SG briefs: Lendlease REIT, Yoma, Keppel REIT, PRIME US REIT

The arial view of the Jem property in Singapore. Lendlease Global Commercial REIT entered a deal in February 2022 to acquire the remainder of the Jem property it didn't already own. Credit: Lendlease Global Commercial REITThe arial view of the Jem property in Singapore. Lendlease Global Commercial REIT entered a deal in February 2022 to acquire the remainder of the Jem property it didn't already own. Credit: Lendlease Global Commercial REIT

Singapore company briefs: Lendlease Global Commercial REIT (LREIT), Yoma Strategic, Keppel Corp. and Keppel REIT, and PRIME US REIT.

Lendlease Global Commercial REIT

Lendlease Global Commercial REIT (LREIT) said Friday it has completed the acquisition of the remaining shares in the Jem property it didn’t already own.

The REIT said the 162.87 million new units it issued as part of the consideration would begin trading on SGX on 26 April.

Read more: UPDATE: Lendlease Global Commercial REIT to acquire remainder of Jem for S$2.08B

Keppel Corp. and Keppel REIT

Keppel Corp. has no plans to distribute units of Keppel REIT to its shareholders, Loh Chin Hua, CEO of Keppel Corp., said in a media briefing on the company’s results. He noted, however, that the company has done it before, and could potentially do it again.

The comments are from a transcript of the media and analyst call filed to SGX Friday.

PRIME US REIT

PRIME US REIT saw a “meaningful increase” in leasing activity across its markets, with leasing volumes doubling in the second half of 2021 compared with the first half, the REIT said in a filing to SGX Friday with answers to shareholders’ questions before its annual general meeting (AGM).

“While the level of recovery has varied across individual markets, leasing activity is now approaching pre-pandemic levels and is a strong indicator that companies are preparing to make long-term leasing decisions,” the REIT said.

But the REIT noted: “Return-to-office continues to be impacted by the recent Omicron outbreak, as companies are just now establishing return-to-office guidelines and setting target dates for returning. Most guidelines incorporate a hybrid approach, at least for the first phase of the return.”

Yoma Strategic

Yoma Strategic‘s wholly owned subsidiary Myanmar Motors (MMPL) has executed the acquisition of the 50 percent of MM Cars Myanmar it didn’t already own from Mitsubishi Corp. for US$1, the company said in a filing to SGX Friday.

The purchase price is subject to adjustments to be agreed upon within one year, and if no agreement is reached, Mitsubishi Corp. can buy back all or part of the shares for US$1, Yoma said.

MM Cars Myanmar is an importer and distributor of Mitsubishi Motors‘ vehicles and spare parts in Myanmar.

Read more: Yoma Strategic to acquire 50 percent of MM Cars Myanmar from Mitsubishi