Allco REIT reports distribution per unit of 1.6 cents for Q1
Posted: 01 May 2007 0000 hrs
SINGAPORE : Allco Commercial Real Estate Investment Trust has reported a distribution per unit of 1.6 Singapore cents for its first quarter - the three months to March.
This was 8.8 percent higher than the forecast made in its initial public offering prospectus. All in, Allco had S$7.95 million to distribute to unit holders.
Allco said this was due to strong rental income growth from a property in Perth, Australia, additional rental contribution from the acquisition of 55 Market Street in Singapore, and the redeemable preference share restructuring effected in August 2006.
Nicholas McGrath, Chief Executive Officer and Managing Director of Allco Singapore, said the strong first quarter result had been largely driven by the continued strengthening of both the Singapore and Perth office markets.
As at last Friday, Allco REIT's market capitalisation had increased to S$616.1 million.
With an annualised distribution per unit of 6.49 cents, this represents an annualised distribution yield of 5.23 percent, based on the closing price of S$1.24 last Friday.
Allco said it would continue to invest in the Pan-Asian region, focusing on Singapore, Australia and other Asian markets with strong growth opportunities. - CNA/ms
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