21-09-2010, 08:58 AM
First REIT annouces possible new acquisitions.
Nothing to be happy about until the details are released. Will have to see how the deal's being funded. Also, no guarantee it'll go through as with the Tuas logistics facility deal that fell through (although chances are higher since this time it's a building owned by the Sponsor).
The official annoucement as follows:
PROPERTY ACQUISITIONS
By Order of the Board
Dr Ronnie Tan Keh Poo
Chief Executive Officer
Bowsprit Capital Corporation Limited
(Company Registration No: 200607070D)
As Manager of First Real Estate Investment Trust
20 September 2010
Nothing to be happy about until the details are released. Will have to see how the deal's being funded. Also, no guarantee it'll go through as with the Tuas logistics facility deal that fell through (although chances are higher since this time it's a building owned by the Sponsor).
The official annoucement as follows:
PROPERTY ACQUISITIONS
Bowsprit Capital Corporation Limited, as manager of First Real Estate Investment Trust ("First REIT",
and as manager of First REIT, the "Manager"), wishes to refer to the 2010 Second Quarter Unaudited
Financial Statements & Distribution Announcement of First REIT dated 26 July 2010 stating, among
other things, that First REIT has been actively considering acquisition opportunities that are available
through its sponsor, PT. Lippo Karawaci Tbk (the "Sponsor"), which has a robust pipeline of
healthcare assets in Indonesia.
The Manager wishes to announce that it is currently in discussions with the Sponsor in relation to the
acquisition of two healthcare properties located in Indonesia, being Mochtar Riady Comprehensive
Cancer Centre and Siloam Hospitals Lippo Cikarang. It is intended that these properties be leased by
First REIT to the Sponsor under long term master lease agreements.
The terms of the above transactions are currently being negotiated and the transactions would be
subject to, among other things, the valuations of the properties, the approval of the relevant
regulators, the Audit Committee of the Manager and unitholders of First REIT ("Unitholders"). The
Manager is in the midst of evaluating various sources of funding to finance the acquisitions, but would
like to state that no firm decision has been taken to proceed with any specific means of funding.
The Manager will, in compliance with its obligations under Listing Manual (the "Listing Manual") of
Singapore Exchange Securities Trading Limited (the "SGX-ST"), make the relevant announcements
on SGXNET once a firm decision has been made on matters which require disclosure pursuant to the
Listing Manual.
In the meantime, Unitholders are advised to refrain from taking any action in respect of their units in
First REIT ("Units") which may be prejudicial to their interests, and to exercise caution when dealing
with Units.
and as manager of First REIT, the "Manager"), wishes to refer to the 2010 Second Quarter Unaudited
Financial Statements & Distribution Announcement of First REIT dated 26 July 2010 stating, among
other things, that First REIT has been actively considering acquisition opportunities that are available
through its sponsor, PT. Lippo Karawaci Tbk (the "Sponsor"), which has a robust pipeline of
healthcare assets in Indonesia.
The Manager wishes to announce that it is currently in discussions with the Sponsor in relation to the
acquisition of two healthcare properties located in Indonesia, being Mochtar Riady Comprehensive
Cancer Centre and Siloam Hospitals Lippo Cikarang. It is intended that these properties be leased by
First REIT to the Sponsor under long term master lease agreements.
The terms of the above transactions are currently being negotiated and the transactions would be
subject to, among other things, the valuations of the properties, the approval of the relevant
regulators, the Audit Committee of the Manager and unitholders of First REIT ("Unitholders"). The
Manager is in the midst of evaluating various sources of funding to finance the acquisitions, but would
like to state that no firm decision has been taken to proceed with any specific means of funding.
The Manager will, in compliance with its obligations under Listing Manual (the "Listing Manual") of
Singapore Exchange Securities Trading Limited (the "SGX-ST"), make the relevant announcements
on SGXNET once a firm decision has been made on matters which require disclosure pursuant to the
Listing Manual.
In the meantime, Unitholders are advised to refrain from taking any action in respect of their units in
First REIT ("Units") which may be prejudicial to their interests, and to exercise caution when dealing
with Units.
Dr Ronnie Tan Keh Poo
Chief Executive Officer
Bowsprit Capital Corporation Limited
(Company Registration No: 200607070D)
As Manager of First Real Estate Investment Trust
20 September 2010