ASX-listed GPT recorded a A$519.1m net loss for the first half of 2020, driven by a A$711.3m devaluation of its portfolio as a result of the COVID-19 pandemic. 

Funds from operations (FFO) declined 23.3% year-on-year to A$244.5m during 1H 2020, however the REIT set distribution per security at 9.30 cents per share. 

The company said gearing was at 25.1%, with a weighted average debt term of 7.8 years and a weighted average cost of debt at 3.1%. 

“GPT remains well placed despite the current uncertainty with a strong balance sheet, a high-quality portfolio of assets and a very experienced management team,” said GPT CEO Bob Johnston. 

“We are focused not only on the current pandemic situation but also on positioning the business for the future.” (Read more)

GPT shares closed 0.52% higher to A$3.85.

IndexChangeValue at close
S&P/ASX 200 A-REIT+1.31%1,240.50
S&P/ASX 200
+1.76% 6,110.20
Hang Seng REIT -1.27%5,450.32
Hang Seng-0.63%24,377.43

Singapore: IREIT Global buys Spanish portfolio stake for €47.8m

Singapore-listed IREIT Global (UD1U) has bought the remaining 60% stake in a portfolio of Spanish office properties from its joint venture partner, Tikehau Capital, for €47.8m.

The deal means IREIT Global will own the entire €136.4m portfolio, which comprises four multi-tenanted office assets located in the established office areas of Madrid and Barcelona. 

“Located in established secondary office areas in Barcelona and Madrid, these properties offer attractive asset management opportunities while benefiting from the decentralisation trend driven by improved infrastructure, lower rents, and limited supply in the CBD,” said Louis d’Estienne d’Orves, CEO of the REIT’s manager.

IREIT, which owns office real estate in Germany and Spain, is jointly owned by French-listed Tikehau Capital and Singapore-listed City Developments Limited. (Read more)

Australia: ARA ups Cromwell takeover offer price

Singapore-headquartered ARA Asset Management increased its takeover offer of ASX-listed Cromwell Property, upping its bid to A$0.92 per share from A$0.88 on Friday.  

ARA first announced plans to acquire 29% of Cromwell Property shares in June, building on the existing 24% interest owned by ARA and its subsidiaries. 

The board of Cromwell urged shareholders to reject the offer, stating that the buyer was looking to purchase as few securities as possible to gain effective control of the business.

“ARA’s proportional offer is designed to exploit the current volatility in markets due to COVID-19 by acquiring as few Cromwell securities as possible to secure effective control of Cromwell at the lowest possible price,” Cromwell said. 

ARA said it was Cromwell’s largest shareholder, having invested more than A$650m to date, and that it was focused on ensuring sustainable value generation for all shareholders over the long term. (Read more)

The Tokyo and Singapore stock exchanges were closed for public holidays.

Learn more about Asia Pacific REITs:

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Benn is a freelance journalist and the publisher of APAC Real Estate. He has reported for the Herald Sun, REFI Europe, S&P Global Market Intelligence, Leader Newspapers, and more.