(Constituted in the Republic of Singapore pursuant to a trust deed dated 28 November 2005 (as amended)

ACQUISITION OF 50.0% INTEREST IN 8 EXHIBITION STREET, MELBOURNE, AUSTRALIA

1.

INTRODUCTION The Board of Directors of Keppel REIT Management Limited, as manager of Keppel REIT (the “Manager”), is pleased to announce that RBC Investor Services Trust Singapore Limited, in its capacity as trustee of Keppel REIT, has, through CFS Managed Property 1 Limited as trustee of Keppel REIT (Australia) Sub-Trust 4 , a wholly-owned sub-trust of Keppel REIT, entered into a contract for sale (“Contract for Sale”) with United Super Investments (8 Exhibition Street) Pty Ltd, as trustee of the 8 Exhibition Street Unit Trust, to acquire a 50% interest in 8 Exhibition Street, Melbourne (the “Property”, and the transaction acquiring the Property, the “Transaction”). The Transaction constitutes a discloseable transaction under Chapter 10 of the Listing Manual of Singapore Exchange Securities Trading Limited (the “SGX-ST”, and the Listing Manual of the SGX-ST, the “Listing Manual”).

2.

INFORMATION ON THE PROPERTY The Property is located in the prime part of the Melbourne central business district (“CBD”). The 35-storey freehold prime commercial building has a total net lettable area of approximately 480,309 sf with 3,304 sf of ancillary retail space on the ground floor. The building has a 4.5-star National Australian Built Environment Rating System (NABERS) energy rating. The Property is 100% leased to well-established tenants in the financial, aviation, financial advisory, tax and transaction services sectors. Tenants enjoy good connectivity to the rest of the city with the building’s close proximity to various public transport nodes including tram, bus and rail services such as the major Parliament and Flinders Street railway stations which are within walking distance. The open market valuation of the Property is A$160.2 million based on a valuation dated 25 June 2013 conducted by an independent valuer, m3property Pty Ltd (the “Valuer”). The valuation is based on the capitalisation method, discounted cash flow method and the market comparison method. The co-owner of the remaining 50% interest in the Property is GPT Management (Custodian) Pty Ltd as trustee of the New Property Investment Trust No. 1.

1

A trust constituted in Australia which is wholly-owned by Keppel REIT.

1

3.

CONSIDERATION AND PRINCIPAL TERMS OF THE TRANSACTION The purchase consideration for the Property is approximately A$160.2 million 2 (approximately S$192.4 million ) (the “Consideration”). The Consideration was arrived at on a willing-buyer and willing-seller basis and supported by the independent valuation of the Property by the Valuer. Keppel REIT has today paid approximately A$8.0 million 2 (approximately S$9.6 million ) as deposit and will pay the remainder of the Consideration upon completion of the Transaction. The completion of the Transaction is expected to occur on or about 1 August 2013. There are a number of other ancillary documents which relate to the assumption of existing leases and car parking arrangements as well as a co-owners agreement with GPT Management (Custodian) Pty Ltd as trustee of New Property Investment Trust No. 1. The Contract for Sale and ancillary documents do not contain any unusual requirements and are consistent with usual market conditions of sale in Australia.

4.

FINANCIAL EFFECTS

4.1

Assumptions The pro forma financial effects of the Transaction presented below are strictly for illustration purposes only, and do not reflect the actual financial position of Keppel REIT following the completion of the Transaction. They have been prepared based on the latest audited financial statements of Keppel REIT for the financial year ended 31 December 2012 (“FY 2012”), taking into account the Consideration as well as the assumption that the Transaction is fully funded by debt.

4.2

Pro Forma Net Profits

3

The FY 2012 pro forma net profits attributable to the Transaction is approximately S$3.6 4 million . 4.3

Pro Forma Net Asset Value (“NAV”) FOR ILLUSTRATIVE PURPOSES ONLY: The table below sets out the pro forma financial effects of the Transaction on the NAV per unit in Keppel REIT (“Unit”) as at 31 December 2012, as if the Transaction was completed on 31 December 2012. Before the Transaction

Adjusted for the Transaction

1.32

1.32

NAV per Unit (S$)

2

Based on an exchange rate of A$1.00 to S$1.201.

3

Estimate based on the assumed revenue derived from the Property, net of operating, financing and trust expenses and withholding taxes. Based on average AUD:SGD exchange rate for FY 2012.

4

2

4.4

5

Pro Forma Distribution per Unit (“DPU”) FOR ILLUSTRATIVE PURPOSES ONLY: The table below sets out the pro forma financial effects of the Transaction on Keppel REIT’s DPU for FY 2012, as if Keppel REIT had completed the Transaction on 1 January 2012 and held the interest in the Property through to 31 December 2012.

DPU (cents)

Before the Transaction

Adjusted for the Transaction

Accretion

7.77

7.96

2.4%

5.

RATIONALE FOR THE TRANSACTION

5.1

Competitive Strengths of the Property The Transaction is in line with the Manager's strategy of acquiring good quality and welltenanted commercial properties in key cities pan-Asia, so as to deliver stable distribution and sustainable total returns to unitholders of Keppel REIT (“Unitholders”). In line with Keppel REIT’s green initiatives, the Property has achieved a 4.5-star NABERS energy rating, providing energy efficient building operations.

