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Tag: Croesus Retail Trust

  • Croesus Retail Trust buys Hiroshima mall for over $40m

    Croesus Retail Trust buys Hiroshima mall for over $40m

    It is expected to provide stable income.

    According to KGI Fraser, Croesus Retail Trust (CRT) is acquiring Fuji Grand Natalie, a suburban retail property in Hiroshima Prefecture.

    It added, “The NPI yield of the acquisition is 6.3 percent using the purchase consideration of JPY3.3b. The total acquisition cost is JPY3.63b (S$44.3m), funded by equity using part of the net proceeds from the private placement raised earlier.”

    In its report KGI Fraser cited steady income stream as the property “is master-leased to Fuji Co Ltd/Ehime (8278 JP) till end-March 2024 on a fixed monthly rent basis.”

    RHB meanwhile described Fuji Grand Natalie as an income-producing large scale suburban retail mall in Hatsukaichi City with 100 percent level of occupancy.

    The acquisition, according to RHB, will be accretive to CRT’s shareholders.

    – See more at: https://sbr.com.sg/retail/more-news/croesus-retail-trust-buys-hiroshima-mall-over-40m#sthash.6auQqA0v.dpuf

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  • Croesus Retail Trust posts flat quarter

    Croesus Retail Trust posts flat quarter

    Singapore-listed Croesus Retail Trust achieved a 17.2 per cent increase in quarterly earnings to $23 million from its Japanese shopping centre investments.

    But that was not enough to change its distribution per unit (DPU) for the quarter, which remained flat at 2.08 cents.

    The retail property investor says its earnings rose on the back of its acquisition of One’s Mall in Chiba and lease renewals at Mallage Shobu in the Saitama Prefecture.

    However, the increase was partially offset by the absence of a one-off income at Mallage Shobu recorded in the first quarter last year.

    Net property income rose 10.7 per cent accordingly.

    CRT has seven retail properties in Japan with a combined net lettable area of about 251,000 sqm.

    The company says competition for buying real estate assets in Japan has been keen over recent quarters, a trend expected to continue in the short term.

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  • Croesus Singapore buys Fukuoka mall

    Croesus Singapore buys Fukuoka mall

    Singapore’s Croesus Retail Trust  has bought Torius Property in Fukuoka Prefecture, Japan, for JPY 7,997 million (S$95.2 million).

    Torius, comprising 36 separate retail buildings, will be Croesus Singapore’s eighth Japanese property and marks its first foray into Kyushu Island. It is the fourth property to be bought by the trust since its IPO in May 2013.

    One of the largest properties in Fukuoka Prefecture with a diverse and unique tenant mix, Torius has a yield of 7.8 per cent.

    The deal will be funded by a rights issue.

    Torius is a large-scale suburban retail mall located in the satellite town of Hisayama-machi of Kasuya-gun, which is approximately 13 km from central Fukuoka City in Fukuoka Prefecture, on Japan’s Kyushu Island. The property occupies a land area of 257,173 sqm and has a net lettable area of 77,032 sqm. Torius Property is situated on leasehold land, with the leasehold interest in respect of the main parcel of land on which Torius Property is sited (comprising a land area of 205,543 sqm) expiring in February 2060.

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