Keppel REIT · SGX:K71U
Keppel REIT — K-REIT Asia — Investor Presentation (March 2008)
9 slides from Keppel REIT's investor presentation, March 2008
Slide 1: Proposed Rights Issue
Proposed Rights Issue Investor Meetings February/March 2008 1
Slide 2: Background
Background Acquisition of 30 Jul 2007 10 Oct 2007 10 Dec 2007 one-third interest in Announced EGM Completed ORQPL acquisition approval acquisition Convertible bonds to raise up to $400m and Proposed method of issue of new units for the remaining $566.5m financing Replaced with bridging loan of $942m
Slide 3: Issues under Current Market Conditions
Issues under Current Market Conditions Acquisition of one-third interest in ORQPL Funded entirely by bridging loan Led to aggregate leverage of 53.9% as at 31 December 2007 High aggregate leverage: Approaching maximum allowable limit of 60% Needs to be reduced to avoid risk of breaching the limit Hi
Slide 4: Rationale for Renounceable Rights Issue
Rationale for Renounceable Rights Issue Most appropriate means of raising equity under current market conditions Allow unitholders to participate in K-REIT Asia’s growth without dilution of proportional stake Reduce aggregate leverage To strengthen balance sheet and optimise capital structure To enh
Slide 5: Details of Proposed Rights Issue
Details of Proposed Rights Issue Up to $700m to be raised Various parameters for the proposed rights issue Issue price at a discount of up to 20% to the prevailing trading price before launch Size of Pricing of Net proceeds will be used to rights issue rights units repay part of the bridging loan Ke
Slide 6: Sponsor's Commitment to K-REIT Asia
Sponsor’s Commitment to K-REIT Asia Keppel Land remains committed to growing K-REIT Asia as separate listed platform Maintaining K-REIT Asia as platform for unlocking value from commercial developments Expanding its property fund management business Alignment of interests 6
Slide 7: Going Forward
Going Forward EGM to obtain support from K-REIT Asia’s unitholders to proceed with rights issue Unitholders can: Subscribe to rights or Sell rights to market or Choose not to exercise rights Free float: Issue to be addressed when current conditions improve 7
Slide 8: Additional Information
K-REITaSla Additional Information
Slide 9: One Raffles Quay – Key Information
One Raffles Quay – Key Information Comprises a 50-storey North Property Tower, a 29-storey South Tower Description and an underground retail link Net Lettable Area 41,359 sm (1) Carpark Lots 713 Number of Tenants 31 ABN Amro Principal Tenants Deutsche Bank UBS Tenure 99 years expiring 12 Jun 2100 Va