Singapore company briefs: Singtel, ARA US Hospitality Trust, Lendlease Global Commercial REIT and V2Y Corp.
Singtel said Wednesday it has short-listed two developers for its plan to jointly redevelop its Comcentre headquarters building near the Orchard Road shopping belt into a smart, sustainable building to be used both as the telco’s headquarters and to accept other tenants.
The total cost of development is expected to top S$2 billion, Singtel said in a filing to SGX. The project, which is expected to be completed at the end of 2028, is expected to contribute a recurring income stream, Singtel said.
Lendlease Global Commercial REIT
Lendlease Global Commercial REIT said Wednesday it obtained its first sustainability-linked loan, a S$860 million unsecured loan, from Citi, DBS and OCBC.
The loan is the largest unsecured sustainability-linked loan among Asia-Pacific REITs so far, the REIT said in a filing to SGX, adding the proceeds will be used to finance its acquisition of the Jem property in Singapore.
In a separate filing to SGX, Lendlease Global Commercial REIT said Wednesday it has entered a term loan facility agreement of up to S$985 million and a revolving credit loan facility of up to S$100 million to be used to partially finance the JEM acquisition.
ARA US Hospitality Trust
ARA US Hospitality Trust said Wednesday it entered a facility agreement with certain lenders for a US$75 million unsecured term loan facility and a US$20 million unsecured revolving credit facility.
The facilities will be used to partially refinance part of the REIT’s outstanding borrowings and/or for general corporate funding purposes and/or working capital, ARA US Hospitality Trust said in a filing to SGX.
V2Y Corp. said Tuesday it entered into a non-binding letter of offer to acquire all or a “substantial percentage” of a local insurance company’s general insurance business, likely for around S$20 million.
“The move, which provides its current insurtech business with cost and revenue synergies, will allow the group to build on its insurance ambitions,” V2Y Corp., formerly known as Synagie, said in a filing to SGX.