SUNTEC Real Estate Investment Trust (Suntec Reit) is selling Park Mall, near Dhoby Ghaut MRT station, to a joint venture company for $411.8 million for redevelopment.
Suntec Reit has a 30 per cent stake in the joint venture, which was set up to redevelop the site into a commercial project comprising two office blocks and a retail component.
Phoenix 99 and Haiyi Holdings each have a 35 per cent stake in the joint venture.
Suntec Reit's stake will give it the ability to acquire one office block of the redeveloped property, said the Reit manager ARA Trust Management (Suntec) yesterday.
Suntec Reit acquired Park Mall in 2005 for $245.1 million.
Del Monte Pacific
STRONGER sales of food and beverages failed to stem losses at Del Monte Pacific. It posted a net loss of US$14.1 million (S$19 million) in the fourth quarter.
The bulk of losses were non-recurring expenses, including a write-off of Del Monte's Venezuelan business amid unstable economic conditions. Still, the loss in the three months to April 30 was smaller than the US$38.7 million loss in the same period last year.
Revenue for the quarter came in at US$528.2 million, up 45 per cent over the same period a year earlier.
United States subsidiary Del Monte Foods contributed a hefty US$423.4 million to total sales. The group acquired the unit in February last year.
Del Monte posted a net loss of US$38 million for the full year, up from a loss of US$32.2 million in 2014, while revenue was US$2.16 billion, up from US$743.3 million in 2014.
Loss per share for the quarter was 0.84 US cent, up from a loss per share of 2.99 US cents the same period a year earlier.