CapitaRetail China Trust (CRCT) recorded a 2.1 percent increase in
distributable income to S$17.1 million in Q3 2013 from S$16.7 million
over the same period last year.
This was due mainly to higher
revenue growth from better tenants’ sales and higher rental reversions
at CapitaMall Wangjing, CapitaMall Xizhimen and CapitaMall Saihan, that
offset the lack of contributions from CapitaMall Minzhongleyuan.
Distribution
per unit (DPU) in the period stood at 2.26 cents while annualised
distribution yield is 6.4 percent, based on CRCT’s annualised DPU of
8.97 cents and closing price of S$1.395 per unit on 22 October.
Moreover,
gross revenue rose 2.2 percent to S$39.5 million in Q3 2013 from S$38.6
million in Q3 2012. Net property income declined 0.8 percent to S$25
million from S$25.2 million previously.
Meanwhile, CRCT on
Wednesday launched an equity fund raising by issuing 45.4 million new
units at S$1.30 per unit via a non-renounceable preferential offering to
current unitholders.
The issue price is at a discount of about
7.5 percent to the volume weighted average price of S$1.4049 for trades
in CRCT units done on the Singapore Exchange (SGX).
With the
intention of raising around S$59.0 million in gross proceeds, CRCT’s
preferential offering is made on the basis of six new units for every
100 existing units held by CRCT unitholders.
DBS Bank was appointed lead manager and underwriter of the offering.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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