News on Croesus Retail Trust
  • 2017
    1. 16 May 2017
      The Business Times, May 16, 2017 - Croesus available DPU for Q3 up 15.2%

      By Kenneth Lim

      Singapore

      CROESUS Retail Trust's third-quarter available distribution per unit rose 15.2 per cent to 2.05 Singapore cents on the back of recent acquisitions and improved tenant sales.

      Croesus, a real estate investment trust that is focused on Japanese malls, posted a 25.4 per cent increase in distributable income, to 1.28 billion yen (S$15.77 million), for the three months ended March 31. For the nine-month period, income available for distribution was 3.61 billion yen, and available distribution per unit was 5.65 Singapore cents.

      For more on this story, please click here.

    2. 15 May 2017
      The Straits Times,15 May 2017 - Croesus Retail Trust posts 15.2% rise in Q3 DPU on more income-producing properties

      By Ann Williams

      SINGAPORE - Croesus Retail Trust (CRT) achieved a 15.2 per cent rise in distribution per unit (DPU) to 2.05 Singapore cents for its third quarter ended March 31, from 1.78 cents in the corresponding year-ago period.

      The year-ago results were restated to reflect the effect of 27,682,070 units issued following a preferential offering on Aug 25 last year.

      For more on this story, please click here.

    3. 15 May 2017
      REITSWEEK, 15 May 2017 - Croesus Retail Trust reports 15.2% increase in 3Q 2017 after adjusting for preferential offering

      By Ridzwan Rahmat

      Croesus Retail Trust reports 15.2% increase in 3Q 2017 after adjusting for preferential offering

      Japan-focused Croesus Retail Trust has achieved a DPU of 2.05 Singapore cents for its 3Q 2017,

      an increase of 15.2% from the 1.78 cents recorded for the corresponding period of 2016, after

      adjusting for the effect of 27,682,070 units issued pursuant to the preferential offering in August 2016.

      Without the adjustment the DPU for 3Q 2017 would have been an increase of 10.2% over the 1.86 cents achieved in 3Q 2016.

      For more on this story, please click here.

    4. 23 Feb 2017
      Seeking Alpha (Online), 23 February 2017 - Croesus Retail Trust: Valuation discount to peers should narrow over time

      Summary

      Croesus Retail Trust has the highest dividend yield and the second lowest P/B among its peers.

      The valuation discount should narrow in the next 2-3 years as cost savings from trustee-manager internalization and debt refinancing are realized and rental income grows because of asset enhancement initiatives.

      My dividend discount model-derived target price implies a 44% upside, based on a 10% cost of equity and a 0.5% terminal growth rate.

      For more on this story, please click here.

    5. 15 Feb 2017
      The Business Times, 15 February 2017 - Croesus posts higher Q2 DPU on the back of enlarged portfolio

      By Lynette Khoo

      CROESUS Retail Trust (CRT) announced a distribution per unit (DPU) of 1.81 Singapore cents for the second quarter ended Dec 31, 2016, up 1.1 per cent from 1.79 Singapore cents a year ago.

      But, said CRT, the year-ago DPU was 1.72 Singapore cents if restated to reflect an enlarged unit base arising from a preferential offering of 27.68 million units in August 2016. This would have meant a year-on-year DPU increase of 5.2 per cent.

      For more on this story, please click here.

    6. 15 Feb 2017
      REITsWeek (Online), 15 February 2017 - DBS calls ‘Buy’ rating on Croesus Retail Trust citing income from new properties

      By Ridzwan Rahmat

      DBS Equity Research has issued a 'Buy' rating on Singapore-listed Croesus Retail Trust, citing impending contribution from newly acquired properties, and the perception that unitholders' interest are now aligned with management given an internalisation exercise.

      "Management internalisation improves alignment and removes takeover barrier", said DBS in a research report issued on 15 February.

      For more on this story, please click here.

    7. 14 Feb 2017
      REITsWeek, 14 February 2017 - Croesus Retail Trust reports 5.2% rise in DPS for 2Q 2017

      By Anushia Kandasivam

      Singapore-listed Croesus Retail Trust has reported a DPS of 1.81 Singapore cents for the period spanning 1 October to 31 December 2016, a rise of 5.2% from the 1.72 cents reported in the corresponding three month period ended 31 December 2015.

      However the figure has been re-stated to include 27.6 million units issued in a preferential offering in August 2016.

      Gross revenue came in at SGD39.8 million (JPY3,181 million), 30.7% higher than the SGD30.5 million (JPY2,434 million) achieved in the corresponding period of 2015.

      For more on this story, please click here.

    8. 14 Feb 2017
      The Business Times (Online), 14 February 2017 - CRT's Q2 DPU up 5.2% from year-ago restated DPU thanks to acquisitions

      By Lynette Khoo

      CROESUS Retail Trust (CRT) enjoyed a 5.2 per cent rise in distribution per unit (DPU) for the second quarter ended Dec 31, 2016, to 1.81 Singapore cents, from a restated DPU of 1.72 cents in the year-ago period that reflects an enlarged unit base arising from a preferential offering in August.

      This came on the back of an enlarged portfolio due to acquisitions.

      During the quarter, gross revenue jumped 30.7 per cent to 3.18 billion yen (S$39.8 million), due to a larger portfolio of income-producing properties, following the acquisitions of Torius, Fuji Grand Natalie, Mallage Saga and Feeeal Asahikawa.

      For more on this story, please click here.

    9. 14 Feb 2017
      The Straits Times (Online),14 February 2017 - Croesus Retail Trust sees 5.2% rise in Q2 DPU on higher mall rents and new acquisitions

      By Lee Xin En

      SINGAPORE - Recent acquisitions of malls in Japan and the exceptional performance of a particular shopping centre, Mallage Shobu, helped Croesus Retail Trust improve its performance for the second quarter.

      The mall operator, whose portfolio assets are in Japan, reported on Tuesday (Feb 14) that revenue for the three months to Dec 31 rose 30.7 per cent to 3.18 billion yen (S$39.7 million).

      For more on this story, please click here.

    10. 23 Jan 2017
      Yahoo! Finance (Online), 23 January 2017 - Sophisticated Investor Profile: Yong Chao Hsien Jeremy

      By Clemen Chiang

      The new Managing Director of Croesus Retail Asset Management, Mr Yong Chao Hsien Jeremy wears many other hats — he is a director at CGPL, Croesus Merchants, Croesus Partners, and Evertrust Asset Management. He is also a director of British Virgin Islands-based Jael Capital Limited. Since graduating from the London School of Economics in the UK with a Bachelor Science in Industrial and Business Economics, Mr Yong has held key positions in major private equity companies and investment firms.

      For more on this story, please click here.

  • 2016
    1. 18 Nov 2016
      Singapore Business Review, 18 November 2016 - Croesus Retail Trust targets 20-30% DPU hike

      It will engage cost saving and asset enhancement initiatives.

      Croesus Retail Trust (CRT) is shifting focus to cost savings and asset enhancement initiatives (AEIs) to enhance DPU growth, said RHB.

      According to the research house, since listing, CRT has focused on increasing its portfolio which had been successful. Going forward, it believes that the company would likely shift its focus to cost savings initiatives such as lowering cost of debt by refinancing and from internalisation of its asset manager.

      For more on this story, please click here.

    2. 15 Nov 2016
      The Edge Markets,15 November 2016 - Croesus Retail Trust off to a ‘solid start’ in FY17

      By Jude Chan

      SINGAPORE (Nov 15): DBS Group Research is keeping Croesus Retail Trust at “buy” with an unchanged target price of 99 cents following 1Q17 results that were “in line with expectations”.

      CRT announced a DPU of 1.79 cents for 1Q17 ended Sept, a 9.8% increase from the restated DPU of 1.63 cents in the same quarter last year.

      Gross revenue of JPY 3,126 million ($41.4 million) for 1Q17 was 55.8% higher than the JPY2,007 million recorded in 1Q16.

      For more on this story, please click here.

    3. 14 Nov 2016
      REITs Week, 14 November 2016 - DBS maintains ‘Buy’ on Croesus Retail Trust on management changes, acquisitions

      By Ridzwan Rahmat

      DBS Bank has reiterated a ‘Buy’ rating on Japan-focused Croesus Retail Trust, citing changes to its management structure, and expected contributions from newly acquired properties.

      In an investment report released 14 November, DBS described Croesus’ move to be the first internally managed trust in Singapore as one that aligns the interests of its unitholders with that of the management.

      For more on this story, please click here.

    4. 11 Nov 2016
      The Edge Markets, 11 November 2016 - Croesus Retail Trust announces DPU of 1.79 cents for 1Q, 9.8% higher than restated DPU of 1.63 cents a year ago

      By PC Lee

      SINGAPORE (Nov 11): Croesus Retail Trust (CRT) has announced a DPU of 1.79 cents for 1Q17 ended Sept. This represents a 9.8% increase from the restated DPU of 1.63 cents to reflect the change in the number of issued shares due to the rights issue last Nov and the preferential offering in Aug.

      In 1Q17, CRT recorded a gross revenue of JPY 3,126 million ($41.4 million), which was 55.8% higher than the JPY2,007 million recorded in 1Q16. This was due mainly to higher contributions from the newly acquired properties consisting of Torius (on 16 October 2015), Fuji Grand Natalie (on 18 April 2016), Mallage Saga and Feeeal Asahikawa (on 27 May 2016).

      For more on this story, please click here.

    5. 26 Aug 2016
      The Edge Markets (Online), 26 August 2016 - Croesus Retail Trust declares DPU of 1.70 cents for 4Q

      By PC Lee

      Croesus Retail Trust (CRT) is declaring a distribution per unit (DPU) of 1.70 cents for 4Q16, 6.9% higher compared to 4Q15’s restated DPU of 1.59 cents, reported its trustee-manager.

      This brings DPU for the full year to 7.06 cents, 11.2% higher than the restated 6.35 cents a year ago.

      In 4Q ended June, net property income (NPI) grew 19.4% to JPY 1.4 billion ($19 million) from JPY 1.2 billion in the previous corresponding period.

      For more on this story, please click here.

    6. 26 Aug 2016
      Singapore Business Review, 26 August 2016 - Croesus Retail Trust revenue jumps 34.5% in Q4

      On the back of contributions from newly-acquired malls.

      As Singapore-listed Croesus Retail Trust (CRT)'s revenue continues to be on the roll, its distribution per unit for the quarter ending in June 30 showed promise as well, spiking 11.2% YoY growth at 7.06 Singapore cents.

      The group's net property income grew 19.4% YoY to JPY 1.44 billion ($19.38 million) from JPY 1.2 billion ($16.15 million) in the previous corresponding period.

      For more on this story, please click here.

    7. 26 Aug 2016
      REITSWeek, 26 August 2016 - Croesus Retail Trust reports 6.9% increase in DPU for 4Q 2016 after restating figures for 2015

      By Ridzwan Rahmat

      Singapore-listed Croesus Retail Trust has achieved a distribution per unit (DPU) of 1.70 Singapore cents for its 4Q 2016, an increase of 6.9% when compared to the restated DPU of 1.59 cents for 4Q 2015.  The DPU for 4Q 2015 has been restated to reflect the effect of 114,222,677 units issued pursuant to a rights issue in November 2015, and 27,682,070 units issued pursuant to a preferential offering exercise in August 2016.

      For more on this story, please click here.

    8. 13 Apr 2016
      Business Times, 13 April 2016 - Croesus Retail Trust sells S$60m of 5% notes due 2020

      By Kenneth Lim

      CROESUS Retail Trust has issued S$60 million of 5 per cent senior unsecured notes due 2020 at par as part of its US$500 million euro medium-term note programme.

      The Japan-focused retail business trust said it will use the proceeds for financing or refinancing acquisitions and investments, and for major renovation works at existing properties.

      For more on this story, please click here.

    9. 08 Apr 2016
      Straits Times, 8 April 2016 - Croesus trust to acquire Japanese mall

      By Marissa Lee

      Croesus Retail Trust plans to acquire Fuji Grand Natalie, a suburban mall in Hatsukaichi City of Hiroshima for 3.3 billion yen (S$40.2 million). A special-purpose vehicle set up by Croesus has entered into a sale and purchase agreement with Grand Natalie Property TMK, Croesus said in a Singapore Exchange filing yesterday.

      The purchase price represents a 6.3 per cent discount to the property's 3.52 billion yen valuation.

      For more on this story, please click here.

    10. 07 Apr 2016
      Deal Street Asia, 7 April 2016 - Singapore: Croesus Retail Trust buys Japanese mall Fuji Grand Natalie for $30m

      By Elaine Huang

      Singapore-listed Croesus Retail Asset Management Pte. Ltd, which represents Croesus Retail Trust as a trustee-manager, has entered into a purchase and sale agreement with Grand Natalie Property TMK, according to a regulatory filing.

      The agreement will allow Croesus Retail Trust to acquire trust beneficiary interests in Fuji Grand Natalie, a Japanese retail mall located in Hatsukaichi City, Hiroshima Prefecture for JPY 3,300 million (about $30 million).

      For more on this story, please click here.

    11. 07 Apr 2016
      Straits Times, 7 April 2016 - Croesus Retail Trust to buy suburban mall in Japan for $40m

      By Marissa Lee

      SINGAPORE - Croesus Retail Trust plans to acquire Fuji Grand Natalie, a suburban mall in Hatsukaichi City of Hiroshima for 3.3 billion yen (S$40.2 million).

      Croesus has, through a special purpose vehicle, entered into a purchase and sale agreement with Grand Natalie Property TMK, Croesus said in a Singapore Exchange filing on Thursday (April 7).

      For more on this story, please click here.

    12. 24 Mar 2016
      Business Times, 24 March 2016 - Croesus Retail Trust closes private placement at 75 Singapore cents per new unit

      By Anita Gabriel 

      CROESUS Retail Asset Management, the trustee-manager of Croesus Retail Trust (CRT), has closed its order book for the private placement. The issue price per new unit has been fixed at 75 Singapore cents.

      The private placement drew strong participation from new and existing institutional investors, including long-only funds and real estate specialists, said the firm. In total, 70 million new units were subscribed.

      For more on this story, please click here

    13. 24 Mar 2016
      Straits Times, 24 March 2016 - Croesus Retail Trust launches private placement to raise up to S$46.2m

      By Ann Williams

      SINGAPORE - Croesus Retail Asset Management Pte, the trustee-manager of Croesus Retail Trust (CRT), has launched the private placement of 60 million new units in CRT at an issue price of between 74.5 Singapore cents and 77 Singapore cents per new unit (both figures inclusive) to raise gross proceeds of up to S$46.2 million.

      In the event that the private placement is oversubscribed, it may decide to increase the size of the private placement and issue up to 10 million additional new units so as to raise up to S$7.7 million of additional gross proceeds.

      For more on this story, please click here.

    14. 12 Feb 2016
      Will the rough retail landscape push investors away from Croesus Retail Trust?

      Japan’s adoption of negative interest rates is key. Investors jittery over the uncertain retail landscape can look to Croesus Retail Trust (CRT), as analysts peg it as a safe haven as it provides clear earnings visibility and stability.

      According to a report by RHB, CRT is likely to refinance its maturing debt at lower interest costs given that Japan is adopting negative interest rates. Additionally, debt financing for future acquisitions would be at lower costs. Tack this alongside an almost 100% occupancy rates, long weighted average lease expiry, and fully hedged DPU until June in FY17 set to limit risks and interest costs for two years, and CRT is a high-yielding defensive pick.

      For more on this story, please click here.

  • 2015
    1. 29 Sep 2015
      The Edge Markets 29 September 2015 - Croesus Retail Trust to acquire Japanese suburban retail mall for $95.2 mil

      By PC Lee

      Croesus Retail Trust is acquiring Torius Property, a retail property located in Fukuoka, Japan, for a purchase consideration of JPY8 billion ($95.2 million), through debt and equity financing. The consideration represents a 3.7% discount to valuation of JPY8.3 billion.

      For more on this story, please click here.

    2. 01 Sep 2015
      Bloomberg 1 September 2015 - Asian Market Turmoil Forces Croesus to Rethink Deal Terms

      Croesus Retail Trust, which holds shopping malls in Japan, said the turmoil that has roiled global markets has forced the mall operator to rethink its acquisition strategy and deal terms to account for increased risk.

      Despite being more cautious about the terms of the deals they strike in this market, Croesus won’t stop seeking targets, according to Yong. The retail trust, listed in Singapore, is looking for acquisitions outside of Tokyo in search of higher returns, in cities such as Osaka, Fukuoka and Nagoya, which have good demographics of population and tourism, Yong said.

      For more on this story, please click here.

    3. 26 Aug 2015
      The Edge Singapore 26 August 2015 - Croesus Retail Trust still bullish on Japan; continues to seek assets

      By Benny Tan

      Croesus Retail Trust (CRT), the Japan-based retail business trust, maintains a positive outlook on Japan and plans to continue focusing on yield-accretive assets in the country. For 4QFY2015, CRT posted a distribution per unit (DPU) of 2.02 cents, bringing total DPU to 8.08 cents for FY2015, an increase of 2.8% year-on-year.

      For more on this story, please click here

    4. 26 Aug 2015
      The Edge Singapore 26 August 2015 - Croesus Retail Trust up on results, outperforms market

      By PC Lee

      Croesus Retail Trust outperforms the market after it announced higher distributions to its shareholders in the fourth quarter, beating initial forecasts. The Trust also announced that its net property income during the fourth quarter rose 18.2% to 1.21 billion Japanese yen (S$14.3 million). Distribution per unit in the April-to-June quarter was 2.02 cents, compared with 1.87 cents projected earlier for the fourth quarter.

      For more on this story, please click here.

    5. 26 Aug 2015
      Dow Jones Newswires 26 August 2015 - Croesus Retail Trust: 4Q Distribution Per Unit 2.02 Singapore Cents Vs 2.00 Singapore Cents Year Ago

      By Gaurav Raghuvanshi

      SINGAPORE – Croesus Retail Trust (S6NU.SG) Wednesday announced a 1.0% on-year rise in its distribution per unit in its fiscal fourth quarter after net property income grew. Distribution per unit in the April-to-June quarter was 2.02 Singapore cents (1.44 U.S. cents), compared with 2.00 Singapore cents in the same period of last year, the Japan-focused real estate investment trust said in a statement to Singapore Exchange, where it is listed. Net property income grew 18.2% to 1.21 billion Japanese yen (US$10.2 million), while gross revenue was up 25.5% at JPY1.99 billion, Croesus said.

    6. 12 Aug 2015
      Nikkei Real Estate Market Report 12 May 2015 –【戦略】クリサスのモラージュ菖蒲、改装で売上2割増見込む (Croesus' Mallage Shobu expects 20% sales increase following renovations)

      シンガポールのクリサス・リテール・トラストは、埼玉県久喜市の大型商業施設をリニューアルオープンした。リニューアルに踏み切ったのは、全242テナントのうち155テナントが契約更新を迎えたため。テナントの入れ替えや内装の刷新によって、年間売上高20%増をめざす。(Croesus Retail Trust of Singapore recently went through a tenant renewal exercise of Mallage Shobu, a large shopping mall located in Kuki City within the Saitama Prefecture. This exercise saw a renewal of 155 out of a total of 242 tenants at the mall. Sales at the mall is anticipated to increase by 20% following the tenant renewals.)

      For more on this story please click here (article is in Japanese).

    7. 06 Apr 2015
      The Edge Singapore 6 April 2015 – Croesus Retail Trust bets on Japan retail recovery after acquisition-led growth

      By Michelle Teo

      Mallage Shobu, a shopping mall in a suburban part of Kuki city in Greater Tokyo, caters for 150,000 to 200,000 people living within a 10 to 15km radius… The mall appears to have become a destination of sorts for residents in the area. On a recent weekend, it was buzzing. Retro Japanese television character Ultraman made a special appearance while crowds of housewives and young women bopped along to the catchy rhythms of local rapper and hip-hop artist, Seamo. The festivities were organised to celebrate the mall's recent makeover. Apart from asset enhancement works, new tenants were brought in while some of the existing ones were repositioned or moved out to improve shopper traffic… Mallage Shobu’s recent revamp has allowed CRT to secure more leases with a variable rent component.

    8. 18 Mar 2015
      Nikkei 18 March 2015 – 住宅地、下落幅が縮小 15年公示地価 商業地7割上昇 (2015 Land Ministry Survey: Pace of residential land value decline continues to slow; Commercial land showed increases in 70% of surveyed areas)

      商業地は1.5%上がり、2年連続で上昇した。商業地では外国人観光客の増加を反映し、道頓堀の戎橋に近い中央区宗右衛門町の「Luz(ラズ)心斎橋」が11.3%と大阪府内で最も上昇した。(Commercial land in Osaka increased by 1.5%, which is an increase for two consecutive years. Due to the increase in foreign tourists, the commercial land value for Croesus (Luz) Shinsaibashi located at Soemoncho Chuo-ku, close to Dotonbori’s Ebisu-bashi, measured an increase of 11.3%, which was the highest land value increase within Osaka prefecture.)

      For more on this story please click here (article is in Japanese).

    9. 02 Mar 2015
      The Edge Singapore 2 March 2015 – Croesus Retail Trust enjoys acquisition-driven growth, plans further purchases

      By Michelle Teo

      Despite the moribund economy in Japan, Croesus Retail Trust (CRT) has managed to deliver higher distributions than forecast for its 1HFY2015 ended December 2014. And, it looks to be on track to delivering a robust return in FY2016, fuelled by contributions from recently acquired properties and rental hikes at existing properties.

    10. 23 Feb 2015
      The Edge Singapore 23 February 2014—How we beat the market in 2014

      In the period under review, from Jan 24 last year to Feb 6,2015, the Straits Times Index gained 11.6% and returned 15.1% including dividends. That is not too far behind the 14.8% gain in the S&P 500 Index and its 16.7% return. It was, however, a year in which stock picking mattered. The STI’s gain, for instance, was powered by the strong performance of a handful of stocks, which did well enough to make up for the dismal performance of several others. Our picks did reasonably well. Units in Croesus Retail Trust, which owns property in Japan, only gained 8%. However, including dividends, the total return was 21.5%.

    11. 12 Feb 2015
      The Edge Markets 12 February 2015—Croesus Retail Trust kept at ‘add’ by CIMB with $1.10 target price

      By Amy Tan

      CIMB is maintaining its “add” rating and target price of $1.10 on Croesus Retail Trust as 2Q results were boosted by contributions from recent purchases. The group’s 1H distribution per unit was also in line, meeting 50% of CIMB’s FY2015 forecast. The stock is currently trading at a projected FY15 and FY16 DPU yield of 8.7%. Croesus Retail Trust has hedged its 100% of its ¥-based FY15-16 income at higher-than-present exchange rates, thus providing investors with the security of its S$-translated yield, CIMB said.

    12. 14 Jan 2015
      REITSWEEK 14 January 2015 - CRT anticipates organic growth from 2016

      Singapore-listed Japan-focused Croesus Retail Trust (CRT) has said that it expects growth from 2016 onwards to be mainly organic, managers for CRT told REITSWEEK during a media briefing on 14 January. Jeremy Yong, co-founder and managing director of Croesus Merchants International Pte Ltd, the Sponsor of CRT, described growth from 2016 to be in sharp contrast for the current period up to 2015 where growth is coming mainly from property acquisitions.

      For more on this story, please click here.

    13. 14 Jan 2015
      Channel NewsAsia Online 14 January 2015 - Croesus Retail Trust hedges against weak yen, eyes Japan acquisitions (with video interview)

      Mainboard-listed Croesus Retail Trust said it has increased its currency hedging efforts as the Japanese yen weakens against the Singapore dollar, hitting earnings from retail properties in Japan. The business trust also hopes that rising property prices in Japan could help mitigate the foreign exchange risk, Channel NewsAsia reports. Its hedging efforts are aimed at covering its distributable income.

      For more on this story and to view the video interview, please click here.

  • 2014
    1. 18 Dec 2014
      Dow Jones 18 December 2014 – Croesus Retail fully hedges distributable income to protect against Yen volatility

      Croesus Retail Trust Thursday said it has increased hedging on its distributable income to nearly 100% to protect itself against volatility in the Japanese currency. The hedges on yen income are up to December 2015, Croesus said in a statement to the Singapore Exchange, where it's listed. Previous hedges covered 80% of its distributable income through the end of next year, it said. Croesus Retail Trust owns properties primarily in Japan.

    2. 18 Dec 2014
      CommercialGuru 18 December 2014 – Croesus enlarges hedge to protect income from Yen volatility

      Croesus Retail Trust has hedged 100 percent of the REIT’s distributable income for the period up to 31 December 2015 to insulate unitholders from possible losses arising from the volatile exchange rate between the Singapore Dollar and Japanese Yen. “We have responded promptly to protect CRT and our investors from the unprecedented weakening of the Yen, which has declined about 9.3% in the past four months against the Singapore dollar,” said Jim Chang, CEO of Croesus Retail Asset Management.

      For more on this story, please click here.

    3. 18 Dec 2014
      ReitsWeek 18 December 2014 – CRT placates investors against backdrop of falling Japanese Yen

      Japan-focused retail property trust Croesus Retail Trust (CRT) has moved to reassure investors that it is taking steps to mitigate against the effects of a falling Japanese Yen currency. In an official statement released on 18 December, the trust indicated that it has increased the amount of CRT’s distributable income hedged to approximately 100% of its distributable income for the period from up to 31 December 2015, a move to mitigate forex risks for more steady returns to investors.

      For more on this story, please click here.

