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Stocks to watch: CapitaLand, Lum Chang, CCT, Frasers Property, Keppel-KBS US Reit
THE following companies saw new developments that may affect trading of their shares on Wednesday:
CapitaLand and Lum Chang Holdings: CapitaLand Commercial Trust (CCT) will acquire an effective 94.9 per cent interest in the holding companies of Main Airport Center, a freehold office property in Frankfurt, Germany, for 133.4 million euros (S$205.3 million) from its sponsor CapitaLand and Lum Chang Holdings, the manager of the mainboard-listed real estate investment trust (Reit) said on Wednesday morning. Post-transaction, CapitaLand will hold a 5.1 per cent stake in the holding companies. On Tuesday, shares of CapitaLand were down two cents to S$3.66, units of CCT were up three cents to S$2.18, while shares of Lum Chang closed flat at 34.5 Singapore cents.
CapitaLand Commercial Trust: CapitaLand Commercial Trust's distribution per unit (DPU) for the second quarter is up 1.9 per cent to 2.2 Singapore cents, from 2.16 cents a year ago, from the acquisition of Gallileo and higher revenue from its properties. Net property income for the quarter ended June 30 grew 0.8 per cent to S$78.4 million, from S$77.7 million a year ago, the trust said on Wednesday. CCT's units closed at S$2.18 on Tuesday, up three Singapore cents or 1.4 per cent.
Frasers Property: Frasers Property has secured a A$750 million (S$715.2 million) term loan, comprising a A$500 million green loan tranche and a A$250 million five-year tranche, the real estate developer said on Wednesday morning. The A$500 million tranche is Singapore’s first green loan with a pricing structure linked to the BCA Green Mark, said the company. The proceeds from the green loan tranche will be used to refinance existing loans in relation to two properties – Alexandra Point and 51 Cuppage Road. Frasers Property shares closed up S$0.02 or 1.1 per cent at S$1.85 on Tuesday.
Keppel-KBS US Reit: An enlarged number of units from a rights issue, which outweighed contributions from two more recently acquired properties, led the real estate investment trust to post a distribution per unit (DPU) of 1.5 US cents in its second quarter ended June 30, lower than its forecast of 1.58 US cents for the period. Restated for the Nov 26 rights issue, its forecast DPU for that quarter would have been 1.47 US cents. Its actual Q2 2018 DPU was also 1.5 US cents. The Reit's units finished unchanged at US$0.81 on Tuesday before the results were announced.