ARA LOGOS Logistics Trust raises S$50m for Australian logistics deal and other APAC REIT news

Singapore-listed ARA LOGOS Logistics Trust has raised S$50m through a private placement to help fund its recent acquisition of five logistics properties in Australia.

The S-REIT closed the book of orders on Tuesday after placing almost 90.5m new units at S$0.5525 per new unit.

“The private placement saw strong participation from a broad spectrum of investors, including new and existing institutional investors,” the company said.

Citigroup Global Markets Singapore, Credit Suisse (Singapore) and DBS Bank were appointed as underwriters for the private placement.

Shares in ARA LOGOS Logistics Trust closed 3.36% lower at S$0.58 on Tuesday.

Cromwell completes A$27m Adelaide retail sale

Australian-listed Cromwell Property Group has completed the sale of the Parafield Retail Complex in South Australia on behalf of the Cromwell Direct Property Fund for A$27.25m.

Head of Retail Funds Management, Hamish Wehl, said the Parafield sale was timely and further strengthened the fund’s portfolio metrics.

The purpose-built retail complex has a net lettable area of 15,776 sq.m. and is located within the Parafield Airport precinct, just 12 kilometres north of the Adelaide CBD.

Prior to the sale, the fund had a 7.1-year weighted average lease expiry across 11 assets as of end-September 2020.

Cromwell Property Group shares closed flat at A$0.92 on Tuesday.

CapitaLand Mall Trust starts trading as CapitaLand Integrated Commercial Trust

CapitaLand Mall Trust began trading as CapitaLand Integrated Commercial Trust (CICT) on the Singapore stock exchange on Tuesday, following its merger with CapitaLand Commercial Trust.

The new S-REIT will have a reconstituted board comprising members from the former boards of CapitaLand Mall Trust and CapitaLand Commercial Trust.

“We transit into a new phase of growth today as CapitaLand Integrated Commercial Trust,” said Tony Tan, CEO of CICT’s manager.

“Under the guidance of the Board, my team and I commit to realise CICT’s potential as one of Asia Pacific’s largest REITs. Whilst the near-term challenges posed by COVID-19 remain, the bigger and more integrated platform will allow CICT to effectively capitalise on current and future real estate trends to create further opportunities for growth.”

Shares in CICT finished trading 2.27% higher at S$1.80 on Tuesday.