Keybridge Capital makes takeover bid for RNY Property and more APAC REIT news

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In Australia, A-REITs retreated, with the S&P/ASX 200 A-REIT index falling 2.85% to 1,215.10, while the S&P/ASX 200 index dipped 1.51% to 5,815. 

ASX-listed investment group Keybridge Capital made an all scrip takeover bid for RNY Property Trust (RNY), which is currently suspended from trading on the ASX, the company said. 

RNY invests in commercial office markets in the New York Tri-State area, where it has a 75% interest in five office properties.

Keybridge is offering 0.16 KBC shares for each RNY unit, reflecting a 220% premium to the REIT’s last market trade in late March 2019.

The biggest A-REIT swings were Aspen Group (APZ), which rose 5.88% to A$1.04, and Unibail-Rodamco-Westfield (URW), which sank 6.09% to A$4.01.

Hong Kong 

The Hang Seng REIT Index dipped 0.58% to 5,572.65, faring slightly better than the Hang Seng Index, which fell 1.01% to 24,301.28. 

Shares in Champion REIT (2778) rose 0.5% to HK$4.01 after Morningstar published a research note saying that its Three Garden Road office complex was better positioned now than in the previous downturn.

“Trading close to a 15% discount to our fair value estimate and distribution yield of 6.4%, Champion REIT has not looked this attractive in a long time,” said Morningstar senior equity analyst Michael Wu.

The note set Champion REIT’s fair value at HK$4.75 and said that the REIT’s Three Garden Road and Langham Place assets were both high quality.

Champion REIT shares rose the most today, while Yuexiu REIT (405) stocks tumbled 2.20% to HK$3.56.


J-REITs dropped as well, with the Tokyo Stock Exchange REIT index falling 2.94% to 1,660.03 and the Nikkei 225 Index slipping 2.30% to 21,995.04. 

Nippon Accommodations Fund Inc. (3226) secured JPY 4bn in new loans to buy the Park Cube Oimachi Residence, the company said.

The new loans include a five-year, JPY 1bn loan at 0.24% from the Chugoku Bank; a seven-year, JPY 2bn loan at 0.32% from the Norinchukin Bank; and a 10-year, JPY 1bn loan at 0.48% from Sumitomo Life Insurance Company. 

Nippon Accommodation Fund shares fell 3.09% to JPY 628,000.

Mirai Corp. (3476) announced plans to issue JPY 3bn of unsecured domestic investment corporation bonds to make acquisitions and refinance debts, according to a statement. Mirai Corp shares fell 2.20% to JPY 37,850.

Among the J-REITs, Marimo Regional Revitalization REIT Inc. (3470) dropped 9.22% to JPY 106,300, while LaSalle Logiport REIT (3466) shares jumped 2.05% to JPY 169,600.


The FTSE ST Real Estate Investment Trusts index closed 0.90% lower at 818.81, while the Straits Times Index finished trading down 1.17% at 2,574.10.

Dasin Retail Trust (CEDU) raised S$94m from the sale of more than 120m new units at S$0.78 per share, according to an announcement.

The company said the private placement was 1.2 times oversubscribed by new and existing investors, with the funds going towards the purchase of two malls in China’s Guangdong province and other costs. 

Dasin Retail Trust shares closed 0.60% lower to S$0.82.

The largest S-REIT swings were Mapletree Industrial Trust (ME8U) shares, which rose 1.03% to S$2.95, and Keppel Pacific Oak US REIT (CMOU), which sank 4.90% to S$0.68.