Hi, Fools! Here are three things about the local stock market and investing in general that you might be interested in today.
1. The Straits Times Index (SGX: ^STI), ended Tuesday at 3,235.69 points, up 7.18 points, or 0.22%.
Singapore’s flag carrier, Singapore Airlines Ltd (SGX: C6L), lead the pack by gaining 2.2% to S$10.43.
On the other hand, the biggest loser in the index was Singapore Press Holdings Limited (SGX: T39). The media giant shed 1.5% to S$2.58.
2. Out of the blue-chip universe, Frasers Centrepoint Ltd (SGX: TQ5) saw its shares go up 0.5% to end the day at S$2.13.
The property developer announced yesterday that its wholly-owned subsidiary, Frasers Property International Pte Ltd, would be acquiring four business parks in the United Kingdom for around S$1.2 billion. The sellers are subsidiaries of a fund or account managed by Oaktree Capital Management, L.P.
The four business park assets will be freehold in nature and they are – Winnersh Triangle, Reading; Chineham Park, Basingstoke; Watchmoor Park, Camberley; and Hillington Park, Glasgow.
Frasers Property could also acquire another business park – Maxis, Bracknell – if it meets certain conditions relating to, among other things, net operating yield and Maxis achieving an occupancy of at least 95%.
Mr Panote Sirivadhanabhakdi, Group Chief Executive Officer of the property firm, commented:
“The Acquisition is in line with the Group’s strategy to grow overseas presence and recurring income sources. The Group has been in the UK and Europe for over 15 years, and we now extend our presence from the residential, hospitality, industrial and logistics sectors to include the commercial and business park sector.”
“We can also potentially benefit from the “network effect”, given that we are already in the industrial, logistics, commercial and business park sectors in Australia, Germany, the Netherlands, Singapore and Thailand.”
The four properties have a weighted average lease expiry of 5.9 years and tenants include companies such as Intel, Level 3 Communications and Novartis.
The acquisition will be funded by a combination of debt and internal resources.
3. Cityneon Holdings Limited (SGX: 5HJ), the brainchild behind the Marvel Avengers S.T.A.T.I.O.N. exhibition, announced today that the Qatar Pavilion at EXPO Astana 2017 in Kazakhstan has won the Gold award for Best Exhibition Design in the category for medium-sized pavilions.
The pavilion also clinched the People’s Choice award in the Exhibitor Magazine Awards 2017 and an Honourable Mention in the Best Exterior Design category.
Shares of the firm closed at S$1.08, down 1.4% for the day.
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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.