other digital products, online classifieds, radio stations and outdoor media.

On the property front, SPH owns approximately 65% in SPH REIT whose portfolio comprises three properties in Singapore, namely Paragon, The Clementi Mall and The Rail Mall. In Australia, SPH REIT holds an 85% stake in Figtree Grove Shopping Centre and a 50% stake in Westfield Marion Shopping Centre.

SPH also owns and operates The Seletar Mall and is developing an integrated development consisting of The Woodleigh Residences and The Woodleigh Mall. It also owns a portfolio of Purpose-Built Student Accommodation (PBSA) in the United Kingdom and Germany.

It is in the aged care sector in Singapore and Japan, and owns Orange Valley, one of Singapore's largest nursing homes.

SPH runs a regional events arm. It also invested in the education business.

For more information, please visit www.sph.com.sg.

Facebook: facebook.com/officialsph/

Twitter: @official_sph

YouTube: Singapore Press Holdings

Instagram: @singaporepressholdings

LinkedIn: linkedin.com/company/singapore-press-holdings/

Important Notice

This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward looking statements, which are based on current view of SPH REIT Management Pte. Ltd. (as the manager of SPH REIT) on future events.

Disclaimer

SPH REIT published this content on 29 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2020 01:47:10 UTC

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Financials
Sales 2020 206 M 150 M 150 M
Net income 2020 97,7 M 71,2 M 71,2 M
Net Debt 2020 1 239 M 902 M 902 M
P/E ratio 2020 21,8x
Yield 2020 4,38%
Capitalization 2 349 M 1 710 M 1 711 M
EV / Sales 2020 17,4x
EV / Sales 2021 13,3x
Nbr of Employees -
Free-Float 28,1%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 6
Average target price 0,95 SGD
Last Close Price 0,85 SGD
Spread / Highest target 58,8%
Spread / Average Target 11,9%
Spread / Lowest Target -6,06%
EPS Revisions
Managers
NameTitle
Susan Leng Chief Executive Officer
Horn Kee Leong Chairman
Hsien Yiao Kuah Chief Financial Officer & Head-Investor Relations
Tit Koon Soon Independent Non-Executive Director
Chay Poh Chia Independent Non-Executive Director
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