APAC REIT Daily: APN Convenience Retail REIT to raise A$50m

Here’s how listed real estate investment trusts (REITs) performed across Asia Pacific on Tuesday, 16 June 2020. 

Australia

A-REIT stocks surged today, with the S&P/ASX 200 A-REIT index rising 3.79% to 1,271.70, and the S&P/ASX 200 index gaining 3.89% to 5,942.30.

APN Convenience Retail REIT (AQR) announced plans to raise A$50m through a fully underwritten institutional placement at A$3.20 per share, as well as a further A$5m through a non-underwritten security purchase plan, according to a statement. AQR shares finished trading flat.  

Shares in Dexus (DXS) gained 3.23% to A$9.92 after announcing a distribution of 23.2 cents per share for the six months to end-June 2020.

National Storage REIT (NSR) also announced a new distribution of A$0.034 per stock for the six months ending June 2020. NSR shares rose 2.65% to A$1.94. 

Japan

J-REIT shares also posted gains, with the Tokyo Stock Exchange REIT index jumping 4.45% to 1,708.58, and the Nikkei 225 Index increasing 4.88% to 22,582.21. 

Invesco Office J-REIT Inc. (3298) reported a 4.7% increase in ordinary income to JPY 3.63bn for the six months to end-April 2020, according to its earnings. 

The company set its April 2020 distribution at JPY 409, and projected ordinary income to fall 4.9% to JPY 3.46bn for the six month period to end-October 2020. Shares in Invesco Office J-REIT soared 6.72% to JPY 15,560. 

Fukuoka REIT Corp. (8968) secured JPY 1.7 bn in long-term funding across three loans to partially fund its Logicity Wakamiya acquisition, the company said in a statement. 

The trust secured a 10-year, JPY 700m loan from Resona Bank; a nine-year, JPY 500m loan from MUFG Bank; and an eight-year, JPY 500m debt from the Kagoshima Bank. Fukuoka REIT shares surged 7.81% to JPY 132,500.  

Singapore

The FTSE ST Real Estate Investment Trusts index gained 3.13% to 842.38, while the Straits Times Index rose 2.03% to 2,666.85.

OUE Commercial REIT (TS0U) priced its S$100m 4% notes due 2025, as part of its S$2bn multicurrency debt issuance programme, the company announced. 

Oversea-Chinese Banking Corporation and Standard Chartered Bank were appointed as joint lead managers and bookrunners of the note offering. OUE Commercial REIT shares jumped 5.13% to S$0.41.

Shares in Suntec REIT (T82U) increased 4.79% to S$1.53 after telling the market that rental revenue was expected to remain robust due to the completion of 52% of FY 2020 renewals for the Singapore office portfolio and strong rent reversions achieved from previous quarters. 

Hong Kong 

The Hang Seng REIT Index rose 1.12% to 5,660.92, while the Hang Seng Index jumped 2.54% to 24,380.26.

Among the biggest movers were Spring REIT (1426) stocks, which rose 3.64% to HK$2.56, and Yuexiu REIT (405) shares, which jumped 2.55% to HK$3.62.

Learn more about Asia Pacific REITs:

REITS in AustraliaREITs in Thailand
REITs in JapanREITs in Taiwan
REITs in SingaporeREITs in Korea
REITs in Hong KongREITs in New Zealand
REITs in MalaysiaREITs in India
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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.