30 May '16, 12am

Capitaland Commercial Trust may have no choice to purchase CapitaGreen: Capitaland Commercial Trust is the biggest…

Capitaland Commercial Trust is the biggest commercial office trust in Singapore. They already owned 40% of CapitaGreen, a building they sold to Capitaland to be redeveloped into an office building. Last week, they proposed to purchase the other 60% of CapitaGreen they do not owned yet. The first thing that hit me was that this purchase is not a tiny purchase. The 60% stake is valued at SG$960 mil. In contrast the valuation of Frasers Commercial REIT is SG$2 bil. And this whole acquisition is funded by debt. This will bring the gearing of CCT (Current Dividend Yield 5.9% ) up from 30% to 37.7%. The shareholders of CCT would have to thank the manager for their past conservative nature . Had they always been gearing up to purchase, this purchase would not have been possible. Beating the Hurdle Valuation Price CCT is in a position where perhaps …

Full article: http://thefinance.sg/2016/05/30/capitaland-commercial-tru...

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