The following companies saw new developments that may affect trading of their securities on Monday (Jul 17).
ESR Logos Reit (J91U): THE manager of ESR-Logos Reit (E-Log) said on Friday (Jul 14) that the divestment of seven non-core assets is in line with its strategy, and dismissed “speculation or insinuation” that the real estate investment trust (Reit) was in financial distress.
The Reit manager issued the statement following a commentary in The Business Times, which called for the manager to justify the decision to sell these assets below valuation.
Last month, E-Log announced a proposed divestment of seven non-core assets in Singapore and Australia for around S$337 million. These included a portfolio of five assets that were being divested for S$313.5 million, representing a 5.1 per cent discount to valuation.
Ho Bee Land (H13): Mainboard-Listed Ho Bee Land said on Friday (Jul 14) that the group expects to report an overall net loss for the first half ended June 2023.
The property developer and investor said in a bourse filing that the losses are mainly attributable to fair-value loss based on indicative valuations of the group’s portfolio of investment properties in London.
“The fair-value loss on the London portfolio is non-cash in nature and arose mainly due to higher capitalisation rates,” the company said.
IReit Global (UD1U): A Long-Term main tenant of IReit Global’s Berlin Campus, whose lease was due to expire on Jun 30 next year, has extended its lease by six months until Dec 31, 2024.
The real estate investment trust (Reit) manager on Friday (Jul 14) said its tenant, German pension insurance company Deutsche Rentenversicherung Bund (DRV), will pay a revised rent that is about 45 per cent higher than its current office rent effective Jul 1, 2024.
On top of this rent revision, DRV will pay an additional amount of about 18.5 months of its total current rent. IReit Global’s manager said this will allow for the initiation of its repositioning strategy of Berlin Campus into a multi-let asset.
Sabana Reit (M1GU): It is not clear how much time or money would be needed to replace Sabana Reit’s manager or internalise its management function, should unitholders vote to do so at an upcoming extraordinary general meeting (EGM), the trustee of the real estate investment trust (Reit) said in a draft statement.
The draft statement was contained in a letter sent to Sabana Real Estate Investment Management (SREIM), the Reit manager of Sabana Industrial Real Estate Investment Trust (Sabana Reit), SREIM said on Saturday (Jul 15).
In the letter, HSBC Institutional Trust Services (HSBC Trustee), trustee of Sabana Reit, said it “does not provide any advice or recommendation” to unitholders whether in support of or against the resolutions they are due to vote on at the EGM slated for Aug 4.
