Daily Briefing: Suntec REIT buys stake in London offices; ComCare spending up 19% in 2019

And Pavilion, Gasum to develop global LNG bunker supply network.

From DealStreetAsia:

Suntec REIT is buying a 50% stake in Nova Properties, two office buildings in London’s West End, from the Canada Pension Plan Investment Board for $755.6m (US$557m), according to a SGX filing.

London-listed Land Securities Group, the property’s developer, will continue to hold the remaining 50% of Nova Properties, Suntec REIT.

The net property income yield is expected to be 4.6%, with dividend per unit accretion of 4.9% once the deal is completed in December, Suntec REIT said, adding the deal included rental protection on the retail segment due to the pandemic.

Suntec REIT expects to fund the deal with pound and Singapore dollar-denominated loans, and with existing resources.

The acquisition will increase Suntec REIT’s assets under management to $11.5b across 10 properties, from $10.7b previously, the filing said.

Read more here. 

From ChannelNewsAsia:

A total of $151m in ComCare cash assistance was disbursed to beneficiaries in 2019 fiscal year, a 19% increase from 2018, said the Ministry of Social and Family Development in a media release.

Overall, more low-income and vulnerable groups were supported by ComCare, added MSF.

About 78,600 beneficiaries were assisted by ComCare in FY 2019, which ended on 31 March this year, a 4% increase from the previous year.

ComCare supports low-income households with their living expenses, and assistance is disbursed through schemes such as Short-to-Medium-Term Assistance, Long-Term Assistance, Student Care Fee Assistance, and interim assistance schemes.

An increase was also seen across all ComCare assistance schemes except for Long-Term Assistance, said the ministry in its annual report.

Read more here.

From Reuters:

Singapore’s Pavilion Energy and Finnish state-owned gas company Gasum said on Thursday they would collaborate to develop a global liquefied natural gas (LNG) bunker supply network for their customers in Singapore and northern Europe.

Under a memorandum of understanding, the companies agreed to leverage each other’s LNG bunker infrastructure and supply capabilities in their respective regions of operations to provide global supply points for their customers, they said.

“We will complement this alliance with additional LNG bunkering partnerships in the Mediterranean, North Asia and the Americas,” said Frederic Barnaud, group chief executive officer of Pavilion Energy, a gas importer and marketer owned by Singapore’s state investor Temasek Holdings.

Pavilion is developing LNG bunkering activities, in line with Singapore’s vision of becoming a hub for the cleaner alternative to shipping fuel.

Gasum has five LNG bunker vessels in operation and several LNG terminals in the Nordics.

Read more here.