Cambridge Industrial Trust
Cambridge Industrial Trust (CIT) has refinanced a loan facility granted by National Australia Bank with proceeds from a new loan from HSBC.
This will result in all of CIT's properties being fully unencumbered, representing total portfolio value in excess of $1.4 billion, said the trust's manager.
CIT's weighted average debt expiry will be lengthened to 3.4 years, with 88.5 per cent of interest rate exposure fixed, and all-in cost of debt stable at about 3.65 per cent per annum.
"We will have no major refinancing requirements until the second half of 2018," said Mr Philip Levinson, chief executive of the CIT's manager.
"We will have also significantly insulated CIT from adverse interest rate movements for the next 3.2 years, and achieved our goal of a 100 per cent unencumbered portfolio which improves CIT's capital structure and operational flexibility," he noted.
GTH Resorts group of entities - a joint venture between Thakral Corporation unit TCAP Partners and a subsidiary of Living Gems Lifestyle Resorts - has acquired its first two properties in Queensland, Australia, to develop and operate resort-style retirement housing for people over 50.
These properties are Bongaree, Bribie Island, which has a land area of 24.89ha and Highfields, Toowoomba, with a land area of 9.4ha. The construction of the homes is expected to commence in mid-2017.
The Bribie Island and Toowoomba properties will have 404 and 223 homes respectively when completed.
Thakral has committed around A$20.5 million to the development of the properties.
Golden Energy and Resources
Golden Energy and Resources, a coal miner backed by the Sinar Mas Group, said it has received approval from the Indonesian government to raise coal production from its 24,100ha concession area Borneo Indobara to 7.5 million tonnes per year. Last year, the concession produced 6.3 million tonnes. Subject to market demand and government approval, Golden Energy wants to increase Borneo Indobara's output to 12 million tonnes next year.