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24-10-2013, 07:01 AM
(24-10-2013, 12:40 AM)swakoo Wrote: From pg 9 of CRCT (not CMA) slide set http://infopub.sgx.com/FileOpen/CRCT_Pre...eID=260891
"Jointly managing the mall since July 2013"
This mall, the Grand Canyon Mall, is the subject of the proposed acquisition which is not completed yet. The CRCT reit manager would have property managers managing malls in it's portfolio, for which fees would be paid by the unitholders to the property managers.
Since Grand Canyon Mall is not yet in the portfolio and not yet contributing to the reit's income for unitholders, just who is paying for the property manager who is jointly managing the mall?
Sorely missing from this announcement is also a forecast that when the dust finally settles, it will be yield accretive for CRCT unitholders.
The current NPI yield is 3.5% but CRCT believes the potential is 7-8% in the longer term. Slide 24 (as indicated on bottom left of slides) of the set below may give a better idea.
http://infopub.sgx.com/FileOpen/Slides_C...eID=256256