Corporate digest

Cromwell E-Reit

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) has acquired a Czech Republic logistics asset from an affiliate company of its sponsor for 10.1 million euros (S$16.4 million). The freehold single-storey logistics building with a two-storey office section is less than three years old. It spans 8,382 square metres (sq m) on a site area of 31,557 sq m, with its external areas accommodating 168 outdoor parking spaces, the manager said in a bourse filing on Monday.

Hutchison Port Holdings Trust

ITS trustee-manager on Monday said chief executive Lam Hing Man will step down from the position starting June 25 due to health reasons.

Succeeding him is Ivor Chow, director of corporate finance, treasury and risk management within the Hutchison Port Holdings group. He has been an executive of the trustee-manager since 2011, providing ad hoc advice on HPHT's efficiency projects.

Eagle Hospitality Trust

THE sale of four Chapter 11 properties of Eagle Hospitality Real Estate Investment Trust (EH-Reit) were completed on June 3.

The four properties sold are Sheraton Denver Tech Center, Four Points by Sheraton San Jose Airport, Embassy Suites by Hilton Anaheim North, and Double Tree by Hilton Salt Lake City, with a total consideration of US$117.2 million. DBS Trustee expects the US$38.2 million sale of Hilton Atlanta Northeast to take place on or about June 8.

The estimated US$153.44 million in net proceeds from the five properties will be used to repay the debtor-in-possession financing obtained by EH-Reit's Chapter 11 entities, DBS Trustee said.

Sembcorp Marine

JURONG Shipyard Pte Ltd, a wholly-owned unit of Sembcorp Marine, has entered agreements to revise the delivery dates of two ultra-deepwater drillships it has contracted to build for Transocean Offshore Deepwater Holdings, due to work disruptions amid Covid-19.

Under the agreements, the delivery date of the first vessel, Deepwater Atlas, has been rescheduled to December 2021. The delivery date for the second vessel, Deepwater Titan, has been pushed to May 2022.

The revisions take into account work disruptions arising from the Covid-19 pandemic, Sembcorp Marine said in a Monday bourse filing.

The agreements further provide that upon the respective delivery of the vessels, Transocean will make a partial delivery payment, followed by deferred delivery instalment payments of the balance amounts.

To date, Transocean has already paid 35 per cent and 30 per cent of the contract price for Deepwater Atlas and Deepwater Titan, respectively.