fbpx
ASX-listed Scentre Group has raised US$3bn in new debt, issuing subordinated hybrid notes in the US markets for the first time. The retail REIT issued US$1.5bn of 60-year, non-call 6-year subordinated notes with a coupon of 4.75% and US$1.5bn 60-year, non-call 10-year subordinated notes with a coupon of 5.125%.  The group said the new financing diversified its sources of capital and was expected to be a long-term feature of its funding. Scentre said it had sufficient long-term liquidity to cover all debt maturities until early 2024. “Following the issuance, the group will reduce its indebtedness including borrowings under the group’s revolving bank facilities,” the company said.  Scentre Group shares closed 2.2% higher at A$2.32 on Thursday. GLP J-REIT raises ¥5bn from sustainability bonds Tokyo-listed GLP J-REIT has raised ¥5bn in new debt from the sale of sustainability-linked bonds. The GLP sustainability bonds have a coupon rate of 0.51%, a AA credit rating from the Japan Credit...
Tokyo-listed Mitsui Fudosan Logistics Park has agreed to buy two logistics facilities in Osaka and Saitama from Saito Tokutei Mokuteki Kaisha and its sponsor Mitsui Fudosan for ¥77.4bn (~US$737m). Under the deal, MFLP will pay ¥58.9bn for the MFLP Ibaraki property in Ibaraki, Osaka, and ¥18.5bn for the MFLP Kawaguchi I asset in Kawaguchi, Saitama. The MFLP Ibaraki property is a six-storey rampway logistics park with total leased area of 208,699 sq.m. that is suited for deliveries between regional cities, mainly in the northern part of Osaka. The MFLP Kawaguchi I asset is a four-level slope-type logistics park with proximity to ring roads 7 and 8, which circle the Tokyo area and provide efficient access to central Tokyo and the central part of the Saitama area. Mitsui Fudosan Logistics Park shares closed 1.50% higher at ¥540,000 on Wednesday. Charter Hall fund secures A$300m in new financing Charter Hall Exchange Investment Trust, a fund co-owned by ASX-listed...
Tokyu REIT has agreed to buy the OKI Business Center No.5 in Tokyo for ¥11.9bn, while also disposing of its OKI System Center in the city of Warabi for ¥6.85bn. The OKI Business Center No.5 office building is fully occupied with 18,102 sq.m. of lettable area and is located within walking distance of the Tamachi station on the JR Yamanote and Keihin-Tohoku lines. The property, which is let until 2030, was acquired on a NOI yield of 5.31%. The OKI System Center has been fully occupied by a single tenant for the past five years and was acquired by the REIT for ¥4.53bn in 2013. “In the area near Tamachi Station, the station nearest to the asset to be acquired, a large-scale mixed-use development called ‘msb Tamachi’ has been completed and multiple redevelopment projects are underway,” the company said. Tokyu REIT shares finished trading 4.36% higher at ¥141,100 on Tuesday. Ale Property shares fall on...
Singapore-listed Mapletree Industrial Trust has agreed to buy a data centre in the US state of Virginia for as much as US$262.1m.  The property is fully leased on a triple net basis with a balance lease term of more than five years to a multinational company with strong credit standing.  The S-REIT said the purchase price would be between US$200.6m and US$262.1m, with the deal closing in the first quarter of next year.  The deal is part of MIT’s strategic expansion into the data centre market, with North American data centres accounting for almost 35% of its entire portfolio by assets under management. “The COVID-19 pandemic has provided favourable tailwinds for the data centre segment,” the company said. “There has been strong leasing demand for data centre space from content, social media, e-payment, software-as-a-service and other information technology firms during the pandemic.”  MIT shares closed 0.96% higher at S$3.15 on Monday.  Keppel REIT snaps...
A new fund managed by ASX-listed Charter Hall Group has bought a 49% stake in a NZ$534m portfolio of BP fuel and convenience retail properties in New Zealand, representing a 6.25% initial yield. The portfolio comprises 70 triple net leased properties, with 72% of the properties located in NZ’s top three cities and Auckland representing 51% of the portfolio value. The portfolio has a 20-year WALE at acquisition, with initial lease terms ranging from 18 to 22 years for properties in the portfolio. Charter Hall acquired the portfolio interest through a sale-leaseback deal with BP, with Charter Hall Long WALE REIT and Charter Hall Retail REIT co-owning the NZD$262m. “This off market transaction further extends our relationship with bp, builds upon the success of our Australian Partnership and demonstrates our conviction in NNN leased Long WALE convenience retail,” said Charter Hall managing director and group CEO David Harrison.  Charter Hall Group shares closed...