Starhill Global REIT property in Singapore, Ngee Ann City. (Photo: REITsWeek)

Singapore-listed office and retail REIT, Starhill Global REIT (SGX:P40U), announced on 26 May that it has issued SGD125 million in 3.4% fixed-rate notes that will be due in 2023.

The notes are issued under a SGD2 billion multicurrency medium term note programme established in 2008. DBS Bank Ltd. and RHB Securities Singapore have been appointed as dealers of the notes.

The notes have been assigned a rating of “BBB+” by Standard & Poor’s Ratings Services. The Series 003 Notes will mature on 26 May 2023 and will bear a fixed interest rate of 3.40 per cent. per annum payable semi-annually in arrear.

Proceeds arising from the issuance of the notes will be used to refinance existing borrowings or for working capital purposes of Starhill Global REIT.

Units of Starhill Global REIT are currently listed on the Singapore Exchange at SGD0.87.

Starhill Global REIT property in Singapore Ngee Ann City
Starhill Global REIT property in Singapore Ngee Ann City

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.