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Singapore REITs Happenings in April 2021

Too busy to run through the announcements made by Singapore REITs? In this segment of Singapore REITs Happenings, we will be summing up some of the key happenings in Singapore REITs in April 2021.

1) Lippo Mall Trust obtained a SGD 30 million term loan facility

Lippo Mall has successfully obtained a SGD 30 million term loan facility of up to SGD 22.5 million (“Facility B1”) and a term loan facility of up to SGD 7.5 million (“Facility B2”). Facility B1 has a maturity date of 6 January 2024 whereas Facility B2 has a maturity date of 6 January 2026. The proceeds from these facilities will be used to refinance all or part of the vendor financing in relation to the acquisition of the majority portion of the strata titles within Lippo Mall Puri. In addition to that, the proceeds will be used to acquire fixed and/or movable plants and equipment used for the operation of the Property.

2) Starhill Global REIT entered into an unsecured facility agreement of AUD 100 million

Starhill Global REIT has announced that they have entered into a 5 and a half year unsecured facility agreement with two banks for a term loan facility of AUD 100 million. This facility will be used to fully refinance the remaining AUD 80 million term loan which was secured against Myer Centre Adelaide which is due to mature in November 2021. In addition to that, the loan proceeds will be utilized for working capital requirements and other general corporate funding purposes. The above utilisations of the Facility are expected to take place in May to June 2021.

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3) Minimal impact of tropical cyclone Seroja on First REIT

If you have been following global news closely, you would have probably read on the tropical Cyclone Seroja which have hit Indonesia earlier this month. This has caused small-scale damage to First REIT’s asset, Lippo Lippo Plaza Kupang, part of an integrated asset that includes Siloam Hospitals Kupang. There were no reports of casualties at the mall as the mall was closed since the warning of the incoming cyclone was announced.

Post damage assessment, Lippo Plaza Kupang and Siloam Hospitals Kupang has since resumed full operations and has continued to remain operational.

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We hope our new segment of Singapore a REITs Happenings will be value-adding to your REITs investment journey. Do let us know if we miss out any key Singapore REITs Happenings in April 2021.

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Chee Yang

Chee Yang is an investor and founder of REIT Pulse. Started out his career in both assurance and M&A, he is now in corporate and business development of a rising tech company. Being an active REIT investor, Chee Yang launch REIT Pulse to connect with seasoned investors and similarly help others learn more about REITs.

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