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DBS Equity Research: Wired Daily 10 Dec 2015

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Publish date: Sun, 13 Dec 2015, 10:25 PM
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Ascendas REIT - Issues new equity worth to fund proposed acquisitions in Singapore & Australia

Ascendas REIT will issue new equity worth S$408m to fund proposed acquisition targets in Singapore and Australia. 90mil new units will be issued to institutional and other investors via a S$200.1mil private placement at S$2.223 per unit that is at the low end of the S$2.223 to S$2.29 range used during book building. The placement price represents a 6.2% discount to A-Reit's VWAP of S$2.3706 on Dec 8. AReit will also offer existing unitholders new units at S$2.218 apiece, or 5 Singapore cents below the placement price, on the basis of 3 new units for every 80 held. The rights offering will raise at least S$207.9 million.S$225mil (c.55% of proceeds) will be allocated to the proposed acquisition of One@Changi (located in Changi Business Park). Another S$82m (c.20%) is for the proposed acquisition of a logistic facility in Australia while the remaining S$99m (c.25%) is for future deals and repayment of debt.

Frasers Centrepoint Limited (FCL) will exit a JV that owns the Compass Point shopping mall in Sengkang for about S$80.3mil in total. In the deal, FCL sells off its 18.99% stake in the JV, called Gemshine Investments, to its JV partner, which is a fund owned by Prudential. The sale is in line with FCL's strategy of selling off non-core assets and will bring in S$19.6mil.

City Developments Limited will partner with leading Australian developers, Abacus Property Group and KPG Capital to develop a prime residential land site in Brisbane's South Bank precinct. CDL and Abacus will jointly provide the majority of equity funding via a preferred equity interest of approximately A$30 million. The project is situated on a 2,733sqm freehold site and will be developed into two 30-storey towers, accommodating a total of 472 apartments with gross development value of around A$275 million.

Singtel has teamed up with GrabTaxi on a mobile wallet for the taxi app in the region. Through the tie-up, mobile customers of telcos such as AIS, Globe and Telkomsel will be able to book vehicles through the GrabTaxi app and pay for rides using their personal mobile wallets. The platform that will make this service possible is expected to be integrated with the GrabTaxi app by mid-2016.

The Trendlines Group has signed a memorandum of understanding with Boston-based Saviva Capital to submit a joint application to Israel's Office of the Chief Scientist, for operating an incubator that will focus on agriculture and food technologies. Saviva will invest US$9.2mil in total under this deal. This consists of US$4.2mil to be invested in the incubator over 10 years and another US$5mil to be directly invested in technology start-ups dealing with agriculture and food.

Source: DBS
CapLand Ascendas REIT (A17U)CityDev (C09)Singtel (Z74)Trendlines (42T)Frasers Property (TQ5)
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