Stocks to watch: CapitaLand, Suntec Reit, Dasin Retail Trust

The Singapore Exchange centre in Shenton Way.
The Singapore Exchange centre in Shenton Way.PHOTO: ST FILE

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Monday (July 1):

CapitaLand: Mainboard-listed property heavyweight CapitaLand will mark a new milestone on July 1 as it has completed the acquisition of Ascendas-Singbridge, and will start operating as a unified entity. In a regulatory filing by CapitaLand on Sunday, the real estate giant announced that it had completed its transaction with Temasek, and acquired all the issued shares of Ascendas and Singbridge. With this, the group has become one of Asia's largest diversified real estate players with over $123 billion of assets under management.

In addition, CapitaLand will also appoint Ascendas-Singbridge's chief operating officer and chief financial officer, Jonathan Yap Neng Tong, as the president of CapitaLand Financial on July 1. The 52-year-old Mr Yap will oversee CapitaLand Group's real estate investment trusts and business trusts, as well as private and third-party funds.

CapitaLand closed one cent or 0.28 per cent down to $3.53 on Friday.

Suntec Real Estate Investment Trust (Suntec Reit): Suntec Reit has entered into agreements to acquire a freehold Grade A office building in Sydney, Australia for A$297 million ($282 million), manager of the trust, ARA Trust Management (Suntec), announced on Monday morning before the market opened. The acquisition will be funded by Australian dollar bank borrowings to provide a natural currency hedge and equity, the manager said.

Located at 21 Harris Street in Pyrmont, Sydney, the property has a net lettable area of about 203,400 sq ft comprising 181,900 sq ft of office space, and 21,500 sq ft of retail space. The acquisition is expected to be completed in the first quarter of 2020 when the property achieves practical completion. Upon completion of the acquisition, about 14 per cent of Suntec Reit's assets under management will be in Australia. Suntec Reit units closed flat at $1.94 on Friday.

Dasin Retail Trust: Mainboard-listed Dasin Retail Trust will purchase Doumen Metro Mall in China for 1.374 billion yuan (around $274.8 million), its trustee manager announced in a bourse filing late on Sunday night. The trustee manager intends to fund the acquisition through a mix of debt and equity financing. It is proposing an issue and private placement of new units in Dasin Retail Trust, and to draw down from the trust's debt facilities. On June 30, the trustee manager entered into a sale and purchase agreement with Zhang Zhencheng - who is chairman and non-executive director of the trustee manager, and Zhongshan Dasin Real Estate - the sponsor. Units of Dasin Retail Trust closed at $0.88 on Friday, down one Singapore cent.