Cache Logistics Trust renamed as ARA Logos Logistics Trust

Move marks Reit becoming part of logistics property firm Logos

Cache Logistics Trust has been renamed as ARA Logos Logistics Trust (ALog).

The trading name change will occur tomorrow, with the real estate investment trust's (Reit) moniker on the Singapore bourse switching from Cache Log Trust to ARA Logos Log Tr at 9am. Its K2LU stock code remains unchanged.

The rebranding also involves the manager, ARA Trust Management (Cache), being renamed ARA Logos Logistics Trust Management.

The Reit's website address has changed from www.cache-reit.com to www.aralogos-reit.com.

The manager noted that the renaming signifies the transformation of ALog, which is now part of logistics property firm Logos.

Last month, ARA Asset Management announced that it had completed the acquisition of a majority stake in Logos.

Logos, which operates as ARA's exclusive logistics real estate platform, had $9.4 billion in assets under management as of Dec 31 last year.

Separately, ALog yesterday also announced a distribution per unit (DPU) of 0.997 cent for the first quarter ended March 31, from 1.513 cents a year earlier.

This distribution will be paid out on May 29, following books closure on May 8.

Distributable income to unit holders fell 33.5 per cent to $10.9 million, due in part to retained earnings of $2.5 million, or 20 per cent, of distributable income. The lower DPU to unit holders is mainly to conserve capital amid the coronavirus pandemic, said the manager.

Net property income slipped 7.3 per cent to $22 million from $23.8 million in the previous year, while gross revenue was down 6.6 per cent to $28.8 million from $30.8 million.

Lower gross revenue was mainly due to the conversion of Cache Gul LogisCentre from master lease to multi-tenancy in April last year, transitory vacancy downtime between leases, lower signing rents as well as a weaker Australian dollar, the manager said.

This was partially offset by the additional rental contribution from the acquisition of a warehouse in the Altona suburb of Melbourne in Australia's Victoria state this month.

Units closed up 1.94 per cent to 52.5 cents yesterday.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on April 29, 2020, with the headline 'Cache Logistics Trust renamed as ARA Logos Logistics Trust'. Subscribe