5.2

DPU Accretion The Transaction is expected to be DPU accretive following the completion of the acquisition of the Property, thereby providing a steady stream of cash flows for Unitholders.

5.3

Fixed Annual Rental Escalations There are also fixed annual rental escalation provisions contained in the leases of the Property, thereby providing Unitholders with increasing rental income.

5.4

Income Stream Diversification Following the Transaction, Keppel REIT will own five quality premium Grade A office buildings located within the CBDs of the key Australian cities of Sydney, Melbourne, Brisbane and Perth. The Transaction will diversify Keppel REIT’s geographical risk exposure and income stream.

5.5

Enhance Existing Tenancy Profile Keppel REIT’s existing tenancy profile will be enhanced with the addition of wellestablished organisations in the financial, aviation and financial advisory sectors.

5

Rule 1010(9) of the Listing Manual requires that the issuer discloses the effect of the transaction on the earnings per share of the issuer for the most recently completed financial year, assuming that the transaction had been effected at the beginning of that financial year. The effect of the transaction on the distribution per Unit is disclosed instead as it is a more appropriate measure for a real estate investment trust.

3

6.

METHOD OF FINANCING The Manager intends to fund the Transaction with an optimal combination of equity and debt to provide DPU accretion to Unitholders, and work towards achieving an optimal level of gearing.

7.

OTHER INFORMATION

7.1

Director’s Service Contracts No person is proposed to be appointed as a director of the Manager in connection with the Transaction or any other transaction contemplated in relation to the Transaction.

7.2

Interests of the Directors and Controlling Unitholders None of the directors of the Manager or controlling Unitholders has any interest, direct or indirect, in the Transaction.

7.3

Disclosure under Rule 1010(13) of the Listing Manual 7.3.1

Chapter 10 of the Listing Manual classifies transactions by Keppel REIT into: (i)

non-discloseable transactions;

(ii)

discloseable transactions;

(iii)

major transactions; and

(iv)

very substantial acquisitions or reverse takeovers,

depending on the size of the relative figures computed on, among other things, the following bases: (a)

the net profits attributable to the assets acquired, compared with Keppel REIT’s net profits;

(b)

the aggregate value of the consideration given, compared with Keppel REIT’s market capitalisation based on the total number of issued units excluding treasury units; and

(c)

the number of equity securities issued by Keppel REIT as consideration for the Transaction, compared with the number of equity securities previously in issue.

7.3.2

Based on the Manager’s estimated net profits attributed to the Transaction and Keppel REIT’s latest announced financial statements as at 31 March 2013, the relative figure for the basis of comparison set out in paragraph 7.3.1(a) is approximately 2.5%.

7.3.3

Based on the Consideration and Keppel REIT’s market capitalisation as at 25 June 2013 having been S$3.4 billion, the relative figure for the basis of comparison set out in paragraph 7.3.1(b) is approximately 5.6%.

7.3.4

Paragraph 7.3.1(c) is not applicable as no equity securities will be issued by Keppel REIT as consideration for the Transaction.

4

Under Rule 1010 of the Listing Manual, where any of the relative figures computed on the bases set out above exceeds 5% but does not exceed 20%, the Transaction is regarded as being a discloseable transaction.

8.

DOCUMENTS FOR INSPECTION Copies of the Contract for Sale and the valuation report of the Valuer are available for 6 inspection during normal business hours at the registered office of the Manager at 1 HarbourFront Avenue, #18-01 Keppel Bay Tower, Singapore 098632 for a period of three months, commencing from the date of this announcement.

BY ORDER OF THE BOARD Keppel REIT Management Limited (Company registration no. 200411357K) as manager of Keppel REIT Choo Chin Teck / Kelvin Chua Hua Yeow Joint Company Secretaries Singapore

26 June 2013

6

Prior appointment with the Manager will be appreciated.

5

Important Notice This Announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units. This Announcement may contain forward-looking statement that involves risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statement as a result of a number of risks, uncertainties and assumptions. Representations examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies and venues for the sale or distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s current view on future events. The past performance of Keppel REIT and the Manager are not necessarily indicative of the performance of any of them. The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager, or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of Keppel REIT is not necessarily indicative of the future performance of Keppel REIT.

6

1 (Constituted in the Republic of Singapore pursuant to a trust deed ...

Nov 28, 2005 - (the “Manager”), is pleased to announce that RBC Investor Services ... Limited, in its capacity as trustee of Keppel REIT, has, through CFS Managed Property .... companies and venues for the sale or distribution of goods and ...

192KB Sizes 5 Downloads 247 Views

Recommend Documents

1 (Constituted in the Republic of Singapore pursuant to a trust deed ...
Nov 28, 2005 - acquire a 50% interest in 8 Exhibition Street, Melbourne (the “Property”, and the ... illustration purposes only, and do not reflect the actual financial ... that the issuer discloses the effect of the transaction on the earnings p

Earthsong Trust Trust Deed final.pdf
Loading… Page 1. Whoops! There was a problem loading more pages. Earthsong Trust Trust Deed final.pdf. Earthsong Trust Trust Deed final.pdf. Open. Extract.

