豐樹產業（Mapletree Investment）以188億港元（29億新元），向香港集團企業太古（Swire Pacific）收購其旗下的九龍塘大型購物商場和辦公樓綜合項目“又一城”（Festival Walk）。
去年，到這個購物商場的消費者達到近4000萬人次。商場內的國際品牌包括：H&M、I.T.、UNIQLO、Toys” R” Us、Marc by Marc Jacobs、Escada和Chanel等。
Mapletree Investments has acquired a major retail and commercial complex in Hong Kong for HK$18.8 billion or about S$2.9 billion.
Mapletree, a wholly-owned property arm of investment company Temasek Holdings, said it is buying Festival Walk – located in Kowloon Tong on the Kowloon peninsula – from Swire Properties.
Festival Walk has a seven-storey shopping mall and a Grade-A office tower with a gross floor area of about 1.2 million square feet.
It is the Mapletree’s first commercial property purchase in Hong Kong, the company said in a statement.
The property will be a seed asset, forming part of a commercial property portfolio the company plans to build, under its Hong Kong-focused fund over the next two or three years.
Mapletree is buying the property together with other institutional investors as capital partners.
Mapletree group chief executive officer Hiew Yoon Khong said: “Given that Festival Walk is 100 per cent occupied with good quality tenants, upon completion, it will immediately provide good and stable returns to us and our capital partners.
“What is especially attractive about this asset is that the rental income has increased consistently year-on-year since inception, reflecting the quality of the mall.”
Festival Walk’s retail tenants include international brands H&M, UNIQLO, Toys “R” Us, Chanel, and Marks and Spencer, while office tenants include multinational corporations such as ANZ Bank and Prudential Assurance.
Mr Hiew said the acquisition reinforces the company’s strategy to scale up in key Asian markets.
“With this latest purchase, Mapletree’s total assets under management will grow a further 19.5% to about S$17.8 billion, of which 41% of it is constituted by overseas assets,” he added.
The company expects to complete the deal by end-August.
Source : Channel NewsAsia – 29 Jul 2011
Frasers Centrepoint Trust (FCT) will be acquiring Bedok Point from Woodlands Complex for S$127 million.
Woodlands Complex is a wholly owned subsidiary of Frasers Centrepoint Limited.
Frasers Centrepoint Limited is a subsidiary of Fraser & Neave Limited (F&N).
In statement released Thursday, F&N said the divestment is in line with its strategy of unlocking value from its commercial properties at the appropriate time to recycle value. It added that the net proceeds will be re-invested.
According to trust manager Frasers Centrepoint Asset Management (FCAM), it is in the process of determining an optimal debt and equity financing plan for the acquisition.
In a filing to the Singapore Exchange, it said “debt financing is expected to be in the form of a drawdown from loan facilities available to FCT while equity financing is expected to be in the form of a private placement”.
Bedok Point has a net lettable area of 80,985 square feet and an occupancy rate of 97.4 per cent. It will become the fifth mall in FCT’s portfolio.
“With this acquisition, the asset size of our portfolio is expected to grow to S$1.66 billion from S$1.53 billion,” said FCAM CEO Chew Tuan Chiong.
“In addition to the benefits from income diversification, a larger market share of the suburban retail mall market and an enlarged tenant base, our unitholders can expect to enjoy higher distribution per unit from this yield-accretive acquisition.”
The acquisition was negotiated on an arm’s length basis between FCAM and Frasers Centrepoint Limited’s wholly-owned subsidiary, Woodlands Complex. The purchase consideration is the average of two valuations by independent valuers Knight Frank and Jones Lang LaSalle Property Consultants.
At a media briefing, Mr Chew said the acquisition was timed in order to “wait for the new mall to stabilise”.
Bedok Mall was soft launched last December.
Source : Channel NewsAsia – 29 Jul 2011