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Perennial-led sell Chinatown Point Mall for S$520m
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BBBulll
Senior |
22-Nov-2019 10:27
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Something breweing here. Privatisation? NAV at 1.60. Big trades over last few days maybe transfer of ownership |
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cmengchan
Senior |
07-May-2019 20:02
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If you read the actual SGX report, it should be $1.655 per share for NAV. |
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Starship
Supreme |
07-May-2019 18:12
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What a joke this stock with a microscopic NAV of 1.655 cents. Perennial reports 1Q loss of $27 mil on higher finance, startup and operating costs 07/05/19, 05:40 pm SINGAPORE (May 7): Perennial Real Estate Holdings reversed into 1Q19 losses of $26.9 million, compared to earnings of $5,1 million a year ago. The negative bottomline was mainly due to higher finance costs and expensing of startup and operating costs for Perennial International Health and Medical Hub (PIHMH) in Chengdu and The Capitol Kempinski Hotel Singapore. Revenue for 1Q19 at $24.9 million was 66.3% higher than a year ago, mainly lifted by revenue from Capitol which was consolidated since May 2018, revenue from PIHMH and higher fee income from its management businesses. 1Q19 EBIT decreased 80.9% to $4.7 million as 1Q18 EBIT included a one-off gain recognised by one of the associates. Excluding this, EBIT would be higher by 43.6%, mainly attributable to higher contribution from management businesses. In its outlook, Perennial says the focus for its Singapore assets would be to drive improvement in operating performance through active marketing of strata units in 111 Somerset and repositioning of Capitol Singapore. At 111 Somerset, with the improving office market sentiment, over 10 office units in Somerset Tower were sold between $2,586 and $2,890 sf to date. The total year to date gross strata sales amounted to $28.3 million. Under URA&rsquo s new masterplan, Perennial plans to increase AXA Tower&rsquo s gross floor area by 46.5% to 1.55 million sf to incorporate office, hotel and residential components. In line with the group&rsquo s capital recycling strategy, Perennial recently divested its 50.64% stakes in entities that own the retail mall and four strata office units in Chinatown Point for $520 million. In China, PIHMH registered an increase in committed occupancy to 92.8% as at end March. Anchor tenant Gleneagles Chengdu Hospital has started fitting-out works and is expected to start operations in 2H19. As at end March, Perennial group had an NAV of 1.655 cents. https://www.theedgesingapore.com/perennial-reports-1q-loss-27-mil-higher-finance-startup-and-operating-costs |
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katak88
Master |
22-Apr-2019 12:19
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Perennial-led consortium to fully divest stake in Chinatown Point Mall for $520 mil expects 2Q to turn profitable22/04/19, 08:20 amSINGAPORE (Apr 22): Perennial Real Estate Holdings, together with its consortium of investors, is fully divesting its 100% stake in entities that own the retail mall and four strata office units in Chinatown Point, for a consideration of $225 million. The buyer is PAR Chinatown Point, a wholly-owned vehicle of a fund which is managed by Pan Asia Realty Advisors (Singapore). a joint venture between Mitsubishi Estate Co, and CLS. The consideration was based on an agreed property price of $520 million, which translates to $2,450 psf on total net lettable area (NLA) of Chinatown Point Mall. Separately, Perennial has announced a loss warning for the 1Q19 ended March, due to weaker operating performance of newly operational assets and higher financing costs. However, the group expects to turn profitable in 2Q19 on completion of the disposal of its stake in Chinatown Point Mall. Further details of the group&rsquo s performance for the first quarter will be disclosed when the group releases its 1Q 2019 financial statements in May. Perennial is the largest investor in Chinatown Point Mall with a 50.64% effective interest and its proportionate stake of the net proceeds to be received is expected to be $125.3 million, subject to final adjustments. The other investors of Chinatown Point Mall include Singapore Press Holdings, FPTM and some other private investors. Pua Seck Guan, CEO of Perennial, says, &ldquo The transaction is a testament to Perennial&rsquo s ability in identifying quality assets, creating value via enhancement initiatives, and ultimately unlocking value via divestment for all stakeholders. The divestment is also aligned with Perennial&rsquo s active capital recycling strategy to rebalance its portfolio and maximise returns for shareholders.