CapitaLand Integrated Commercial Trust (Merger CMT & CCT)

[millionairemind]

March 15, 2010, 6.08 pm (Singapore time)

$100m CMT bonds issued

By KALPANA RASHIWALA

SINGAPORE - CapitaMall Trust (CMT) has issued $100 million (US$72 million) fixed-rate notes due 2017 under its $2.5 million multicurrency medium term note programme set up in April 2007.

The bonds will bear an interest rate of 3.85 per cent per annum payable semi-annually in arrears, and mature on March 15, 2017. DBS Bank has been appointed as dealer of the notes.

Proceeds from the issue will be used to refinance existing borrowings of CMT, finance/refinance the investments of CMT, on-lend to any trust, fund or entity in which CMT has an interest, to finance/refinance any asset enhancement works initiated by CMT or any trust, fund or entity and to finance the general working capital purposes of CMT.

Approval-in-principle has been granted by Singapore Exchange for the listing and quotation of the notes.

[Blackjack]

CIMB Squawk Box

Capitamall Trust (CT SP; S$1.85)

CT has issued S$100m 3.85% fixed rate notes from its MTN program. Debt maturity
is in Mar 2017. Little impact on cost of debt on a portfolio basis due to the
small quantum (4.5% of total debt). Nonetheless, we view it as a positive move
in terming out debt maturity.

Maintain Neutral with a target price of S$1.88.

[millionairemind]

March 31, 2010, 11.50 am (Singapore time)

CMT issues US$500m fixed rate notes due 2015

By BERNICE BONG

SINGAPORE - CapitaMall Trust (CMT) will issue US$500 million fixed rate notes under its US$2.0 billion euro-medium term note (EMTN) programme set up on Monday.

The notes will bear a fixed interest rate of 4.321 per cent per annum payable semi-annually.

The first issue under the EMTN programme, they will mature on April 8, 2015.

CMT trustee, CMT MTN, will swap the US dollar proceeds into S$699.5 million at a fixed interest rate of 3.794 per cent per annum.

The proceeds from the issue of the notes will be used to finance or refinance CMT's existing borrowings, investments and asset enhancement works as well as the general working capital purposes of CMT.

Moody’s has assigned A3 to CMT’s proposed notes and affirmed CMT’s A2 corporate family rating.

[rodney13]

Are these bonds available to individuals?

[millionairemind]

Published June 24, 2010

CCT may be close to selling StarHub Centre

GuocoLand among short list of potential buyers of Cuppage Road property

By KALPANA RASHIWALA

(SINGAPORE) CapitaCommercial Trust (CCT) could be close to selling StarHub Centre, a 10-storey commercial building at Cuppage Road, say sources.

StarHub Centre: Valued at $268 million at end-December 2009

The sources suggest that GuocoLand could be the frontrunner for the property, which is near Somerset MRT Station. It was one of the parties shortlisted to do due diligence after an expression of interest (EOI) for the property closed last month.

Frasers Centrepoint group, whose Centrepoint Shopping Centre is connected via a second-storey link bridge to StarHub Centre, is also said to have participated in the EOI exercise.

The transaction price for StarHub Centre is expected to be above its Dec 31, 2009, valuation of $268 million. The end-2009 valuation was 19.5 per cent below the end-2008 valuation of $332.8 million.

A sale of StarHub Centre would not be surprising. Earlier this year, CCT said it was reviewing plans for the non-Grade A property. It is currently zoned for purely commercial use but CCT has obtained outline planning permission from Urban Redevelopment Authority to change its use to a residential (capped at 80 per cent of gross floor area) and commercial property.

Market watchers suggest that CCT would have applied to Singapore Land Authority seeking a lease top-up to 99 years but a decision has probably not been made. The site has a remaining lease term of about 85 years.

Market watchers suggest that one issue CCT and any potential buyer would probably be hammering out is whether the sale will be subject to approval from SLA for the lease to be reset to 99 years.

The outline planning permission granted from URA for a mostly residential project is capped at the current 4.9 plot ratio that the existing property is already built up to.

StarHub Centre received Temporary Occupation Permit in 1998. It stands on a site with 99-year leasehold tenure starting Feb 1, 1996.

Its land area is 67,916 sq ft. Based on a 4.9 plot ratio and an 80 per cent cap on a residential project, a redevelopment scheme can yield about 266,230 sq ft of residential space, which would be equivalent to 212 apartments of an average size of 1,200 sq ft.

StarHub Centre reaped gross rental income of $18.5 million and net property income of $15.2 million for the year ended Dec 31, 2009.

The building contributed 5 per cent of the trust's net property income last year.

It has 21 tenants including Singapore Technologies Group, Kaplan Financial and Intel Technology Asia.

StarHub moved its headquarters from the building to new premises in the Ubi area last year but retains a small ihub outlet at the property to cater to corporate customers.

