From OCBC broker's report:
Good things come to those who waitLast evening, Frasers Commercial Trust (FCOT) announced that it has entered into a lease agreement with Google Asia Pacific Pte. Ltd. (Google) for the latter to take up space at Alexandra Technopark (ATP). The total leased area will be ~344,100 sqft, or ~33.3% of ATP’s total NLA. As of 25 June, this will bring ATP’s committed occupancy rate to 93.7%. We note that Google will be signing a 5-year term starting from 1QCY20. While the average gross rent was not announced, channel checks suggest that rates could lie modestly north of $4 psf, which would indeed be in-line with recent signing rents, despite the significant amount of space leased.
5- year deal.
33% of ATP total NLA. (344k sqft)
Commited occupancy now 93.7%
Modest rents of approx. 4+ psf (better than nothing).
FY20 DPU of 9.85 cents (forecast)
Health Gearing of 29.1%
Awesome balls, FCOT.
Onward to FI friends.