YTL Starhill Global REIT announce the renewal rent of the master lease with Toshin Development Singapore PTE LTD (''TOSHIN'')
Singapore, June 10, 2013
YTL Starhill Global REIT Management Limited, as manager (the “Manager”) of Starhill Global Real Estate Investment Trust (“Starhill Global REIT”), is pleased to announce that the renewal rent (the “Renewal Rent”) for the renewed period of 12 years from 8 June 2013 (the “Renewed Period”) under the Toshin Lease (as hereinafter defined) has been determined today. The new base rent, which is about 6.7% higher than the prevailing rate, is based on the average of three market rental valuations, undertaken by independent licensed valuers, in accordance with the terms of the Toshin Lease.
The Toshin Lease also provides for a review of the rental rate every three years during the Renewed Period, and the existing provisions of the Toshin Lease regarding rent review shall continue to apply. Under the master lease by HSBC Institutional Trust Services (Singapore) Limited, as trustee of Starhill Global REIT to Toshin (the “Toshin Lease”) referred to above, Toshin is the master tenant occupying all the retail areas except level five of the Ngee Ann City Property (as hereinafter defined). Starhill Global REIT’s stake in Ngee Ann City (the “Ngee Ann City Property”) comprises four strata lots representing 27.23% of the total share value of strata lots in Ngee Ann City at Orchard Road, Singapore. For March 2013, the Toshin Lease contributed to 20.0% of Starhill Global REIT’s portfolio gross rent.
About Starhill Global REIT
Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas. Since its listing on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 20 September 2005, Starhill Global REIT has grown its initial portfolio from interests in two landmark properties on Orchard Road in Singapore to 13 properties in Singapore, Malaysia, Australia, China and Japan, valued at about S$2.8 billion.
These comprise interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore, Starhill Gallery and Lot 10 in Kuala Lumpur, Malaysia, the David Jones Building and Plaza Arcade in Perth, Australia, a premier retail property in Chengdu, China, and six properties in the prime areas of Tokyo, Japan. Starhill Global REIT remains focused on sourcing attractive property assets in Singapore and overseas, while driving organic growth from its existing portfolio, through proactive leasing efforts and creative asset enhancements.
Starhill Global REIT is managed by an external manager, YTL Starhill Global REIT Management Limited. The Manager is a wholly-owned subsidiary of YTL Starhill Global REIT Management Holdings Pte. Ltd., which is in turn an indirect wholly-owned subsidiary of YTL Corporation Berhad.
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