Month: December 2011
December 2011
Average Yield = 7.045%
|
REIT |
Period |
DPU (sen) |
Price (RM) |
Yield (%) |
NAV (RM) |
Assets Type |
|
Tower |
1H – Jun11 |
5.15 |
1.290 |
7.984 |
1.6526 |
Office |
|
Atrium |
Q3 – Sep11 |
2.10 |
1.070 |
7.850 |
1.0499 |
Industrial |
|
Hektar |
FY10 – Dec |
10.3 |
1.320 |
7.803 |
1.3300 |
Retail |
|
AmFirst |
1H – Sep11 |
4.48 |
1.160 |
7.724 |
1.4073 |
Office |
|
AmanahRaya |
Q3 – Sep11 |
1.72 |
0.905 |
7.602 |
0.9754 |
Retail |
|
Quill Capita |
1H – Jun11 |
4.00 |
1.080 |
7.407 |
1.2798 |
Office |
|
Al-AQAR KPJ |
1H – Jun11 |
5.17 |
1.150 |
7.365 |
1.0800 |
Plantation |
|
StarHill |
2H – Jun11 |
3.199 |
0.885 |
7.229 |
1.1508 |
Diversified |
|
Al-Hadharah |
1H – Jun11 |
4.00 |
1.540 |
6.623 |
1.4253 |
Diversified |
|
Axis |
Q3 – Sep11 |
4.30 |
2.620 |
6.565 |
1.9984 |
Office |
|
UOA |
Q3 – Sep11 |
2.24 |
1.400 |
6.400 |
1.4266 |
Office |
|
Sunway |
Q1 – Sep11 |
1.75 |
1.250 |
5.600 |
1.0140 |
Diversified |
|
CMMT |
2H – Dec11 |
2.83 |
1.440 |
5.434 |
1.0627 |
Malls |
Last Updated : 30-Dec-11
Notes
- CMMT : Advance DPU = 2.83sen (1-Jul-11 to 10-Nov-11)
- Al-Aqar KPJ : Yield Uses 2H10 DPU = 5.17 sen + 1H11 DPU = 3.3 sen as it is Observed that 2H DPU > 1H DPU
- Al-Hadharah : Yield Uses 2H10 DPU = 6.2 sen + 1H11 DPU = 4 sen as it is Observed that 2H DPU > 1H DPU
- Hektar : Yield Table Uses Full Year DPU 10.3 sen to Compute Yield as Hektar Pays DPU = 2.5 sen for Q1,Q2,Q3 and the Balance in Q4
Withholding tax
- Resident Individual = 10%
- Non Resident Individual = 10%
- Resident Institutional Investors = 10%
- Non-Resident Institutional Investors = 10%
- Resident Companies = 0% ; Subject to Corporate Tax at Prevailing Rate
- Non-Resident Companies = 25% for Year of Assessment 2009
Pavilion – BT Singapore
Pavilion Reit shines on debut with 16% gain
SHARES in Pavilion Real Estate Investment Trust (PReit) posted a smart 16 per cent gain on debut yesterday, closing at RM1.02 each amid brisk trading volumes.
The trust, partly owned by the Qatar Investment Authority, had priced the institutional portion of its RM710 million (S$291 million) initial public offering at 90 sen each. The retail portion of the offer was priced at 88 sen.
The premium was in stark contrast to the broader market which fell 0.2 per cent amid continuing worries over the eurozone’s financial health and could illustrate investor caution amid a preference for safe and reasonably yielding stocks. At RM1 a share, according to HwangDBS Vickers Research in a pre-IPO report, the trust offers a distribution yield of 5.8 per cent.
The trust is the sole premium retail Reit in Malaysia with its most valuable asset being Pavilion KL – 1.3 million square feet of net lettable area – which is valued at RM3.4 billion.
The trust also manages Pavilion Tower – a 20-storey office tower with 167,700 sq feet of net lettable area – which is valued at RM128 million.
Pavilion KL is one of the most popular complexes in the city. With a diversified tenant base comprising everything from supermarkets (Parkson) to high-end fashion outlets (Prada, Gucci), it boasts an occupancy rate of 99 per cent. Average rental rates are around RM17 per sq foot for retail space and RM6 per sq foot for office space.
