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SG CRCT's distributable income up

Property Here - Thursday, October 24, 2013

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CapitaRetail China Trust (CRCT) recorded a 2.1 percent increase in distributable income to S$17.1 million in Q3 2013 from S$16.7 million over the same period last year.

This was due mainly to higher revenue growth from better tenants’ sales and higher rental reversions at CapitaMall Wangjing, CapitaMall Xizhimen and CapitaMall Saihan, that offset the lack of contributions from CapitaMall Minzhongleyuan.

Distribution per unit (DPU) in the period stood at 2.26 cents while annualised distribution yield is 6.4 percent, based on CRCT's annualised DPU of 8.97 cents and closing price of S$1.395 per unit on 22 October.

Moreover, gross revenue rose 2.2 percent to S$39.5 million in Q3 2013 from S$38.6 million in Q3 2012. Net property income declined 0.8 percent to S$25 million from S$25.2 million previously.

Meanwhile, CRCT on Wednesday launched an equity fund raising by issuing 45.4 million new units at S$1.30 per unit via a non-renounceable preferential offering to current unitholders.

The issue price is at a discount of about 7.5 percent to the volume weighted average price of S$1.4049 for trades in CRCT units done on the Singapore Exchange (SGX).

With the intention of raising around S$59.0 million in gross proceeds, CRCT's preferential offering is made on the basis of six new units for every 100 existing units held by CRCT unitholders.

DBS Bank was appointed lead manager and underwriter of the offering.