Real estate investment group ARA Group is spinning off US$719.5 million of US hotels under the Hyatt brand into a business trust that it wants to list on the Singapore Exchange .REAL estate investment group ARA Group is spinning off US$719.5 million of US hotels under the Hyatt brand into a business trust that it wants to list on the Singapore Exchange .
For the eight months from May 1 to Dec 31, 2019, the trust is projected to post net property income of US$42.3 million and distributable income of US$26.1 million. Of the 38 properties, 36 hold freehold land titles. The remaining two properties, Hyatt Place Lakeland Center and Hyatt Place Secaucas Meadowlands, have remaining leasehold tenures of more than 50 years. This is assuming ARA H-Reit subsidiary PropCo renews the initial lease for each property on the same terms upon their expiry in 2023 and 2021 for five consecutive terms of 10 years each at no additional costs.
ARA H-Reit is permitted to borrow up to 45 per cent of the value of its own deposited property or such permitted limit imposed under the property funds appendix from time to time. ARA H-BT has voluntarily adopted the same aggregate leverage limit.
Source: News Formal (newsformal.com)
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