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Capitacommercial Trust CIRCULAR DATED 9 JUNE 2008 Overview

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Capitacommercial Trust CIRCULAR DATED 9 JUNE 2008 Overview CAPITACOMMERCIAL TRUST CAPITACOMMERCIAL CIRCULAR DATED 9 JUNE 2008 OVERVIEW THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. (Constituted in the Republic of Singapore pursuant to a trust deed dated 6 February 2004 (as amended)) Singapore Exchange Securities Trading Limited takes no responsibility for the accuracy of any statements or opinions made, or reports contained, in this Circular. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser immediately. If you have sold or transferred all your units in CapitaCommercial Trust, you should immediately forward this Circular, together with the Notice of Extraordinary General Meeting and the accompanying Proxy Form in this Circular, to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee. Meanings of capitalised terms may be found in the Glossary of this Circular. CIRCULAR DATED CIRCULAR DATED CIRCULAR TO UNITHOLDERS IN RELATION TO: 9 JUNE 2008 (1 GEORGE STREET) (1) the proposed acquisition of 1 George Street, Singapore; and (2) The proposed general mandate for the issue of new Units and/or Prime Landmark Office Building Convertible Securities. 1 George Street is one of the newest premier commercial properties prominently located in the core of Singapore’s CBD with large column-free floor plates and state-of-the-art building specifications IMPORTANT DATES AND TIMES FOR UNITHOLDERS MANAGED BY CAPITACOMMERCIAL TRUST designed to suit tenants in the financial services industry and Last date and time for lodgment of Proxy Forms : Wed, 25 June 2008 at 10.30 a.m. MANAGEMENT LIMITED multinational companies. Its major tenants include The Royal Bank Date and time of Extraordinary General Meeting : Fri, 27 June 2008 at 10.30 a.m. A MEMBER OF of Scotland PLC, WongPartnership LLP, Borouge Pte. Ltd., Lloyd’s Place of Extraordinary General Meeting : STI Auditorium, Level 9 of London (Asia) Pte Ltd and the Canadian High Commission. GOLD award 168 Robinson Road, Capital Tower Singapore 068912 CAPITACOMMERCIAL TRUST CAPITACOMMERCIAL CIRCULAR DATED 9 JUNE 2008 OVERVIEW THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. (Constituted in the Republic of Singapore pursuant to a trust deed dated 6 February 2004 (as amended)) FOR INFORMATION ONLY Singapore Exchange Securities Trading Limited takes no responsibility for the accuracy of any statements or opinions made, or reports contained, in this Circular. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser immediately. If you have sold or transferred all your units in CapitaCommercial Trust, you should immediately forward this Circular, together with the Notice of Extraordinary General Meeting and the accompanying Proxy Form in this Circular, to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee. Meanings of capitalised terms may be found in the Glossary of this Circular. CIRCULAR DATED 9 JUNE 2008 (1 GEORGE STREET) CIRCULAR DATED CIRCULAR TO UNITHOLDERS IN RELATION TO: (1) The proposed acquisition of 1 George Street, Singapore; and (2) The proposed general mandate for the issue of new Units and/or Prime Landmark Offi ce Building Convertible Securities. 1 George Street is one of the newest premier commercial properties prominently located in the core of Singapore’s CBD with large column-free fl oor plates and state-of-the-art building specifi cations IMPORTANT DATES AND TIMES FOR UNITHOLDERS MANAGED BY CAPITACOMMERCIAL TRUST designed to suit tenants in the fi nancial services industry and Last date and time for lodgment of Proxy Forms : Wed, 25 June 2008 at 10.30 a.m. MANAGEMENT LIMITED multinational companies. Its major tenants include The Royal Bank Date and time of Extraordinary General Meeting : Fri, 27 June 2008 at 10.30 a.m. A MEMBER OF of Scotland PLC, WongPartnership LLP, Borouge Pte. Ltd., Lloyd’s Place of Extraordinary General Meeting : STI Auditorium, Level 9 of London (Asia) Pte Ltd and the Canadian High Commission. GOLD AWARD 168 Robinson Road, Capital Tower Singapore 068912 CCCT_c1.inddCT_c1.indd 1 66/6/2008/6/2008 11:47:52:47:52 AAMM BENEFITS TO UNITHOLDERS BENEFITS TO UNITHOLDERS Please refer to Paragraph 2 of the Letter to Unitholders in the 3. GROWTH POTENTIAL FROM RENTAL REVERSIONS 4. STRENGTHEN FOCUS IN PRIME The table below sets out the contribution of each property to Circular for more details. IN A ROBUST SINGAPORE OFFICE MARKET OFFICE MARKET CCT’s Net Property Income for the Forecast Period 2008. 