    4. 17 Nov 2014
      High Net Worth Online 17 November 2014 – Broker’s Picks: Croesus Retail Trust

      Croesus Retail Trust kept its 1Q15 DPU at S$2.08 cents although income available for distribution rose 8.6 per cent to JPY791m, mainly due to higher finance costs incurred on its medium term notes (MTN) and the inclusion of last year’s prepaid property tax. Maintain BUY at a S$1.15 TP (21 per cent upside) – OSK/DMG

    5. 12 Nov 2014
      The Edge Markets 12 November 2014 – Croesus Retail Trust declares DPU of 2.08 cents after Sept placement and mall acquisition

      Croesus Retail Trust (CRT) has announced a distribution per unit of (DPU) of 2.08 cents for the quarter ended 30 September 2014 (1Q15), unchanged from the DPU of 2.08 cents a year ago (1Q14). In September, CRT completed a private placement in September 2014 and issued 78.9 million units to raise proceeds to partially finance the acquisition of One’s Mall, a large-scale suburban retail mall located in the Greater Tokyo area.

    6. 26 Sep 2014
      The Edge Singapore Online 26 September 2014 – Croesus eyes logistics property fund after Singapore IPO success

      Written by Bloomberg

      The Croesus Group, an Asian real estate manager, is evaluating another fund with logistics properties after listing its first trust holding Japanese malls in Singapore last year. Croesus has access to 24 to 36 facilities in Japan and the U.S. and may seek to raise about US$500 million ($634 million) to US$600 million through the public or private markets as early as the second quarter next year, Co-Founder Jeremy Yong said.

    7. 15 Sep 2014
      The Edge Singapore 15 September 2014 – Acquisitions in Japan to drive growth at Croesus as retail sector stagnates

      By Michelle Teo

      Jeremy Yong is unfazed by the stream of bad news coming out of Japan that highlights concerns that the economy is fast losing steam despite Prime Minister Shinzo Abe’s best efforts and earlier improvements in business and consumer sentiment. Yong and his business partner, Jim Chang, are co-owners of Croesus Merchants International, sponsors of Croesus Retail Trust (CRT), the first Singapore-listed business trust that owns retail malls in Japan. Despite the weakness in the Japanese economy, Yong is confident that CRT will continue to do well.

    8. 08 Sep 2014
      The Edge Singapore 8 September 2014 – Brokers’ Digest: Croesus Retail Trust (Sept 3:$1)

      MAINTAIN ADD. CRT posted a good set of 4QFY2014 results. Gross revenue of ¥1.58 billion ($19 million) was slightly below forecast but still ahead of 3Q, despite the introduction of the higher consumption tax of April 1. NPI rose 2.6% y-o-y to ¥994 million, thanks to lower property expenses. 4Q distribution income came in at ¥693 million (DPU of two cents), 2.1% higher than forecast. For the full year, the trust reported a distribution income of ¥3.18 billion (DPU of 8.98 cents), exceeding forecasts by 6.2%. – CIMB Research (Aug 29)

    9. 01 Sep 2014
      The Edge Online 1 September 2014 – Croesus Retail Trust acquires One’s Mall in Tokyo for $132.5 mil

      The manager of Croesus Retail Trust said it has entered into a purchase and sale agreement to buy One’s Mall for JPY11 billion ($132.5 million). The consideration represents a 5.2% discount to the independent valuation of JPY11.6 billion. The acquisition will be financed through a combination of bank debt, proceeds from the Fixed Rate Notes due 2017 issued by CRT on 23 January 2014 under the US$500 million Euro Medium Term Note Programme established by CRT on 3 January 2014.

    10. 28 Aug 2014
      ReitsWeek 28 August 2014 – Croesus Retail Trust beats DPU forecast by 6.3% for FY2014

      Singapore-listed Japan-heavy retail business trust Croesus Retail Trust (CRT) has reported a distribution per unit (DPU) of 2.0 Singapore cents for its 4Q 2014 which ran from 1 April to 30 June 2014. The figure beats the forecast DPU for the period of 1.96 Singapore cents by 2%. Subsequently the distribution for the quarter brings CRT’s DPU for its FY2014 to 8.98 Singapore cents, beating the forecast of 8.45 Singapore cents by 6.3%.

      For more on this story, please click here.

    11. 25 Aug 2014
      The Edge Singapore 25 August 2014 – Brokers' Digest: Croesus Retail Trust (Aug 20: $1.01)

      ADD (initiating coverage). Croesus Retail Trust (CRT) offers investors a pure play into the reflating Japan retail real estate sector through a capital-efficient platform that can provide earnings and NAV growth. Our dividend discount model (DDM)-based price target of $1.16 implies a fair value FY2015-2016 distribution per unit (DPU) yield of 7.1% to 7.2%, attractive when viewed against retail J-REITs and other retail REITS in the region. – CIMB Research (Aug 18)

    12. 19 Aug 2014
      I3investor 19 August 2014 – Croesus Retail Trust (AD, TPS$1.16) - The sun is rising

      CIMB initiates coverage on CRT with an Add rating. CRT offers investors a pure play into the reflating Japan retail real estate sector through a capital-efficient platform that can provide earnings and NAV growth. Potential yield-accretive acquisitions could catalyse its share price while prospects of a cap rate compression should drive NAV uplift.

