Company Briefs: Roxy-Pacific Holdings

Roxy-Pacific Holdings

Roxy-Pacific Holdings said its unit, Roxy-Pacific Goulburn, is selling its freehold property at 59 Goulburn Street, Sydney, for A$158 million (S$168 million).

The firm will announce any material development at a later date.

Hotel Properties

A unit of Hotel Properties Limited (HPL) has formed a new joint venture to acquire a hotel and its operations in West London.

The firm, called HPL Ealing, has a paid-up capital of $10, comprising 10 shares.

HPL Properties (West) owns 70 per cent and Anchorage View - in which developers Ong Beng Seng and David Fu Kuo Chen have stakes - owns 30 per cent.

The plan is to buy the freehold property at 2-8 Hanger Lane in Ealing, along with shares and shareholder debt for about £39.4 million (S$70 million).

The Hilton Doubletree brand manages the 189-room hotel, which was renovated in 2013.

SoilBuild Business Space Reit

SoilBuild Business Space Reit (SoilBuild Reit) reported that second-quarter distribution per unit (DPU) dipped 6.3 per cent to 1.466 cents.

Gross revenue rose 10.1 per cent to $21.6 million in the three months to June 30, while net property income increased 8.1 per cent to $18.7 million. This was due to higher turnover from properties such as Bukit Batok Connection and Solaris at one-north, but partly offset by less revenue from 72 Loyang Way.

Property expenses rose 25.7 per cent compared with the same period a year ago when the firm had a one-off reversal of property tax expense for West Park BizCentral.

Higher property operating expenses for 72 Loyang Way and Bukit Batok Connection were also recorded.

The manager noted that it has asked Moody's Investors Service to withdraw its corporate credit rating on the Reit, after an amendment in the code of collective investment schemes.

On June 30, the Reit entered into a $200 million three-year unsecured facility agreement with HSBC to refinance existing borrowings.

A version of this article appeared in the print edition of The Straits Times on July 15, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe