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August 02, 2015 11:22 PM ET

Real Estate Management and Development

Company Overview of Forterra Trust

Company Overview

Forterra Trust, an investment holding company, owns, invests in, and manages commercial real estate properties and real estate-related assets in Greater China. The company’s properties are primarily used for office, retail, and industrial/logistics purposes, as well as for hotels and serviced apartments. Its gross assets under management include approximately 700,000 square meters of office buildings and shopping malls, and a development pipeline. The company was formerly known as Treasury China Trust and changed its name to Forterra Trust in February 2013. The company was founded in 2005 and is based in Singapore. As of January 5, 2015, Forterra Trust operates as a subsidiary of New Precise...

65 Chulia Street

No. 43-08, OCBC Centre

Singapore,  049513

Singapore

Founded in 2005

Phone:

65 6671 0168

Fax:

65 6671 0160

Key Executives for Forterra Trust

Chief Executive Officer of Forterra Real Estate Pte. Ltd and Executive Director of Forterra Real Estate Pte. Ltd
Age: 56
Chief Financial Officer of Forterra Real Estate Pte. Ltd
Age: 46
Chief Strategy Officer of Forterra Real Estate Pte. Ltd and General Counsel of Forterra Real Estate Pte. Ltd
Company Secretary of Forterra Real Estate Pte. Ltd.
Financial Controller of Treasury Holdings Real Estate Pte Ltd
Age: 34
Compensation as of Fiscal Year 2015.

Forterra Trust Key Developments

Forterra Trust Announces Update on the Refinancing of The Place

The Board of Directors of Forterra Real Estate Pte. Ltd., acting in its capacity as trustee-manager of Forterra Trust (Forterra), refers to its plan to refinance the existing loan facilities for The Place as disclosed in the prior announcement made on 31 October 2014. Following the RMB 500 million loan agreement entered into with Chinese Mercantile Bank, Shenzhen Hi-tech Park Branch to refinance the existing onshore loan for The Place Existing, which was announced on 13 November 2014, and the RMB 800 million loan agreement entered into with Industrial and Commercial Bank of China, Shanghai Hongqiao Sub-branch to refinance the existing onshore loan for The Place Extension, which was announced on 18 November 2014, the Trustee-Manager wishes to further announce that on 21 November 2014, a loan agreement (ICBC Asia Loan) has been entered into with Industrial and Commercial Bank of China (Asia) Limited (ICBC Asia), the existing offshore lender of The Place, to refinance the existing offshore loan for the place that was previously provided by ICBC Asia in 2010. The key commercial terms of the ICBC Asia Loan: facility amount: USD 300 million. Term: 5 years. Annual interest rate: approximately 3.98%. Therefore, the overall planned refinancing for The Place, as announced on 31 October 2014, for the aggregate amount of RMB 1,300 million and USD 300 million is now fully secured.

Forterra Trust Enters Five Year Multicurrency Loan Facility for the Place

The Board of Directors of Forterra Real Estate Pte. Ltd., acting in its capacity as trustee-manager of Forterra Trust ('Forterra'), to announce that, to refinance the existing loan facilities for The Place, it has executed term sheets for a Multi-Currency Loan Facility consisting of an offshore and onshore tranche with Industrial and Commercial Bank of China (Asia) Limited and Industrial and Commercial Bank of China Hongqiao Sub- branch, both of whom are existing lenders to The Place, and a new bank, Chinese Mercantile Bank, Shenzhen Hi-tech Park Branch, with the following terms according to the term sheets. Facilities amount is Onshore loan of RMB 11,300 million and offshore loan of USD 2,300 million with term of five years on average blended annual interest rate of 5.18%. The use of proceeds of the offshore loan is solely for the refinancing of the existing loan obligations and expenses related to the principal, interest and expenses arising from the refinancing.

Forterra Trust Announces Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Forterra Trust announced consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the period, the company reported net property income was SGD 5,269,000 against SGD 11,564,000 a year ago. Loss before tax was SGD 17,954,000 against SGD 3,371,000 a year ago. Total loss attributable to unit holders of the trust was SGD 19,650,000 against SGD 2,344,000 a year ago. Loss per diluted share attributable to unit holders of the trust was 7.7 cents against 0.9 cents a year ago. Net cash generated from operating activities was SGD 3,384,000 against SGD 10,359,000 a year ago. Purchase of plant and equipment was SGD 348,000 against SGD 52,000 a year ago. Development costs paid on investment properties was SGD 27,362,000 against SGD 21,112,000 a year ago. For the nine months, the company reported net property income was SGD 22,085,000 against SGD 40,524,000 a year ago. Loss before tax was SGD 258,127,000 against profit before tax of SGD 21,087,000 a year ago. Total loss attributable to unit holders of the trust was SGD 168,291,000 against total profit attributable to unit holders of SGD 4,900,000 a year ago. Loss per diluted share attributable to unit holders of the trust was 66.3 cents against earnings per diluted share of 1.9 cents a year ago. Net cash generated from operating activities was SGD 5,774,000 against net cash used in operations of SGD 4,004,000 a year ago. Purchase of plant and equipment was SGD 348,000 against SGD 15,000 a year ago. Development costs paid on investment properties was SGD 62,690,000 against SGD 44,250,000 a year ago. NAV per unit on a diluted basis was SGD 3.90 as at September 30, 2014.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 4, 2014
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