Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  Suntec Real Estate Investment Trust    T82U   SG1Q52922370

SUNTEC REAL ESTATE INVESTMENT TRUST

(T82U)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Suntec Real Estate Investment Trust : Completion of Acquisition of 100% interest in Freehold Grade A Office Building at 55 Currie Street, Adelaide, Australia

09/10/2019 | 09:17am EST

Trust Management (Suntec) Limited

Suntec Real Estate Investment Trust

Manager of

("Suntec REIT")

COMPLETION OF ACQUISITION OF 100% INTEREST IN FREEHOLD GRADE A

OFFICE BUILDING AT 55 CURRIE STREET, ADELAIDE, AUSTRALIA

ARA Trust Management (Suntec) Limited, in its capacity as manager of Suntec Real Estate Investment Trust ("Suntec REIT", and the manager of Suntec REIT, the "Manager"), refers to the announcement dated 15 July 2019 titled "Acquisition of 100% Interest in Freehold Grade A Office Building At 55 Currie Street, Adelaide, Australia" (the "Announcement") in relation to the acquisition of the property located at 55 Currie Street, Adelaide, Australia (the "Property", and the acquisition of the Property, the "Acquisition").

As the period for the completion of the Acquisition provided in the contract for the sale and purchase of the Property (the "Contract for Sale") has lapsed, the Parties have mutually agreed to rescind the Contract for Sale and enter into a new contract for the sale and purchase of the Property (the "New Contract for Sale") with AEP Currie Pty Ltd, as trustee of AEP 55 Currie Street Office Trust (the "Vendor"), on the same terms as that of the Contract for Sale, save for the terms relating to the settlement date for the completion of the Acquisition and the deletion of one of the regulatory conditions precedent (as the relevant approval has been obtained).

The Acquisition was completed on the same day as the entry into the New Contract for Sale.

BY ORDER OF THE BOARD

ARA Trust Management (Suntec) Limited

(as Manager of Suntec Real Estate Investment Trust) (Company registration no. 200410976R)

Chong Kee Hiong

Chief Executive Officer and Executive Director

10 September 2019

1

ABOUT SUNTEC REIT

Listed on 9 December 2004, Suntec REIT holds properties in Suntec City, Singapore's largest integrated commercial development (including one of Singapore's largest shopping mall), a 60.8% interest in Suntec Singapore Convention & Exhibition Centre, a one-third interest in One Raffles Quay, a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall and a 30.0% interest in 9 Penang Road. Suntec REIT holds a 100% interest in a commercial building located at 177 Pacific Highway, Sydney, a 50.0% interest in Southgate complex, Melbourne

  • a 50.0% interest in a commercial building to be developed located at Olderfleet 477 Collins Street, Melbourne and a 100% interest in a commercial building located at 55 Currie Street, Adelaide, Australia. Its aim is to invest in income-producing real estate which is primarily used for office and/or retail purposes. Suntec REIT is managed by an external manager, ARA Trust Management (Suntec) Limited. For more details, please visit www.suntecreit.com.

ABOUT ARA TRUST MANAGEMENT (SUNTEC) LIMITED

Suntec REIT is managed by ARA Trust Management (Suntec) Limited, a wholly-owned subsidiary of ARA Asset Management Limited ("ARA" or the "Group").

ARA Asset Management Limited is a premier global integrated real assets fund manager. As at 30 June 2019, Gross Assets Managed by ARA Group and its Associates is more than S$83 billion1 across over 100 cities in 23 countries.

Driven by a vision to be the best-in-class real assets fund management company, ARA Group and its Associates' businesses include:

  1. REITs - ARA is one of the largest REIT managers in Asia Pacific. The Group directly manages Suntec REIT, Cache Logistics Trust and ARA US Hospitality Trust, listed in Singapore; and Fortune REIT, Hui Xian REIT and Prosperity REIT, listed in Hong Kong. It also indirectly manages REITs in Japan, Australia, Singapore and Malaysia through its associate companies.
  2. Private real estate funds - The Group manages private funds providing investment opportunities in diverse real estate sectors and geographies that cater to different investor risk appetites.
  3. Country desks - ARA operates country desks in China, Korea, Japan, Malaysia, Australia, Europe and the United States. The country desks employ a strong understanding of each local market to facilitate the flow of inbound and outbound capital and cross-country collaborations. ARA has an expanded presence in Japan via its strategic stake in Kenedix, Inc. and in Europe via its strategic stake in Cromwell Property Group.
  4. Infrastructure - ARA Infrastructure was established in 2018 to cater to strong investor demand for global infrastructure investment.
  5. Real estate management services - As part of the Group's investor-operator philosophy, its dedicated property management teams actively work the ground to manage its assets globally.

