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Mapletree Greater China Commercial Trust posts 8.7% rise in Q1 DPU
MAPLETREE Greater China Commercial Trust (MGCCT) reported an 8.7 per cent growth in distribution per unit (DPU) for the fiscal first quarter ended June 30, 2015, to 1.696 Singapore cents, thanks to higher rents amid strong leasing demand and improved tenant sales.
The Reit reported a 19.1 per cent year-on-year jump in gross revenue to S$75.9 million and an 18.7 per cent leap in net property income to S$62.4 million during the quarter.
MGCCT garnered an average rental reversion of 16 per cent at Festival Walk, a premier retail and office building in Hong Kong, and 29 per cent at Gateway Plaza, a premier Grade-A office development with a podium area in Beijing.
Its acquisition of Sandhill Plaza, a premium business park in Shanghai, was completed on June 17 and is expected to contribute to distributable income in subsequent quarters.
Cindy Chow, CEO of the Reit's manager, said: "We will continue to maximise unitholders' returns through proactive asset and cost management, asset enhancement initiatives and yield-accretive acquisitions while maintaining an efficient capital management structure."