ESR-Reit, formerly Cambridge Industrial Trust, reported yesterday an 11.3 per cent drop in distribution per unit to 0.956 cent for the second quarter ended June 30.
For the quarter, gross revenue dipped 2.2 per cent to $27.7 million from $28.3 million a year ago. Its net property income fell 9.2 per cent to $19.2 million, mainly due to a loss of revenue during the conversion of properties from single-tenanted to multi-tenanted; an increase in property operating expenses and maintenance costs as a result of the conversions; and property divestments in full-year 2016.
It also cited a one-off accrual of costs related to a fire at its Jurong East industrial building at 30, Toh Guan Road in May this year. The building's manager, ESR Funds Management, said the fire was mostly confined to the building's facade.
Vibrant Group, a logistics, real estate and financial services group, has acquired ASX-listed Blackgold International Holdings by way of a scheme of arrangement for A$37.6 million (S$40 million).
Blackgold is a China-based producer of thermal coal predominantly sold to power plant customers in China.
The acquisition will allow Vibrant to expand its existing logistics business into commodity logistics and trading, the firm said.
Vibrant expects a significant one-off gain in excess of $100 million from the acquisition of Blackgold on a provisional basis based on the unaudited net assets value, as at April 30, of about A$205.6 million.
This gain will be accreted to Vibrant's earnings in the current financial year 2018.
BeMyGuest, a start-up offering travel activities and tours in Asia, has closed its Series A round of funding, led by Raffles Venture Partners and former DBS chairman and veteran investor Koh Boon Hwee with his group of investors.
The round brings its total equity funding to date to $11.5 million.
Spring Seeds Capital, the investment subsidiary of Spring Singapore, tour operator Chan Brothers Group and two investors from the travel industry, Mr Meng Xiong Kuok and Mr Leland Kwee, also participated in the round.
The funds will be used to help BeMyGuest with its expansion plans, as it pursues its target of achieving $100 million in sales.