Recent Developments

• Isetan (Singapore) Limited announced that it has appointed a marketing agent to assist in the assessment of interest in the possible purchase of its property located at Wisma Atria 435 Orchard Road (Isetan Wisma Atria) and/or commence exploratory discussions with third parties for this purpose. (11 Jun)

• The Singapore government announced that Singapore will return to Phase 3 (Heightened Alert) from 14 Jun 2021, in two stages. For the first which will commence from 14 Jun, social gathering sizes will be allowed to increase from two to five persons and event size and capacity limits of certain sectors will also increase, with pre-event testing. The second stage will start from 21 Jun if the situation remains under control, with dining in at F&B establishments (up to 5 pax), gyms, fitness studios, mask-off sports activities allowed to resume. (10 Jun)

• Suntec REIT has proposed to issue SGD150m of fixed rate subordinated perpetual securities at a fixed rate of 4.25% per annum. Distributions under the perpetual securities shall be payable semi-annually in arrear on 15 Jun and 15 December in each year, commencing on 15 Dec 2021. (7 Jun)

• Cromwell European REIT has acquired a modern freehold logistics asset in the Czech Republic for EUR10.1m (~SGD16.4m). This is below the average of two independent valuations (EUR10.3m). The purchase price translates into an estimated net operating income of 6.4%. The property is 97.3% let to three quality tenant-customers with strong credit standing for an average minimum lease term of 6.5 years. (7 Jun)