APAC REIT Daily: BHG Retail REIT terminates S$455m Beijing mall deal

By Benn Dorrington

Here’s how the real estate investment trust (REIT) markets performed across Asia Pacific on Thursday, 4 June 2020.

Singapore

BHG Retail REIT (BMGU) announced in a statement that it had terminated its proposed S$455m acquisition of the Badaling Outlets in Beijing due to COVID-19’s impact on the capital markets and the economy.

The REIT said cancelling the deal, which was first announced in December last year, wouldn’t have a material adverse impact on its net asset value or distributions for the 2020 financial year. 

Lendlease Global REIT (JYEU) said it would be included in the GPR APREA Investable REIT 100 Index later this month, according to an announcement. The move follows the REIT’s inclusion into the MSCI Singapore Index last month. The REIT’s shares closed 1.38% lower at S$0.72. 

The FTSE ST Real Estate Investment Trusts Index dipped 0.63% to 840.92, and the Straits Times Index closed 0.25% higher at 2,707.20. 

Australia

A-REITs closed higher, with the S&P/ASX 200 A-REIT Index jumping 1.51% to 1,294.60.

Charter Hall Group (CHC) and Allianz Real Estate teamed up to purchase a $648m portfolio of ALDI logistics assets located in Sydney, Melbourne and Brisbane, according to an announcement. Charter Hall Group shares closed 1.73% lower at A$9.64. 

Shares in Dexus (DXS) rose 3.35% to A$9.57 after announcing that its joint venture with Singaporean sovereign wealth fund GIC settled its A$644m acquisition of the Rialto Towers building in Melbourne, Australia.

National Storage REIT (NSR) raised A$48m, up from its original A$30m cap, from its security purchase plan, the company said in a statement. The SSP issue, which resulted in more than 30m new stocks, followed the completion of its A$300m institutional placement earlier this week. NSR shares slipped 2.09% to A$1.88. 

Cromwell Property Group (CMW) told the market in a statement that it was ready to “take advantage of the opportunities that will emerge from market dislocation”, with A$670m of cash and available debt as of end-June. CMW also announced that it would pay a dividend of 1.875 cents per stock for the June 2020 quarter. CMW shares jumped 4.19% to A$0.87. 

The S&P/ASX 200 Index grew 0.84% to 5,991.80 after a new stimulus package to help residents build or renovate their homes was unveiled. 

Japan

The Tokyo Stock Exchange REIT Index dipped 1.84% to 1,703.06, while the Nikkei 225 Index edged 0.36% higher to 22,695.74.

Among the biggest price swings were Industrial & Infrastructure Fund Investment Corp. (3249) stocks, which fell 5.22% to JPY 165,300, and Japan Retail Fund Investment Corp. (8953), which slipped 4.58% to JPY 150,000.

Japan Prime Realty Investment Corp. (8955) shares closed 3.42% higher to JPY 347,500, as Nomura Real Estate Master Fund Inc. (3462) climbed 2.25% to JPY 140,900. 

Hong Kong 

In Hong Kong, the Hang Seng REIT Index slipped 0.55% to 5,605.53, while the Hang Seng Index inched up 0.17% to 24,366.30.

New Century REIT (1275) shareholders approved the trust’s share buy-back plans at its AGM, the company said in a filing

Regal REIT (1881) stocks rose 1.75% to HK$1.16 in one of the biggest gains in Hong Kong, while Sunlight REIT (435) stocks fell 2.34% to HK$3.76.

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
Disclaimer: APAC Real Estate accepts no responsibility for any claim, loss or damage as a result of information provided or its accuracy. Your personal objectives, financial situation or needs have not been taken into consideration. The information provided on this site is general in nature, not financial product advice, so you should see a financial expert before making any investment decision. Conflicts of interest may be present within commercial arrangements with companies and/or stock held.
Avatar
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.