1 The Acquisition will bring the following key benefi ts to With more than 50.0% of 1 George Street’s existing leases The Acquisition will increase the Gross Rental Income Net Property Income Contribution for the Forecast Unitholders: due to expire in 2008 and 2009, the Manager believes contribution from the Offi ce Component in CCT’s Existing Period 2008 that 1 George Street is in a good position to capitalise on Properties from 62.1% to 66.5%. This will reinforce CCT as 1. ACQUISITION FITS THE MANAGER’S INVESTMENT the current buoyant Singapore offi ce market. The current one of the leading commercial REITs in Singapore with a Properties(1) Before the After the STRATEGY average passing rent for 1 George Street is signifi cantly prime focus on premier quality offi ce space. Acquisition Acquisition below the achieved rents of between S$18.00 to S$20.00 per Raffl es City 36.9% 30.0% The Acquisition is in line with the Manager’s principal sq ft per month for Grade A Offi ce space within the Raffl es After Acquisition Singapore(2) investment strategy to deliver stable distribution and Place micro-market in the fi rst quarter of 2008, thereby sustainable total returns to the Unitholders. presenting CCT with high growth potential from future rental 6 Battery Road 28.7% 23.3% reversions. In addition, CBRE expects Grade A Offi ce and 13.9% Capital Tower 12.5% 10.2% It is also in line with the Manager’s stated target (announced prime rents to stay fairly robust from 2010 to 2012 on the in July 2006) to grow CCT’s Deposited Property to S$6.0 back of an expected healthy Singapore economy, with such Starhub Centre 6.0% 4.9% 19.6% billion by 2009. With the inclusion of 1 George Street, rents generally expected to be within an estimated range of 66.5% Robinson Point 4.2% 3.4% CCT’s Deposited Property will increase from approximately S$12.00 to S$15.00 per sq ft per month. S$5.3 billion as at 31 December 2007 to approximately HSBC Building 4.1% 3.3% S$6.5 billion. This will further strengthen CCT’s position The chart below shows the leases which are expiring at Bugis Village 3.6% 2.9% as the largest commercial REIT by total assets and market 1 George Street by percentage of monthly Gross Rental capitalisation in Singapore. Income from 2008 to 2010 and the weighted average gross Golden Shoe Car 3.5% 2.9% Park rental rate per sq ft per month as at 1 May 2008, and the Office Retail Hotels & Convention Centre Grade A Offi ce rent in the fi rst quarter of 2008 reported by Market Street 0.5% 0.4% 2. YIELD ACCRETION CBRE. In addition, the Acquisition will increase the Gross Rental Car Park Income1 contribution from CCT’s Grade A Offi ces, which Unitholders will enjoy a higher DPU as a result of the currently comprises Capital Tower and 6 Battery Road, from 1 George Street – 18.7% % S$ Acquisition. The minimum net property yield of 4.25% per 40.5% to 47.4%. 60 Achieved Grade A Office rent in Raffles Place Total 100.0% 100.0% annum of the purchase consideration for 1 George Street is micro-market: S$18.00 - S$20.00 per sq ft per month 20 After Acquisition more than the average net property yield of CCT’s Grade A 18 Notes: 50 Offi ces of 3.6%. (1) Excludes Wilkie Edge, a property under development. 16 (2) Based on CCT’s 60.0% interest in Raffl es City Singapore. 40 14 % 32.0% 17.9 Forecast and Projected DPU(1) (assuming 30.2% 12 7. ECONOMIES OF SCALE 30 that CCT’s Aggregate Leverage is 10 47.4% With the addition of 1 George Street to the Existing increased to approximately 37.6% after 18.6% 8 Completion). 20 $6.60 Properties, CCT will have NLA of 302,885 sq m. This will $5.88 6 $5.56 34.7% benefi t Unitholders in the long term due to economies 4 10 of scale which the Manager and the Property Manager 2.7% 2 will enjoy through greater effi cient allocation of resources 12.34¢ 0 0 including staff and personnel, and cost savings from bulk 2008 2009 2010 purchase synergies and dealings with service providers. 12.02¢ Grade A Office Buildings Raffles City Singapore Others By Gross Rental Income 3.3% Gross Rental Income of Expiring Leases (S$ per sq ft per month) 5. ENHANCE TENANT BASE THE PROPOSED FINANCING PLAN 5.63¢ The Acquisition is expected to further enhance CCT’s 5.45¢ The Manager has put in place committed funding for tenant base with the addition of major tenants. This will add 100.0% of the Total Acquisition Cost (which is approximately to CCT’s existing core of blue chip tenants which include S$1,180.2 million).
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