HwangDBS said that the trust’s growth would be driven by positive rental conversions from expiring leases. Around 67 per cent of leases are due to expire in 2013 which the research firm said ‘would lift our FY13 revenue forecast by 4 per cent year-on-year – assuming a 5 per cent rental hike – to RM325 million.’ But growth for next year would be ‘marginal’ as only 5 per cent of the leases are slated to expire.
The trust is expected to use 93 per cent of its gross proceeds to part finance its purchase price of RM3.3 billion which would give it a gearing after listing of some 20.1 per cent, well below the required 50 per cent limit. That was positive, HwangDBS said, because ‘it suggests that it could borrow up to RM1 billion to fund future acquisitions.’ The research house set its target price at RM1.
The initial public offering of Pavilion Reit will be the fourth largest in Malaysia this year after those of Bumi Armada Bhd, MSM Malaysia Holdings Bhd and UOA Development Bhd.
The demand by investors for shares exceeded supply by over 40 times for MSM and Bumi Armada’s offerings. In Pavilion’s case, it was by 26 times.
Pavilion – thestar
The largest retail REIT in the country offers premium of 12 sen
Pavilion Real Estate Investment Trust (REIT) made a commendable debut on the Main Market of Bursa Malaysia to close at RM1.02, offering a premium of 12 sen over its institutional price of 90 sen.
The largest retail REIT in the country was also the most traded counter yesterday with 197.3 million shares changing hands, while the FTSE Bursa Malaysia (FBM) KLCI was up 0.14% or 2.07 points to 1,482.99.
Pavilion REIT opened at RM1.03 with 15.7 million unit shares traded.Pavilion REIT Management Sdn Bhd
chief executive officer Philip Ho said he was quite happy with the opening price.
“Moving forward, we are committed to enhance unitholders’ return and value through the organic growth of our existing portfolio as well as visible growth via acquisition,” he told reporters after the company’s listing ceremony yesterday.
Currently, Pavilion REIT consists of Pavilion KL Mall – a retail mall with a net lettable area of 1.3 million sq ft and 450 retail tenants as well as the Pavilion Tower that contributed 96.4% to the group’s revenue.
Ho said the company would continue to focus on the retail sector and seek opportunities to expand assets in Penang, Johor and the Klang Valley to build up its portfolio.
“It’s hard to put a figure to our expansion but we will evaluate any financially viable investment opportunity that comes around,” he said.
Ho said expansion was on top of the company’s trustees that had signed three rights of first refusal (ROFR) to acquire Farenheit88, the Pavilion Mall’s extension, and also another mall in USJ, Subang Jaya.
On overseas expansion, he said the management would evaluate opportunities when presented, but presently the company’s focus was the local market.
The institutional offering of the Pavilion REIT initial public offering (IPO) was oversubscribed by 28 times and the retail offering was oversubscribed by 7.5 times.
Pavilion REIT IPO raised gross proceeds of RM710mil.
“We believe this listing exercise will provide investors with an opportunity to invest in a REIT that provides stable distribution of income and strong capital appreciation potential,” he said.
Pavilion REIT Management or the manager principle activity is to manage and administer Pavilion REIT. The manager is 51%-owned by Urusharta Cermerlang Development Sdn Bhd and the remaining 49% owned by Urusharta Cemerlang Project Corp Sdn Bhd.
Pavilion – BT
Pavilion REIT seeks expansion
PAVILION Real Estate Investment Trust (Pavilion REIT), the largest retail REIT in Malaysia, is eyeing more local assets to spur growth.
Pavilion REIT Management Sdn Bhd chief executive officer Philip Ho said the trust is seeking opportunities to expand its assets in Penang, Johor and the Klang Valley.
Ho said Pavillion REIT will evaluate any financially viable investment opportunity that comes around.
“As a retail real estate investment trust, our duty is to acquire malls and build up the portfolio,” he told reporters after its listing ceremony here.
Ho said the company’s trustees had signed three rights of first refusal (ROFR) to acquire Farenheit88, the Pavilion Mall’s extension, and a mall in USJ Subang Jaya.
|
|
With an appraised value of RM3.54 billion, Pavilion REIT is currently made up of two assets – Pavilion Mall and Pavilion Tower.
The mall, which contributes 96.4 per cent to the appraised value, has 1.3 million sq ft of net lettable area.