      For more on this story, please click here.

    13. 04 Aug 2014
      The Edge Singapore 4 August 2014 – Gaining from growth

      At the start of 2014, The Edge Singapore selected Croesus Retail Trust as one of its 10 stocks included in its annual 10-stock portfolio. So far, its selections have paid off, with its portfolio gaining 14.8% on share price appreciation in the first half of the year. With dividends reinvested, its returns increase to 17%. The benchmark Straits Times Index has gained 9% and 10.8% on these two measures, respectively. CRT itself has gained 15.3% and returned 22.9% including dividends. DMG & Partners Research had also recently initiated coverage of the stock with a price target of $1.15.

    14. 23 Jul 2014
      BizDaily 23 July 2014 – Broker’s Pick: Croesus Retail Trust

      Croesus Retail Trust (BUY; S$1.15) – OSK DMG Securities

      Croesus Retail Trust, with a 8 per cent dividend yield and close to 100 per cent occupancy rate, is the first Asia-Pacific retail business trust and only proxy in SGX into the Japanese retail scene with 6 Japanese retail mall assets. We like Croesus Retail Trust for its: i) stability, ii) attractive dividend yield, iii) transparent structure, iv) experienced management team, and v) potential positive rental revisions from the Mallage Shobu mall and asset revaluations. Initiate coverage with a dividend discount model (DDM) – backed TP of S$1.15, with a 7.9 per cent COE.

    15. 11 Jul 2014
      Channel NewsAsia 11 July 2014 – Business trust listings on the rise in Singapore

      Singapore is Asia's biggest trust listing destination, with around 50 real estate investment trusts (REITs) and business trusts to date in the Singapore market and a combined market capitalisation of roughly US$60 billion. There has been a growing range of unusual investment options -- largely made available through business trust listings -- ranging from golf courses and overseas shopping malls to data centres. Croesus Retail Trust -- which owns six malls in Japan -- says it is able to offer investors a more competitive pay-out structure by listing as a business trust in Singapore.

    16. 30 Jun 2014
      ReitsWeek 30 June 2014 – Croesus sends acquisition letter of intent

      Singapore-listed Japan-focused retail property trust Croesus Retail Trust has sent notices of intent to purchase to shopping Japanese shopping malls Mallage Saga and Forecast Kyoto Kawaramachi on 30 June. The notices are being sent in exercise of its first right to negotiate for the purchase of each of these properties until 30 September 2014 and may indicate the trust is positioning itself to add these properties into its portfolio.

      For more on this story, please click here.

    17. 26 May 2014
      The Edge Singapore 26 May 2014 – Brokers’ Digest: Croesus Retail Trust

      MAINTAIN BUY. CRT reported 3QFY2014 revenue of ¥1.39 billion ($17.2 million), 4% above forecast, owing to tenant sales growth of 3% to 4% (ahead of the consumption tax increase on April 1) and maiden contribution from the two recently acquired assets – Luz Omori and NIS Wave 1. NPI came in 12% better than projected at ¥933.7m, thanks to improved cost management and lower utility expenses. Distribution income was 7.4% higher than prospectus forecast at JPY619.8m, translating to a DPU of 1.76Scts. Looking ahead, we expect strong organic rental growth to kick in with favourable rental reversions anticipated at Mallage Shobu. We like CRT for its exposure to the stronger macro outlook in Japan. At the current price, CRT offers investors annualised FY15 DPU yield of 8.4% and total return of 18%. Price target of $1.05. – DBS Vickers Securities (May 16)

    18. 12 May 2014
      The Edge Singapore 12 May 14, 2014 – Hot Stocks: Croesus Retail Trust (92 cents) – Emerging from base

      Real estate investment trusts (REITs) continue to attract buying interest from high-net-worth individuals. One of the more unusual upmoves was from a business trust. Business trusts are usually sidelined by investors, but Croesus Retail Trust has attracted buying pressure. Quarterly momentum has cleared a resistance and is now rising while in positive territory. The 50-, 100- and 200-day moving averages are turning up simultaneously, a rare occurrence. Prices have just moved out of a narrow sideways range, and are now challenging resistance at 93 cents. A successful break above this level indicates a target of $1.05. The likelihood of a breakout looks good as both short and medium-term indicators are in rising mode.

    19. 12 May 2014
      The Edge Singapore 12 May 14, 2014 – REIT investors shake off interest rate fears, focus on DPU growth prospects

      By Goola Warden

      The big sell off in real estate investment trusts (REIT), sparked by the prospect of higher interest rates, appears to have abated. Industry players say the market has become more sophisticated and investors do not like yield distortion caused by financial engineering. Eng of DBS brought three REITs and one property trust to market last year without any such financial engineering. All four deals including Croesus Retail Trust had no yield support.

    20. 23 Apr 2014
      BFM 89.9 The Business Radio Station (Malaysia) 23 April 2014 – ‘Asia on the Move’

      While many foreign investors were writing off Japan, Croesus Retail Trust was scooping up real estate in prime and suburban areas in Tokyo and Osaka. Now it is benefiting from a stronger yen, and its dividend yield is in the range of 8-9%. Jeremy Yong the founder of Croesus Group based in Singapore talks about why the current feel good factor from Shinzo Abe's QE policies could continue the next few years.

