MACQUARIE Meag Prime real estate investment trust (MMP Reit) yesterday reported a distributable income per unit of 1.68 cents for the fourth quarter, up 14.3 per cent from a year earlier.
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This took its full-year distributable income per unit to 6.19 cents, up from 5.79 cents the previous year. The annualised yield is at 6.06 per cent.Distributable income was at $16.2 million for the Reit, which owns about 74 per cent of Wisma Atria and 27 per cent of Ngee Ann City.
These favourable results were, in part, helped by Singapore’s strong office market.
Average office rents at the two buildings rose from $7 to $8 per sq ft (psf) in the first half to slightly above $12 psf at the end of last year, said Mr Franklin Heng, chief executive of the Reit’s manager.
Their asking rents are now $16 psf. They will be able to take advantage of the strong market in the next two years, he said.
The Reit’s performance was also boosted by income from newly acquired properties in Japan and China.
MMP Reit’s portfolio valuation increased 18.1 per cent to $2.2 billion in the fourth quarter, while net asset value per unit rose 27.8 per cent to $1.61 at the end of last year.
The Reit is set to benefit from the reconfiguration of the Ngee Ann city space occupied previously by the National Library. They are carving out at least eight new stores and will get average rents of $16.50 psf, up from $7.10 psf.
However, the big uplift this year will come from the June rent review of Toshin Development, which holds a master lease in Ngee Ann City, said Mr Heng.
Acquisitions are also on the cards.
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