28 Mar '16, 11pm

OUE Hospitality Trust Rights Issue Does not look Accretive Immediately

OUE Hospitality Trust Rights Issue Does not look Accretive Immediately

Oue Hospitality Trust, a real estate investment trust announce they will do a rights issue to acquire Crowne Plaza Changi Extension (CPEX). Last year, the trust did an acquisition of the first part of the extension and this CPEX extension continue that plan. The REIT will offer to existing shareholders at a significant discount to the pre-announcement share price. Sponsor OUE and related will also subscribe to the rights issue. Reduced in Leverage After the purchase of the first phase of the Crowne Plaza Changi, the debt to investment asset went to 44%. This looks normal if you compare it to office reits, but amongst it’s competitors in the same region such as Far East Hospitality, CDL Hospitality, Ascott Residence, this debt to asset looks high. Certainly it is near the limit of 45% debt to asset set by the MAS for REITs. However, factoring the cash and other current asse...

Full article: http://www.investmentmoats.com/money-management/dividend-...

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