1 CHARITABLE TRUST DEED FOR AN ...
telephone or video-conference meeting as to a meeting in person. It will be usual for the Trustees to elect one of their number as chair of Trustees and that person will usually preside at all Trustees' meetings at which they are present (clause 7.4)

Deed of Trust (Due on Transfer - Strict).pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Deed of Trust ...

Deed of Trust (Due on Transfer - Strict).pdf
... materially affects Lender's interest in the Property, then Lender, at Lender's option,. 93 with notice to Borrower if required by law, may make such appearances, ...

Deed of Trust (Due on Transfer-Creditworthy).pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Deed of Trust ...

Croesus Retail Trust - KGI Securities (Singapore)
Oct 24, 2011 - The acquisition is accretive, given that the NPI yield of TP ... There are prospects to grow TP's NPI further. .... Financial liabilities (Non-Current).

OUE Hospitality Trust - KGI Securities (Singapore)
Feb 9, 2015 - and higher NPI of S$28.8m (11.6% higher QoQ), mainly due to stronger ... Net Property Income .... Financial derivative liabilities (Non-Current).

Deed of Partnership This Deed of Partnership is ... - Chartered Club
Whereas the parties to this deed have been carrying on the business of . .... remuneration to other working partner or partners as the case may be. The partners ...

Page 1 FOREIGN SERVICE OF THE REPUBLIC OF THE ...
AND ATTEST that the attached document is a true and faithful copy of a letter addressed to "TOWHOM ITMAY CONCERN" dated 20 January 2014 issued by.

Udhaar and Swarmy v. Republic of Hind 1. Republic of Hind is a ...
Jun 21, 2015 - Mahant Sadyoga Guru (“MSG”) was a world-renowned and globally popular ... Though MSG was very popular and had many disciples and.

Udhaar and Swarmy v. Republic of Hind 1. Republic of Hind is a ...
Jun 21, 2015 - Om-Chai issued a Notification (“Yoga Day Notification”) announcing the programs for World Yoga Day Celebrations which included compulsory ...

Page 1 Republic of the Philippines Department of Education Region ...
Aug 2, 2016 - CURRICULUM STUDENTS. T. 4% a. O Email: regionaad deped gov.pnTel. .... Template completion. - Framework. - creation/interpretation.

Page 1 Republic of the Philippines Department of Education Region ...
Dec 14, 2015 - (Implementation of School - Based Feeding Program (SBFP) for SY: ... Phone: 046-432-9355, 046-432-9384,046-432-3629 Tele-Fax: ...

Page 1 Republic of the Philippines DEPARTMENT OF EDUCATION ...
Jul 26, 2016 - Hence, we are requesting your endorsement and support to this activity. ... or Filipino) among the nine categories to participate in the entire.

Page 1 Republic of the Philippines DEPARTMENT OF EDUCATION ...
Jan 28, 2016 - CITY SCHOOLS DIVISION OF DASMARINAS. CURRICULUM ... Hezekiah Vocational and Technological Training Institute located at Bahayang.

Page 1 REPUBLIC OF THE PHILIPPINES 23S)-2A, DEPARTMENT OF ...
Aug 3, 2015 - ?ce of the Schools Division Superintendent. Subject: Holding of the 18"CAVSTEA Convention and. Election of the Fifteen (15) Members of the.

Page 1 Republic of the Philippines Department of Education Region ...
Sep 1, 2016 - City Schools Division of Dasmariñas ... Consolidate the feedback of the participants in the open forum as input for policy review of concemed.

Page 1 Republic of the Philippines DEPARTMENT OF EDUCATION ...
Aug 25, 2016 - preferably or 100 selected basic education schoºl heads. Similar to the ... The participation ſees fºr the course is Php 10,000.00 per participant (exclusive of meals ... programs and services to the DepED Regional Office IV-A.

Page 1 Republic of the Philippines DEPARTMENT OF EDUCATION ...
Aug 12, 2016 - ... City Teachers' Chorale was invited TO sing during the thanksgiving mass and ALS ... Email: dasmarinas.city®deped.gov.ph Website: ...

Page 1 Republic of the Philippines Department of Education Region ...
In compliance to the DepEd Order No. 11, s. 2014, re. Policy Guidelines on the implementation of the Kindergarten Catch Up Education Program (KCEP) this ...

Page 1 Republic of the Philippines DEPARTMENT OF EDUCATION ...
Jul 29, 2016 - 2% , s. 2016. TO: ALL SCHOOLS DIVISION SUPERINTENDENTS. ALL, SGOD CHIEFS .... Fidel Marbels. Manao Florida B. DeRosas Reynard.

Page 1 Republic of the Philippines Department of Education Region ...
Aug 15, 2016 - The competition is open only to all bona fide high school (Grade 7 to Grade ... &The decision of the Board of Judges shall be final. Any administrative or technical problem that may arise during the contest will be immediate.