Suntec REIT acquires one-third interest in Marina Bay Financial Centre

Suntec REIT’s subsidiary, ARA Asset Management S$1.5bln Marina Bay Financial Centre purchase will increase its earnings base from S$14.7bln to S$16bln.

ARA Asset Management Limited (“ARA”) is pleased to announce that Suntec Real Estate Investment Trust (“Suntec REIT”), managed by its wholly-owned subsidiary, ARA Trust Management (Suntec) Limited, has on Thursday completed the acquisition of a one-third interest in Marina Bay Financial Centre Tower 1, Marina Bay Financial Centre Tower 2, the Marina Bay Link Mall and 695 car park lots (the “MBFC Property”) for a total consideration of S$1,495.8 million, according to a Suntec REIT report.

ARA Group CEO John Lim commented, “The Marina Bay Financial Centre is an iconic landmark development in Singapore and we are thrilled with this latest addition to ARA’s portfolio of assets under management (“AUM”). This transaction cements Suntec REIT’s position as one of the largest REITs in Singapore. It will also contribute materially to ARA’s recurrent income going forward and provide a sustainable lift to the Group’s earnings base. With this acquisition, ARA’s AUM will increase from S$14.7 billion as at 30 September 2010 to over S$16 billion.”

The transaction is expected to contribute approximately 1.9 Singapore cents per share to ARA’s earnings per share for the financial year ending 31 December 2010.