Company Briefs: Croesus Retail Trust

Croesus Retail Trust

The trustee-manager of Croesus Retail Trust (CRT) announced yesterday that global fashion retailer H&M will open a new store in Mallage Shobu in Japan.

The store will occupy about 1,500 sq m on the ground floor of the mall as an anchor tenant. CRT said it will reinforce the mall's attractiveness as a key retail destination within the Greater Tokyo region.

k1 Ventures

A unit of k1 Ventures has entered into a redemption agreement with National Realty Trust to divest the company's 10.2 per cent stake in KUE 3 LP for a gross cash consideration of about US$29 million (S$40.2 million).

KUE 3 LP holds about 65 per cent of National Realty Trust, a holding company of American real estate assets, comprising mainly special-purpose learning centres leased to KinderCare Learning Centres.

The transaction is expected to increase the group earnings per share and net tangible assets per share of k1 Ventures as a group by about five cents for the year ending June 30.

Keppel Corporation

A unit of Keppel Offshore & Marine has signed agreements with Borr Drilling to take over the construction contracts of five jack-up rigs initially ordered by Transocean.

Borr Drilling will undertake the remaining payment instalments to the Keppel Fels unit. The price for each rig, which includes milestone payments already made by Transocean, is US$216 million (S$299 million), slightly below the contract price of US$219 million.

A version of this article appeared in the print edition of The Straits Times on June 02, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe