KLSE (MYR): TWRREIT (5111)
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Offer for Sale
INITIAL PUBLIC OFFERING BY GLM REIT MANAGEMENT SDN BHD AS MANAGER OF TOWER REAL ESTATE INVESTMENT TRUST ("TOWER REIT"), OF 201,874,000 NEW UNITS IN TOWER REIT ("PUBLIC OFFERING UNITS") AT AN ISSUE PRICE OF RM1.07 PER PUBLIC OFFERING UNIT, PAYABLE IN FULL UPON APPLICATION, COMPRISING:
(I) 9,300,000 PUBLIC OFFERING UNITS TO THE MALAYSIAN PUBLIC;
(II) 2,500,000 PUBLIC OFFERING UNITS TO ELIGIBLE DIRECTORS AND EMPLOYEES OF GLM REIT MANAGEMENT SDN BHD (FORMERLY KNOWN AS PREMIUMVIEW DEVELOPMENT SDN BHD), GUOCOLAND (MALAYSIA) BERHAD ("GLM"), GUOCOLAND LIMITED ("GLL") AND SUBSIDIARIES AND ASSOCIATED COMPANIES OF GLM AND GLL; AND
(III) 190,074,000 PUBLIC OFFERING UNITS TO IDENTIFIED INVESTORS BY WAY OF PRIVATE PLACEMENT IN CONJUNCTION WITH THE LISTING OF TOWER REIT ON THE MAIN BOARD OF BURSA MALAYSIA SECURITIES BERHAD
TOWER-Inside Cover(Part 2)(1.3MB).pdf
I hold the Reit for several years. I did some study and follow up from time to time.
TWreit has very good asset, NTA is far higher than share price. The issue is their property unable to rent out. If I am not wrong could be less than 70% currently rented (I don't have latest figure bcos I sold all some time ago). Base on my evaluation (or impression) the management team do not care too much on this business. They could have other 'more important' task to do under the group!! Maybe some of them are part time taking care of TWREIT...
KUALA LUMPUR (Sept 5): Tower Real Estate Investment Trust (REIT) has appointed Chua Song Yong @ Eusoffe Chua as its chief executive officer effective today.
The CEO post was left vacant for more than a year. Chua is replacing Teo Juhn How, who resigned on June 8, 2016 to pursue other professional interests.
In a filing with Bursa Malaysia today, Tower REIT said Chua, 39, was previously TA Global’s head of group sales and marketing and head of group leasing and property management.
This is a positive development for TWRREIT. Imagine sailing without a 'captain' for over a year!
Autopilot may be fine during good times, but we're in shaky territories these days, and a ship needs a steady pair of hands!
Remember, TWRREIT currently only has 2 commercial office properties, and practically ZERO borrowings. Lots of room for growth and improvements! The question is, where will the next asset injection come from? (TAGB or Hong Leong Group)
Hope the management would look into disposing the properties and buy better buildings
Tower reit should just disposed off both the buildings and distribute the proceed. The reit is not doing anything as a business and it is a waste of management time and monies having it listed.
Yes, should realise its NAV which is in the best interest of REITholders
heard the biggest tenant in HP Towers is moving out soon
if no CEO, stock not performing ade excuse...ini sudah ade CEO, CEO tidor ka?
If cannot rent please sell the property.
Can anyone tell me what is the net intrinsic value of Twrreit? It's not the same as the net asset value, is it? Thanks.
Net intrinsic value does not equate to net asset value. Intrinsic value depends on how much returns can you get from your net assets over a period of years + net assets.
Anyone know why can TWREIT distribute 88.5% of net income? I thought it is by the rule that a REIT must distribute 90% and above?
This is an interim dividend, only the 2nd quarter. TWRREIT needs to make sure that it fulfills the 90% requirement for the full year, or else be liable to 24% corporate tax.
Thanks for clarification~
Thanks for the elucidation.
QR getting worse and worse. Will Twr Reit drop to 50-60 sen?
Anything's can happen. why not hong leong privatised it
Loss QR why no drop?
Loss QR is because of deferred tax due to RPGT disposal >5 years tax rate changed. If the REIT does not intend to dispose, then this should be a non-issue. On the flip side, the figure you should be focusing should be the revenue which has actually gone up.
You should be asking... Revenue up why no up?
Why no dividend declare for 2 quatters?
hang zheng pai
REIT without dividend??? How to invest? It is better to sell the property urgently and distribute cash back
Keep yo-yoing between 0.87 and 0.91
Discounted Properties. Chance to own office properties at a discounted price at RM343 psf =rm.090 (current price) X 280,500,000 (number of shares) / 735,017 (Net Lettable Area )
it is cheap with rm343 psf considering the properties is in kl and good location. Construction cost also cost more than that.
Why sales keep drop?
Drop in rental, Plus point is reductions in rental increases growth rates from excess capacity.
if the office buildings is distribute by specie, 735,000÷280,500, then you would get 2.6 sq ft per 1000 shares
err... meaning 300,000 shares would be entitled to 780 square feet of space at a cost of less than RM 270,000. Would be great if those spaces are distributed then, haha... an apartment for RM 270,000 at prime area.
The innovation centre is expected to occupy 250,000 sq ft or about 65% of the total 385,215 sq ft net lettable area in Menara HLA.
Chua is optimistic that 250,000 sq ft of space to be offered by the innovation centre will be fully occupied by tenants after renovation works are completed by end-2020.
Currently, about 100,000 sq ft have been taken up by six tenants including local training academy KCOM Group and a co-working space operator.
Keep dropping . Infected by Virus ?
KUALA LUMPUR (March 2): GuocoLand (Malaysia) Bhd is selling Menara Guoco in Damansara Heights here to Tower Real Estate Investment Trust (Tower REIT) for RM242.1 million cash, in a related party transaction (RPT).
Menara Guoco is a 19-storey office building which forms part of an integrated commercial development known as Damansara City, comprising another office building, a hotel, a retail mall, serviced apartments and car parks.
As at Feb 6, 2020, the building has an occupancy rate of about 97.1% and is expected to increase Tower REIT's pro forma occupancy rate for its portfolio to 59.8% from 48.1%.
Upon completion of the proposed acquisition, Tower REIT's consolidated asset base is expected to increase about 42.3% to RM814.3 million and the average building age of its property portfolio is expected to decrease to 18 years from 23.
The proposed disposal is expected to be completed by the third quarter of 2020.
The rental market for commercial office space has been facing a glut for years now. Yield on this property is under 5% p.a.with 97.1% occupancy and they're estimating 100% loan @4.3% p.a.
I don't expect DPU to improve too much in the short-term, but it will probably help to stabilize the dividend as the other two office buildings currently have less than 50% occupancy! If you look at their last quarterly result, yields have possibly fallen below 2.5%! Menara HLA is still under renovation!
Who else wins?
1. Guocoland, as they cash-out a relatively low yield asset and lower their borrowings.
2. Hong Leong Bank, as they will probably issue the RM242m loan themselves @4.3% p.a.
3. GLM REIT Management, the REIT management company, since their earnings depend on the NAV of the properties.
what is the exact property yield for this acquisition?
Just disclosed under 5% with 97% occupancy did not give any confort to minority shareholders
twrreit annual report jun2020 analysis
Thanks for the summary and analysis @investfuture and @reitpulse. At this point, it feels like it will take a massive economic growth in Malaysia in order to for demand in office space to cover the supply. In that sense, I am not so optimistic about tower reit's immediate prospects. Maybe within another 10 years before the reit shows any improvement in its occupancy rates. Just my 2 cents.
TWRREIT 1Q2021 analysis
hong leong should privatised this reit. No point stay listed without much public interest.
They recently coved in Guoco tower into Tower REIT, Interesting when Damansara Pavilion completes. Will this place appreciate in value? There is an MRT connected and highways to this place. could this be the next Mid Valley ? I think they should introduce more F&B space for the offices towers. So that staff can easily eat and work. now all back to office
Carpark business recovering. Work in office is back.
best mall reit: igbreit
best office reit: ouareit
best industrial reit: axreit
best hospital reit: alaqar
best diversified reit: sunreit
buy only the best, forget the rest!
This stock is rubbish
1 month ago
The whole management and board of directors are like shit
1 month ago
hongleong is smart, it offload all their lousy properties to twrreit. this is good for hongleong but bad for twrreit shareholders
1 month ago