      For more on this story, please click here.

    21. 21 Apr 2014
      The Edge Singapore 21 April 2014 – Brokers’ Digest: Croesus Retail Trust

      BUY (initiating coverage). CRT offers higher-than-market distribution yields, estimated at 8.34%. Compared with the market, CRT’s potential yield represents an attractive opportunity for investors looking to pick up high distribution yield stocks while gaining exposure to a resilient real estate subsector (Japan retail). CRT acquires and manages retail assets to deliver stable recurring dividend to its shareholders. – Phillip Securities Research (April 15)

    22. 13 Mar 2014
      Nikkei Real Estate Market Report 13 March 2014 – Croesus acquires retail properties in Omori and Tachikawa

      Singapore-listed business trust Croesus Retail Trust has acquired retail properties in Omori and Tachikawa through its special purpose tokutei mukuteki kaisha (TMK) in a deal worth 14.25 billion yen in March 2014. For more on this story, click here.

    23. 03 Mar 2014
      The Edge Singapore 3 March 2014 – Croesus buys two malls to increase exposure to Tokyo as prospects improve

      By Frankie Ho

      The Olympic Games in Tokyo isn’t until 2020, but Jeremy Yong and the team behind Croesus Retail Trust (CRT) are already laboring to make sure the mall owner is well-placed to reap the benefits of the world’s foremost sporting event. It’s not just the Olympics that’s fuelling Yong’s optimism. Business and consumer sentiment in Japan has picked up notably as Abenomics works its way through the economy.

    24. 27 Feb 2014
      Singapore Business Review 27 February 2014 – Croesus Retail Trust acquires two Tokyo retail properties for S$176.3m

      Acquisitions add "resilience and stability" to portfolio. SGX-listed Croesus Retail Trust (CRT) announced that Croesus Retail Asset Management Pte. Ltd., in its capacity as trustee-manager of CRT, has entered into two sale and purchase agreements to acquire two retail properties in Tokyo, Japan – Luz Omori and NIS Wave I.

      For more on this story, click here.

    25. 27 Feb 2014
      BizDaily 27 February 2014 – Croesus Retail Trust purchases Japanese properties

      Croesus Retail Trust Limited Thursday announced it has entered into two agreements to acquire two retail properties in Tokyo, Japan – Luz Omori and NIS Wave – for JPY3.45 billion (S$42.7 million) and JPY10.8 billion (S$133.6 million) respectively. The aggregate purchase consideration of JPY14.3 billion is at a 4.7 per cent discount to the aggregate valuation of the properties, based on a valuation conducted by DTZ.

    26. 24 Feb 2014
      The Edge Singapore 24 February 2014 – Optimism remains

      By Chan Chao Peh

      Croesus Retail Trust (CRT), which focuses on Japanese retail assets, reported a higher-than-expected distribution. DBS Vickers analyst Lock Mun Yee believes it will continue to do well, thanks to an improving broader Japanese economy.

    27. 03 Feb 2014
      The Edge Singapore 3 February 2014 – Ten stocks for the year of the horse: Croesus Retail Trust

      Shares in Japan have been all the rage since Prime Minister Shinzo Abe took office more than a year ago with a pledge to lift the country out of years of deflation and anaemic growth. But amid the improved sentiment as Abenomics works its way through the world’s third-biggest economy, one counter considered to be the best proxy in Singapore to Japan seems to have gone almost unnoticed among investors. At its current price, CRT trades at a yield of at least 8.5%, based on its projected distributions for 2014 and 2015. On yield alone, CRT is among the best in the Singapore real estate investment trust (REIT) sector .

  • 2013
    1. 26 Oct 2013
      IFR Asia 26 October 2013 – LOOKING ABROAD

      Croesus Retail Trust broke new ground when it listed a portfolio of Japanese shopping malls in Singapore, catching huge demand for Japan’s new growth story.

      For more on this story, click here.

    2. 02 Jul 2013
      BizDaily 2 July 2013 - Stock Picks

      Croesus Retail Trust (BUY; Target Price: S$1.14) Croesus Retail Trust (CRT) offers investors a unique exposure to the Japan retail real estate sector through a capital efficient vehicle with an initial portfolio of stable and growth-oriented assets. – DBS Vickers.

    3. 13 May 2013
      The Edge Singapore 13 May 2013 – Riding the Japanese wave

      Croesus Retail Trust, a business trust that owns shopping malls in Japan, has hit the market amid a massive monetary stimulus programme that is driving up Japanese asset prices. Should investors climb abroad? By Frankie Ho

    4. 10 May 2013
      Reuters 10 May 2013 – Croesus Retail Trust surges in Singapore trading debut

      Units of Croesus Retail Trust jumped more than 20 percent above the initial public offering price in their Singapore trading debut on strong investor demand for yield and exposure to Japan's retail sector.

      For more on this story, click here.

    5. 10 May 2013
      The Wall Street Journal Online 10 May 2013 – Croesus Draws Yield, Japan Investors For Singapore IPO Debut

      Not many initial public offerings can tick all the boxes investors want at the moment, but Singapore listing Croesus Retail Trust does, offering a high yield and exposure to Japan’s hot real-estate market.

      For more on this story, please click here.