Mapletree Industrial Trust
Mapletree Industrial Trust's (MIT) investment strategy will be expanded to include real estate and real estate-related assets used primarily as data centres beyond Singapore.
The trust manager told the Singapore Exchange yesterday that the strategy change - to be effective from Oct 26 - builds on MIT's track record of developing data centres in Singapore.
"This demonstrates the manager's focus on growing the high-tech buildings segment through extending its foothold in the fast-growing global data centre segment," it said.
MIT's portfolio included four data centres in Singapore as at June 30, of which one is under development. MIT units closed 0.3 per cent or half a cent lower at $1.84 yesterday, before the announcement was made.
Ascott Residence Trust
Fitch Ratings has assigned a first-time "BBB" rating to Ascott Residence Trust with a stable outlook.
It has also assigned a "BBB" senior unsecured rating to the trust and its $1 billion multicurrency outstanding medium-term notes programme.
The ratings agency cited the trust's "strong business risk profile", which is underpinned by its globally diversified portfolio of serviced residences.
"The portfolio has proven to be resilient... and is supported by its significant minimum guaranteed rent income under its master leases and management contracts," it said in a statement.
"Furthermore, Ascott Residence Trust's cash flow visibility is enhanced by the significant portion of its tenants that contract to stay for more than 12 months."
The affiliates of Singapore sovereign wealth fund GIC have entered into a 50-50 joint venture with Indian developer K Raheja Corp Group (KRC) to buy a land parcel in Mumbai from Siemens for about US$94 million (S$127 million). The 1.2ha site is in Worli, which has "excellent connectivity" and has always been "a sought-after office location", said GIC and KRC in a joint statement yesterday.
The joint venture plans an office development. A KRC entity will provide support services for development and management of the asset.