It boasts of about 450 retail tenants, making it the largest premium retail fashion mall in Malaysia.
Pavilion REIT yesterday fetched a 13.3 per cent premium over its offer price on its debut on Bursa Malaysia.
It opened at RM1.03, 13 sen higher than its institutional price of 90 sen, with 15.7 million unit shares traded.
Ho said the listing provides the company with direct access to capital markets, thereby strengthening its financial capacity to seize new opportunities in the country.
“We are committed to enhance unitholders’ return and value, both through the organic growth of our existing portfolio as well as visible growth via acquisitions,” he added.
Hektar – BT
Hektar REIT said buying 2 malls for RM180m
Hektar REIT is buying two malls in Kedah for an estimated RM180 million, sources say.
The malls are believed to be Kulim Landmark Central and Central Square Sg Petani.
An announcement from the company is expected to be made as early as today.
Axis – BT
Axis REIT to buy property from DHL for RM48.5m
Axis Real Estate Investment Trust has proposed to buy a three-storey office and warehouse in Penang from DHL Properties (Malaysia) Sdn Bhd for RM48.5 million to expand its business.
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At the same time, Axis will lease the property back to DHL for five years. It will have an option to renew the lease for another five years.
“The acquisition is accretive with an unleveraged triple net yield of 8 per cent which will have a long term benefit to the Fund.
“Furthermore the lease has annual built in rental growth which will enhance earnings,” Stewart LaBrooy, chief executive officer of Axis REIT Managers Bhd, said in a statement.
The property, located in Bayan Lepas, has a gross built up of some 231,940 sq ft and comes with a 60 year leasehold title which will expire in 2062.
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|
Axis-REIT will use existing bank loans to fund the deal. This will raise its gearing level to 40 per cent.
The latest purchase will boost the fund’s asset under management to over RM1.39 billion, upon completion by December 31, 2011.
AmFirst – thestar
AmFIRST REIT closes deals in Cyberjaya
Am ARA REIT Managers Sdn Bhd, the manager of AmFIRST Real Estate Investment Trust (AmFIRST REIT), has completed its acquisition of Prima 9 and Prima 10 in Cyberjaya for RM133mil cash.
It told Bursa Malaysia that it was AmFIRST REIT’s first investment in Cyberjaya, capitalising on the economic growth and vibrancy of Cyberjaya’s commercial office segment. The properties were tenanted by multinationals secured against long leases, it said.
Before the acquisition, AmFIRST REIT had six properties, namely Bangunan AmBank Group, Menara AmBank and AmBank Group Leadership Centre in Kuala Lumpur as well as Menara AmFIRST in Petaling Jaya, Kelana Brem Towers in Kelana Jaya and The Summit Subang USJ in Subang Jaya with total net lettable area (NLA) of 2,311,489 sq ft as at Sept 30.
“The new acquisition will boost the total investment portfolio to eight properties and add a further 211,496 sq ft to the portfolio, representing an increase of 9% of the total NLA,” it said, adding that the acquisition posted remarkable growth in the assets under management of AmFIRST REIT by 13% from RM1.028bil as at Sept 30 to RM1.163bil.
and the gearing ratio would increase to 46.5%.
The group said these two new properties are expected to contribute an additional distributable income of 68 sen per unit on an annual basis.
Axis – BT
Axis REIT to buy property from DHL for RM48.5m
Axis Real Estate Investment Trust has proposed to buy a three-storey office and warehouse in Penang from DHL Properties (Malaysia) Sdn Bhd for RM48.5 million to expand its business.
|
|
At the same time, Axis will lease the property back to DHL for five years. It will have an option to renew the lease for another five years.
“The acquisition is accretive with an unleveraged triple net yield of 8 per cent which will have a long term benefit to the Fund.
“Furthermore the lease has annual built in rental growth which will enhance earnings,” Stewart LaBrooy, chief executive officer of Axis REIT Managers Bhd, said in a statement.
The property, located in Bayan Lepas, has a gross built up of some 231,940 sq ft and comes with a 60 year leasehold title which will expire in 2062.
|
|
Axis-REIT will use existing bank loans to fund the deal. This will raise its gearing level to 40 per cent.
The latest purchase will boost the fund’s asset under management to over RM1.39 billion, upon completion by December 31, 2011.