MACARTHURCOOK Industrial Reit (MI-Reit) said independent revaluations of six of its properties have resulted in the total value of its initial portfolio of 12 properties standing now at $346.8 million, a rise of $30.6 million or 9.7 per cent.
MacarthurCook Investment Managers (Asia), the manager of MI-Reit, has a policy of revaluing properties in the portfolio on a rolling basis throughout the financial year and in accordance with the property fund guidelines.
The initial portfolio of the real estate investment trust, which was listed on April 19 this year, comprises 12 industrial assets across Singapore with a combined value of $316.2 million at the date of listing.
The largest rise in valuation came from UE Technology Park - MI-Reit's largest property by value - which saw a revaluation gain of $23.9 million, or 21 per cent.
The revaluations of all the six properties were conducted by CB Richard Ellis.
Just last month, Singapore's fourth listed industrial Reit said it was extending its investments into offices and technology parks by agreeing to buy Plot 4A, International Business Park from Eurochem Corporation (a member of Tolaram Group), for $91 million.
MI-Reit invests primarily in industrial real estate assets in Singapore, Japan, Hong Kong, Malaysia and China.
Last month, the Reit reported a distributable income of $3.9 million for its first quarter ended June 30.
Distribution per unit (DPU) was 1.52 cents, which, was 3 per cent higher than the forecast DPU of 1.47 cents.
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