(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 6 February 2004 (as amended))
ONE GEORGE STREET YIELD PROTECTION
The Manager wishes to announce that CCT will be receiving a
total of S$5.0 million from CCL, being the yield protection
amount in relation to One George Street for the year ended 31
December 2011. The Manager is making the announcement
pursuant to Rule 1013(3)(a) of the Listing Manual.
As previously disclosed in its announcement made on 19
January 2011 pursuant to the terms of the sale and purchase
agreement of One George Street with the vendor, a Deed of
Yield Protection was entered into with CCL under which the
latter agreed to provide a yield protection to CCT in the
event the NPI from One George Street is less than 4.25% per
annum of the purchase consideration of S$1,165.0 million (or
S$49.5 million per annum) for a period of five years from the
date of completion of purchase on
11 July 2008. The year ended 31 December 2011 is the third of
the five year period within which the yield protection is
available.
Based on the unaudited management accounts of CCT for the
financial year ended 31
December 2011, the NPI for One George Street for that period
was less than S$49.5 million by S$5.0 million for the full
year, resulting in CCL being required to pay for the
shortfall in the NPI. The shortfall amount was ascertained
after taking into account the various adjustments provided in
the Deed of Yield Protection. This shortfall for the
financial year ended 31 December 2011 is higher than that for
the financial year ended
31 December 2010 (S$3.4 million) due to lower performance of
NPI in the financial year ended 31 December 2011 arising from
lower occupancies and negative rent reversions. As a result,
a higher amount of yield protection was required from CCL for
the financial year ended 31 December 2011.
Deed of Yield Protection dated 11 July 2008 entered into between HSBC Institutional Trust Services (Singapore) Limited, as trustee of CCT, and CCL.
NPI Net Property Income Listing Manual Listing Manual of the SGX-ST Manager CapitaCommercial Trust Management Limited, as manager of CCT Units Units in CCT
BY ORDER OF THE BOARD CapitaCommercial Trust Management
Limited (Company registration no. 200309059W)
As manager of CapitaCommercial Trust
Michelle Koh Company Secretary Singapore
20 January 2012
The value of Units and the income from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested.
Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.
The past performance of CCT is not necessarily indicative of the future performance of CCT.
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Documents associés | |
CCTML: One George Street - Yield Protection - CCT will be receiving a total of S$5 million from CapitaLand Commerical Limited, being the yield protection amount in relation to One George Street for the year ended 31 December 2011 |