In Hong Kong, New Century REIT (1275) secured two loans totalling RMB888.1m from New Century Tourism and Huge Harvest to refinance existing debts and facilitate a capital reduction of Zhejiang New Century for remittance of funds offshore.
The RMB788.1m New Century Tourism loan facility is a short-term bridge loan with no interest rate maturing on 10 August, 2020, while the RMB100m Huge Harvest loan facility has a 3.4% annual interest rate and matures in July 2025.
The REIT also plans to refinance RMB1.9bn in existing bank facilities to lower its overall interest payment obligations and reduce its foreign exchange exposure. New Century REIT shares closed flat at HK$1.00. (Read more)
The Hang Seng REIT index bounced 2.32% to 5,868.58, as the Hang Seng index soared 3.81% to 26,339.16.
The biggest swings among the Hong Kong REITs were Yuexiu REIT (405) shares, which jumped 2.76% to HK$3.72, and Spring REIT (1426), which declined 0.78% to HK$2.53.
Australia
APN Convenience Retail REIT (AQR) bought the Brisbane Airport Link Service Centre in Queensland for A$10.5m, representing a purchase yield of 6.15%.
“The site is strategically located in a precinct that will service high volumes of diesel sales given the density of industrial holdings within the immediate area, and its proximity to courier, taxi, and car rental services stemming from Brisbane Airport,” said AQR fund manager Chris Brockett.
The newly-built service centre is anchored by Ampol on a 15-year lease, which makes up 78% of the centre’s income. AQR shares closed 0.28% lower at A$3.54. (Read more)
360 Capital REIT (TOT) sold its 49.9% stake in the Tattersall Shopping Centre in Penrith, NSW, collecting net proceeds worth A$7.7m.
“This asset was deemed to be non-core, with TOT now having realised the majority of assets since completing the merger in December 2019,” said head of real assets James Storey. The REIT’s shares finished trading flat at A$0.90. (Read more)
Among the biggest A-REIT swings were Charter Hall Social Infrastructure REIT (CQE) shares, which rose 2.94% to A$2.45, and Home Consortium (HMC), which fell 3.32% to A$2.91.
The S&P/ASX 200 A-REIT index dipped 0.60% to 1,257.30, in line with the S&P/ASX 200 index, which declined 0.71% to 6,014.60.
Singapore
The FTSE ST Real Estate Investment Trusts index jumped 1.16% to 849.09, following the Straits Times Index which climbed 1.38% to 2,689.61.
Frasers Centrepoint Trust (J69U) completed its acquisition of 48,229 shares, or a 12% interest, in the PGIM Real Estate AsiaRetail fund for S$197.2m, taking its stake to 36.89%.
“The ARF portfolio of suburban retail malls shares similar characteristics to FCT’s malls, which focuses on essential spending and F&B trades as well as their locations in populous residential areas and close proximity to transportation nodes,” Richard Ng, CEO of the REIT’s manager, said in a statement when the deal was announced last week. (Read more)
EC World REIT (BWCU) shares climbed 8.26% to S$0.66, recovering from last week’s sell-down after the REIT announced that its manager’s chief investment officer Li Jinbo was under investigation.
Dasin Retail Trust (CEDU) was among a handful of S-REITs that finished trading lower, falling 1.25% to S$0.79.
Japan
The Tokyo Stock Exchange REIT index retreated 0.27% to 1,687.29, however the Nikkei 225 index rose 1.83% to 22,714.44.
In Japan, Mori Trust Hotel REIT Inc. (3478) shares posted the biggest gains, up 2.54% to JPY 96,900, while Invincible Investment Corp. (8963) stocks tumbled 3.69% to JPY 25,600.