Asset Acquisitions and Disposals::Investment In MASCOT Private Trust

Issuer & Securities

Issuer/ Manager
SINARMAS LAND LIMITED
Securities
SINARMAS LAND LIMITED - SG1E97853881 - A26
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
02-Dec-2019 17:43:39
Status
New
Announcement Sub Title
Investment In MASCOT Private Trust
Announcement Reference
SG191202OTHRX532
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Sinarmas Land Limited ("SML" or the "Company" and together with its subsidiaries, the "Group") wishes to announce that Golden Ray Development Pte. Ltd., a wholly-owned subsidiary of the Company, has subscribed for 6,042,296 stapled securities (each a "Stapled Security" and together, the "Stapled Securities") in a Mapletree Australia Commercial Trust known as MASCOT Private Trust, a stapled group comprising the Mapletree ROA Trust and the Mapletree QL Trust ("MASCOT"), representing approximately 6% of the total unitholders' equity in MASCOT, for an aggregate subscription price of Australian Dollar (AUD) 40 million (equivalent to approximately SGD37 million) ("Aggregate Subscription Amount") (the "Investment").

MASCOT is fully invested at closing and owns 10 Grade A office assets that are strategically located in key Australian gateway cities namely - Sydney, Melbourne, Adelaide, Brisbane and Perth - with a total asset value of about AUD1.4 billion. With a total net lettable area of approximately 160,000 square metres, the portfolio's occupancy stands at 94%. The tenant pool comprises reputable occupiers from well-diversified industries such as the technology, media and telecom, government as well as mining, oil and gas.

The Aggregate Subscription Amount for the Stapled Securities was determined based on AUD6.62 per Stapled Security. Each Stapled Security comprises 5 units in the Mapletree ROA Trust at AUD1.23 each and 1 unit in the Mapletree QL Trust at AUD0.47 each, collectively derived from the fair values of 8 of the commercial office buildings as of March 2019 and the acquisition cost of 2 commercial office buildings acquired after March 2019.

The Aggregate Subscription Amount was satisfied in full by a combination of internal resources and bank borrowings.

The Board of Directors of the Company is of the view that the Investment is in line with its strategy to seek out yield accretive investments particularly in commercial office sector in matured markets.

Note: The amount in SGD equivalent using the exchange rate as at 28 November 2019 of AUD1 = SGD0.924.


By Order of the Board
SINARMAS LAND LIMITED


Ferdinand Sadeli
Director
2 December 2019