Company Briefs: Ascendas India Trust

Ascendas India Trust

New acquisitions, as well as higher rents and occupancy levels, helped boost third-quarter distribution per unit (DPU) at Ascendas India Trust by 17 per cent over the previous year.

The first Indian property trust in Asia posted a DPU of 1.36 cents for the three months to Dec 31. Distributable income rose 14 per cent over the corresponding period a year ago to 583 million rupees (S$12.3 million).

Net property income increased by 28 per cent to 1.16 billion rupees.

The trust acquired two properties, CyberVale and aVance 3, last year, which added more than 1.2 million sq ft of floor area to its portfolio and contributed to rental income in the quarter. It also benefited from lower utilities expenses, which resulted in a 3 per cent drop in property expenses.


Flight service provider Sats unit Asia-Pacific Star has entered into a joint venture with DFASS (Singapore) for in-flight, retail and mail order sales of duty-free products.

Each firm will have a 50 per cent stake in the joint venture company, named DFASS Sats.

Asia-Pacific Star will inject about $11.4 million in cash in exchange for ordinary shares.

Meanwhile, DFASS will transfer assets, such as merchandise inventories and point-of-sale devices, to the joint venture company in exchange for ordinary shares.

Fortune Real Estate Investment Trust

Strong rental reversions and a higher occupancy rate lifted full-year distributable income at Fortune Real Estate Investment Trust (Reit).

Revenue rose 13.7 per cent to HK$1.882 billion (S$349 million) for the year ended Dec 31, while net property income went up 14 per cent to HK$1.324 billion.

The final DPU of 23.50 Hong Kong cents for the six months ended Dec 31 will be paid on Feb 29. The DPU for the full-year came in at 46.88 Hong Kong cents, up 12.5 per cent from the preceding year.

Portfolio rental reversion for renewals in the financial year came up to 20.3 per cent, while occupancy rate improved to 98.8 per cent, from 97.3 per cent the previous year.

Fortune Reit holds a portfolio of 17 retail properties in Hong Kong, comprising approximately 3.18 million sq ft of retail space and 2,713 car parking spaces.

A version of this article appeared in the print edition of The Straits Times on January 22, 2016, with the headline 'Company Briefs: Ascendas India Trust'. Print Edition | Subscribe