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Author: kimeng   |   Latest post: Thu, 18 Oct 2018, 01:15 PM

 

Far East Hospitality Trust: Proposed Acquisition of Oasia Hotel Downtown

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Far East Hospitality Trust (FEHT) has entered into a conditional agreement with its sponsor to acquire a 65-year leasehold estate in Oasia Hotel Downtown, a 314-room hotel in Tanjong Pagar, for S$210.0m. The acquisition will be funded by debt.

On a pro forma basis, 9M17 DPU would be 4% higher at 3.09 S cents (pro forma) instead of 2.97 S cents. Subsequent to the completion of the acquisition, an additional S$15.0m worth of stapled securities will be issued to the vendor if the asset’s NPI is S$9.9m or more for two consecutive fiscal years after the completion. The acquisition is subject to the approval of stapled securityholders at an extraordinary general meeting to be convened.

Pending further details, we put our Hold rating and fair value of S$0.65 under review.

Source: OCBC Research - 12 Jan 2018

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