Earlier this year, CCT sold Robinson Point, another office block that it also classified as non-Grade A, for $203.25 million or about $1,527 per square foot of existing net lettable area, to a private fund managed by AEW Asia.

CCT will book a $19.2 million gain from the sale.

Market watchers suggest it makes sense for CCT to divest StarHub Centre rather than redevelop the asset into a mostly residential project itself as that may stoke concerns about the trust losing its focus on commercial property. Also, CCT's non-Grade A office properties did not perform as well as its Grade A stock during last year's office downturn.

CCT may be better off selling the property and reinvesting divestment proceeds to reduce debt, purchase new Grade A office properties or spruce up its existing Grade A assets.

Last month, CCT announced plans to execute a $92 million revamp of Six Battery Road - which earned about 23 per cent of the trust's net property income last year.

[sreitinvestor]

Second quarter 2010 results for CCT:
Key Points
* The DPU for the quarter (2Q 2010) is 1.97 cents.
* Total DPU for 1H 2010 is 3.90 cents.
* Distributable income of S$110.0 million for the financial period from 1 January 2010 to 30 June 2010 (1H 2010).
* The Trust’s distribution yield is 5.9% based on the closing price of S$1.33 per unit on 20 July 2010.
* The books closure date is Friday, 30 July 2010.
* Unitholders can expect to receive their semi-annual estimated DPU payout of 3.90 cents on or around Friday, 27 August 2010.
* An independent valuation of the Trust’s portfolio of investment properties was conducted as at 30 June 2010 which showed a marginal decrease of S$25.7 million or 0.5% in its market value compared to its
last valuation on 31 December 2009.
* The value of the Trust’s investment properties and total assets is now S$5.5 billion and S$6.0 billion respectively.
* The Trust’s net asset value (NAV), after adjusting for the 1H 2010 distributable income to unitholders, is S$1.36 per unit as at 30 June 2010.
* Committed occupancy rate has increased to 95.6% from 95.1% as at end of first quarter 2010. Grade A offices have attained 100% occupancy now, up from 99.1% last quarter.
* The Trust’s gearing is at a healthy 32.8% and has only S$85.0 million of debt maturing this year.
* Moody's Investors Service has also changed the rating outlook of CCT to positive from stable, and affirmed CCT's Baa2 corporate family rating and Baa3 senior unsecured debt rating.


http://sreitinvestor.blogspot.com/p/dat ... lease.html

[sreitinvestor]

Second quarter 2010 results for CMT:
Key Points

* The DPU for the quarter (2Q 2010) is 2.29 cents.
* The Books Closure Date is on 30 July 2010.
* Unitholders can expect to receive their 2Q 2010 DPU on 27 August 2010.
* Completed acquisition of Clarke Quay on 1 July 2010.
* Portfolio occupancy continued to be strong at 99.5% as at 30 June 2010.
* Average cost of debt and gearing ratio were 3.7% and 34.8% respectively as at 30 June 2010. Interest cover stood at approximately 3.3 times.


http://sreitinvestor.blogspot.com/p/dat ... lease.html

[winston]

Not vested

Capitamall Trust ST: the upside prevails as long as 1.94 is support <CMLT.SI>

Click here to see our chart:
http://www.tradingcentral.com/chart/CTS ... 043750.gif

Our pivot point is at 1.94.

Our preference: the upside prevails as long as 1.94 is support.

Alternative scenario: below 1.94, expect 1.86 and 1.82.

Comment: the RSI is above 50. The MACD is above its signal line and positive.

The configuration is positive. Moreover, the stock is above its 20 and 50 day MA (standing respectively at 1.98 and 1.97). Capitamall Trust is currently trading near its 52 week high reached at 2.04 on 13/09/10.

Supports and resistances: 2.2 *2.16 **2.11 2.03 last 1.97 1.94 **1.86 *

Source: Reuters

[winston]

Not vested. From Kim Eng:-

CapitaCommercial Trust (CCT SP, $1.41, HOLD, TP $1.20)

– After completing the sale of Starhub Centre last week, what will CCT do with its huge cash pile of more than $800m?

As near‐term acquisitions do not appear very likely, we believe that the best use for
the cash is to pare down its debt to prevent a cash drag.

CCT is currently fairly valued and we think its DPU yield of 5.5% is not attractive enough for the competitive office sector. Maintain HOLD and target price of $1.20.

http://www.remisiers.org/cms_images/PDF ... QTZ10M.pdf

[winston]

Not vested. From OCBC:-

Maintain HOLD. On the back of favourable conditions in the office sector, our RNAV-derived fair value for CCT rises from S$1.26 to S$1.50.

But given the limited upside, with total return <10%, our HOLD rating remains; potential re-rating would need to come from further yield-enhancing acquisitions / redevelopment projects.

http://www.remisiers.org/cms_images/Cap ... 07-OIR.pdf