&rdquo Subject to conditions, the sale is expected to close on June 6. Following the completion, Perennial&rsquo s wholly-owned subsidiary, Perennial (Singapore) Retail Management, will continue in its role as the property manager of Chinatown Point Mall. In July 2010, Perennial Real Estate, now a wholly owned subsidiary of Perennial, syndicated a consortium of investors to form PCP LLP to acquire Chinatown Point Mall at a total purchase consideration of $250 million. Thereafter, a major redevelopment exercise was carried out costing over $91 million. Since the acquisition, two of Perennial&rsquo s wholly owned subsidiaries have been the appointed asset manager and property manager respectively of Chinatown Point Mall. Shares in Perennial closed 1.5 cents lower on Thursday at 64 cents. https://www.theedgesingapore.com/perennial-led-consortium-fully-divest-stake-chinatown-point-mall-520-mil-expects-2q-turn-profitable |
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katak88
Master |
22-Apr-2019 12:16
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Perennial-led consortium to sell Chinatown Point Mall for S$520mMON, APR 22, 2019 - 9:39 AMPERENNIAL Real Estate Holdings (Perennial) and its consortium of investors, including Singapore Press Holdings (SPH), are selling their stakes in Chinatown Point Mall for S$520 million in total, the listed companies announced on Monday morning. This includes the divestment of their entire interests in the retail mall, and four strata office units in Chinatown Point, an integrated development located in the heart of the Chinatown precinct, within Singapore' s central business district. In July 2010, Perennial syndicated a consortium of investors to form Perennial Chinatown Point LLP (PCP LLP) to acquire Chinatown Point Mall for S$250 million. On Monday, Perennial said PCP LLP has entered into a share purchase agreement with PAR Chinatown Point, a wholly-owned vehicle of a fund managed by Pan Asia Realty Advisors (Singapore). Pan Asia Realty Advisors (Singapore) is in turn, a joint venture between Mitsubishi Estate Co and CLSA. Perennial said the transaction is in line with its active capital recycling strategy to rebalance its portfolio, enhance its financial flexibility, and maximise its returns to shareholders. The deal value includes S$225 million in cash for the issued shares, and the assignment of shareholder loans. The transaction price of S$520 million also translates to S$2,450 per square foot on total net lettable area of Chinatown Point Mall. Perennial is the largest investor in Chinatown Point Mall with a 50.64 effective interest, and its proportionate stake of the net proceeds is expected to be about S$125.3 million, subject to final adjustments, the company said. The other investors include SPH, which publishes The Business Times, and FPTM Pte Ltd, among some other private investors. In a separate filing to the Singapore bourse on Monday, SPH said its expects its share of gain to be about S$10 million. SPH&rsquo s wholly-owned subsidiary, CT Point Investments Pte Ltd, has a direct stake of 30.68 per cent in PCP LLP and an indirect stake in entities that own Chinatown Point Mall. Since Chinatown Point Mall was acquired in 2010, a major redevelopment exercise was carried out costing over S$91 million. Two of Perennial' s wholly-owned subsidiaries were appointed asset manager and property manager of Chinatown Point Mall. Perennial said that subject to the conditions precedent being satisfied, the transaction is expected to close on or about June 6. Following the completion, Perennial (Singapore) Retail Management, will continue in its role as the property manager of Chinatown Point Mall. Pua Seck Guan, CEO of Perennial, said: " The transaction is a testament to Perennial&rsquo s ability in identifying quality assets, creating value via enhancement initiatives, and ultimately unlocking value via divestment for all stakeholders." Separately, Perennial on Monday also noted in a profit guidance that it expects to post a first-quarter net loss for the three months ended March 31, primarily due to weaker operating performance of its newly operational assets, as well as higher financing costs. The group expects to turn profitable in the second quarter on completion of the disposal of its stake in Chinatown Point Mall. It added that further details of the group' s performance will be disclosed when it releases its Q1 results in May. As at 9.17am on Monday, Perennial shares were trading flat at S$0.64, while SPH shares were trading at S$2.46, down 0.4 per cent, or one Singapore cent. https://www.businesstimes.com.sg/companies-markets/perennial-led-consortium-to-sell-chinatown-point-mall-for-s520m |
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