The Australian unit of Frasers Centrepoint is developing about A$190 million (S$205 million) worth of new industrial assets in Melbourne.
Four tenants have committed to 10-year leases in upcoming purpose-built facilities in The Key Industrial Park in south-east Melbourne, while one firm has bought a 16,000 sq m warehouse going up there. These deals will create new assets with an end value of about A$120 million.West Park Industrial Estate in west Melbourne has two new leases which will create new assets totalling $70 million in end value.
Frasers Property will develop and build all of the new facilities in both industrial parks.
ST Engineering has set up a venture capital unit to invest in promising technology start-ups and early-stage companies.
The firm has set aside US$150 million (S$200 million) for the unit, which will invest in start-ups that are developing new technologies or creating innovative solutions in areas such as robotics and autonomous technology, data analytics and cyber security.
ST Engineering is also offering individuals and start-ups the opportunity to see their ideas go to market through an Open Innovation Lab, where they can collaborate with a dedicated applied engineering team and get access to advanced equipment. These two initiatives will support ST Engineering's plans to harness new technologies and ideas from both within the company and outside, to create greater long-term value and growth, the firm said.
Mapletree Industrial Trust
Mapletree Industrial Trust's distributable income for the first quarter rose 2.7 per cent to $52.9 million from the same period a year earlier, while distribution per unit rose 2.5 per cent to 2.92 cents. This was driven mainly by revenue contributions from Phase One of its build-to-suit development for Hewlett-Packard Singapore.
Net property income for the three months to June 30 increased 3.4 per cent from a year earlier to $68.2 million.
The trust manager said the business environment remains uncertain despite positive signs from the manufacturing sector here. The continued supply of competing industrial space and movement of tenants are expected to exert pressure on rental and occupancy rates, it added.