Company Briefs: Singapore Myanmar Investco

Singapore Myanmar Investco

A subsidiary of Singapore Myanmar Investco (SMI) has entered into deals to provide services to retail outlets at a new terminal at Yangon International Airport.

SMI Retail will provide merchandising, management and consultancy services to distribution partner Royal Golden Sky Company (RGS) for 6,725 sq m of duty-free retail space, SMI said in a statement. SMI Retail will also appoint RGS as its exclusive distributor of duty-free merchandise for sale in the airport.

The five-year agreements start from March next year and may be extended for a further five years.

SMI added that international travellers to Myanmar are expected to grow rapidly. The new international Terminal 2 is expected to allow Yangon International Airport to more than triple the number of international passengers to Yangon, it said.

Ascendas Real Estate Investment Trust

Ascendas Real Estate Investment Trust (A-Reit) is seeking to acquire a logistics property in Sydney for A$76.6 million (S$78 million).

The acquisition would likely generate a net property income yield of about 7.1 per cent pre-transaction costs in the first year, A-Reit said in a statement. The property has a weighted average lease expiry of 6.1 years as at Nov 1 and is fully occupied. There is also a built-in, step-up rental escalation of between 3.5 per cent and 4 per cent a year in the leases.

A-Reit expects the acquisition to be complete in the first quarter of next year, subject to Australian Foreign Investment Review Board clearance. If the acquisition goes through, A-Reit's weighted average lease term to expiry would increase from 3.83 years to 3.85 years.

It would own a total of 102 properties in Singapore, 27 in Australia and two business parks in China. A-Reit is expected to incur estimated transaction costs of about A$5.4 million.

Global Yellow Pages

Global Yellow Pages has lodged a report with the Commercial Affairs Department in relation to potentially irregular transactions at its Singapore River Explorer unit.

The report does not relate to any officer or employee of the group, it said in a statement.

The full extent of the potentially irregular transactions and the amount recoverable have yet to be determined.

A version of this article appeared in the print edition of The Straits Times on December 25, 2015, with the headline 'Company Briefs: Singapore Myanmar Investco'. Print Edition | Subscribe