SEO Version
CHAIRMAN’S MESSAGE
A-REIT’s customers in their real estate needs in Singapore
and China as well as provide Unitholders access to real
estate markets where they could not access effciently on
their own.
The Manager will continue to seek yield accretive
investment opportunities and with potential capital
appreciation. A-REIT’s portfolio will remain predominantly
Singapore-based assets in the foreseeable future.
• Selective Government Land Sale (“GLS”)
Development (since 2011)
To widen its product offerings and enhance its presence
in strategic micro-markets to serve a diverse customer
base, A-REIT participated in selective GLS tenders during
FY11/12.
In FY11/12, A-REIT committed a total investment amount of
about S$946.4 million comprising fve acquisitions of income
producing properties, three development projects (two built-
to-suit and a green feld development at Fusionopolis) as
well as fve asset enhancement projects. FY11/12 also marked
A-REIT’s maiden foray into Beijing, China with the purchase of
Ascendas Z-Link, a business park property in Zhongguancun
Software Park. The property is 100% occupied by prominent
tenants such as Baidu, Inc.com and Raisecom Technology Co.,
Ltd, further enhancing A-REIT’s customers’ base.
Capital Market Enabled
A-REIT, like most S-REITs, distributes 100% of its amount
available for distribution. Its growth, therefore, has to be funded
partly by equity. This requires the support of its unitholders
who have the fnal say on whether the proposed growth plan is
to be supported or not.
Proactive and prudent capital management has also enabled
us to achieve a diversifed source of funding as well as a fne
balance between the cost and tenure of debt. A-REIT issued two
tranches of notes as part of the Multicurrency Medium Term
Note Programme established in March 2009. A S$200 million
10-year fxed rate notes was issued in February 2012 and a ¥10
billion 12-year fxed rate notes was issued in April 2012.
A private placement of 150 million units was launched in May
2012 to raise approximately S$298.5 million to fund committed
investments. The issue price of S$1.99 represents a premium
of 6.0% over A-REIT’s NAV per Unit of about S$1.878 as at 31
March 2012.
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
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