Company briefs

PHOTO: MAPLETREE NORTH ASIA COMMERCIAL TRUST
The Pinnacle Gangnam.PHOTO: MAPLETREE NORTH ASIA COMMERCIAL TRUST

CRCT malls see rise in sales, footfall in Q3 

CapitaLand Retail China Trust (CRCT) tenants' sales have recovered 25.8 per cent quarter on quarter as Covid-19 restrictions ease, with third-quarter sales standing at 91.9 per cent of last year's.

The Reit manager said in a business update that total shopper traffic at its China malls for Q3 recovered 34.7 per cent quarter on quarter, and is now short 11 per cent from the previous year's numbers.

Total portfolio occupancy rate was 93.7 per cent as at Sept 30, down from 98.3 per cent a year ago. About 331 leases, representing about 10.4 per cent of the Reit's gross rental income, are still up for renewal this year.


MNACT takes 50% stake in Seoul building 

Mapletree North Asia Commercial Trust (MNACT) has acquired a 50 per cent stake in The Pinnacle Gangnam for 229.4 billion won (S$276.4 million).

The total acquisition cost for the 20-storey freehold office building in Seoul's Gangnam business district in South Korea was fully funded by debt, said MNACT.

MNACT's managers said the acquisition is expected to raise the Reit's distribution per unit by 0.4 per cent to 7.15 cents on a pro forma financial year 2019/2020 basis.

The building's largest tenants include Qualcomm, Huvis, JustCo, Ralph Lauren and Echo Marketing.


EHT faces new claims, default notices

Fresh troubles have risen for Eagle Hospitality Trust (EHT) in the form of employment-related claims and new notices of default and acceleration.

The managers of EHT said they had discovered "a number of pending employment-related claims" related to the Queen Mary Long Beach hotel in California, the second-largest asset in its portfolio.

EHT also announced a notice of acceleration in relation to a mortgage loan related to the Crowne Plaza Dallas, and a notice of default on a mortgage loan related to the Hilton Houston Galleria Area.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on October 31, 2020, with the headline 'Company briefs '. Print Edition | Subscribe