ARA's multi-platform,multi-product global fund management strategy, combined with its dedicated teams with in-depth local knowledge, enables the Group to offer enduring value to investors. Built on a foundation of strong corporate governance and business integrity, ARA counts some of the world's largest pension funds, sovereign wealth funds, financial institutions, endowments and family offices as its investors.

For more information, please visit http://www.ara-group.com.

1 Includes assets under management by ARA Asset Management Limited and the Group of companies ("ARA Group") and its Associates as at 30 June 2019.

2

IMPORTANT NOTICE

This announcement is for information purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or acquire, units in Suntec REIT (the "Units") in any jurisdiction in which such an offer or solicitation is unlawful.

The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of Suntec REIT is not necessarily indicative of the future performance of Suntec REIT.

3

Disclaimer

Suntec Real Estate Investment Trust published this content on 10 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 September 2019 13:16:07 UTC


© Publicnow 2019
All news about SUNTEC REAL ESTATE INVESTMENT TRUST
2020Suntec REIT Attains Five-Star Rating in ESG Benchmark for Real Estate
MT
2020Suntec REIT's Trustee to Redeem $219 Million Bonds Due 2024, Shares Rise 4%
MT
2020SUNTEC REAL ESTATE INVESTMENT TRUST : Ex-dividend day for interim dividend
FA
2020SUNTEC REAL ESTATE INVESTMENT TRUST : Ex-dividend day for interim dividend
FA
2020No Bars, No Problem for Boston Beer -- Earnings at a Glance
DJ
2020Drop in Demand Hits Car Makers -- Earnings at a Glance
DJ
2020SUNTEC REAL ESTATE INVESTMENT TRUST : Ex-dividend day for interim dividend
FA
2020SUNTEC REAL ESTATE INVESTMENT TRUST : Ex-dividend day for final dividend
FA
2020SUNTEC REAL ESTATE INVESTMENT TRUST : Ex-dividend day for
FA
2020SUNTEC REAL ESTATE INVESTMENT TRUST : annual earnings release
More news
Financials
Sales 2020 307 M 231 M 231 M
Net income 2020 126 M 94,6 M 94,6 M
Net Debt 2020 4 018 M 3 023 M 3 023 M
P/E ratio 2020 32,1x
Yield 2020 4,65%
Capitalization 4 294 M 3 231 M 3 231 M
EV / Sales 2020 27,1x
EV / Sales 2021 23,8x
Nbr of Employees -
Free-Float 63,3%
Chart SUNTEC REAL ESTATE INVESTMENT TRUST
Duration : Period :
Suntec Real Estate Investment Trust Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SUNTEC REAL ESTATE INVESTMENT TRUST
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 1,56 SGD
Last Close Price 1,52 SGD
Spread / Highest target 21,7%
Spread / Average Target 2,90%
Spread / Lowest Target -21,1%
EPS Revisions
Managers and Directors
NameTitle
Kee Hiong Chong Chief Executive Officer & Executive Director
Gek Khim Chew Chairman
Dawn Lai Chief Operating Officer
Ee San Ng Finance Director
Lim Hwe Chiang John Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SUNTEC REAL ESTATE INVESTMENT TRUST2.01%3 231
EQUINIX, INC. (REIT)-0.90%63 063
DIGITAL REALTY TRUST, INC.-2.17%38 237
ALEXANDRIA REAL ESTATE EQUITIES, INC.-5.53%24 484
REALTY INCOME CORPORATION-5.66%21 899
SEGRO PLC1.41%15 561