Key Milestones

2024

JUN

  • Extended an existing unsecured and committed revolving credit facility of S$50 million ahead of maturity, for five years from September 2024

MAR

  • Completed Phase 2 of façade upgrading works at Myer Centre Adelaide

FEB

  • Fitch Ratings affirmed SGREIT's 'BBB' credit rating with stable outlook
  • Completed interior upgrading works at Wisma Atria basement

2023

NOV

  • Successfully renewed its current master lease with Toshin Development Singapore Pte. Ltd. for Ngee Ann City Property, ahead of its expiry, for an initial term of 12 years commencing from June 2025
  • Entered into a facility agreement for a five-year unsecured sustainability-linked multicurrency revolving credit facility of S$50 million commencing from January 2024

SEP

  • Extended an existing unsecured term loan facility of JPY 2 billion for another three years from September 2024

AUG

  • Commenced next phase of Wisma Atria rejuvenation works in the basement

JUN

  • Achieved gender diversity for the Board with the appointment of Ms Yeoh Pei Nee as an Alternate Director to Dato' Yeoh Seok Kian (a Non-Executive Director of the Manager) with effect from 1 July 2023

MAY

  • Entered into a five-and-a-quarter-year unsecured revolving credit facility agreement with a bank of S$50 million to be converted into an unsecured loan facility on 31 March 2025

APR

  • Commenced Phase 2 of façade upgrading works at Myer Centre Adelaide
  • Entered into a five-year unsecured bank loan facility of A$63 million to refinance the existing A$63 million loan, secured by David Jones Building

MAR

  • Completed interior upgrading works at Wisma Atria, excluding the basement

FEB

  • Entered into a five-and-a-half-year unsecured bank loan facility agreement of S$75 million to refinance the remaining portion of the S$125 million medium term notes maturing in May 2023
  • Fitch affirmed SGREIT's "BBB" credit rating(1)
Note:
  1. Placed on rating watch negative following the Myer arbitration announcement in March 2023.

JAN

  • Completed the divestment of Daikanyama Property in Tokyo, Japan

2022

DEC

  • Successfully completed Phase 1 of Myer Centre Adelaide façade upgrading initiative

OCT

  • Entered into a five-year unsecured bank loan facility agreement of S$50 million to refinance part of the S$125 million medium term notes maturing in May 2023

APR

  • Entered into a five-year unsecured term loan facility agreement of S$50 million to part refinance term loans maturing in September 2022

2021

DEC

  • Entered into a five-and-a-half-year unsecured term loan facility agreement of S$60 million to part refinance term loans maturing in September 2022
  • Completion of asset enhancement works at The Starhill, transforming the mall into an integrated development comprising four retail floors and three upper floors of hospitality use

OCT

  • Entered into a facility agreement in October 2021 for a three-year unsecured and committed revolving credit facility (RCF) of S$50 million effective from January 2022, to replace existing RCF maturing in 2022

SEP

  • Issued seven-year S$125 million medium term notes maturing in September 2028 with a fixed coupon of 2.23% per annum, payable semi-annually in arrear

APR

  • Entered into a 5.5-year A$100 million unsecured bank facility agreement mainly to refinance maturing secured debt, enhancing financial flexibility

MAR

  • Affirmation of “BBB” credit rating with a stable outlook by Fitch Ratings
  • Successfully launched its maiden Distribution Reinvestment Plan for 1H FY2020/21 DPU

2020

DEC

  • Entered into a five-year unsecured facility agreement with a club of various banks for term loan facilities of S$250 million and revolving credit facilities of S$300 million (of which S$100 million is uncommitted)
  • Issued maiden S$100 million 3.85% perpetual securities pursuant to the S$2 billion multicurrency debt issuance programme

OCT

  • Establishment of distribution reinvestment plan and trust deed amendment

JUN

  • Issued new five-year S$100 million unsecured medium term notes with fixed coupon rate of 3.15% per annum

MAY

  • Announced further rental rebates to be disbursed to eligible tenants in Singapore following extension of the Circuit Breaker

APR

  • Adoption of half-yearly reporting of financial statements with effect from the financial year ending 30 June 2021
  • Change of distribution frequency to semi-annual distributions from quarterly distributions with effect from 3Q FY19/20

MAR

  • Fitch ratings assigned a ‘BBB’ credit rating with stable outlook to SGREIT and its medium term notes programmes as well as the notes drawn under the programmes

FEB

  • Announced COVID-19 support measures, including rental rebates and marketing assistance, mainly for retail and office tenants at Singapore Properties

JAN

  • Establishment of S$2 billion multicurrency debt issuance programme, which can issue perpetual securities on top of medium term notes.

2019

OCT

  • Commencement of asset enhancement works for The Starhill (formerly known as Starhill Gallery) in Malaysia with estimated completion by end 2021

SEP

  • Issuance of RM330 million senior medium term notes by Ara Bintang Berhad to refinance existing notes upon maturity in September 2019

AUG

  • Entered into a JPY3.7 billion unsecured term loan facility agreement to refinance existing loans ahead of its maturity in July 2020

JUN

  • Obtained a five-year unsecured revolving credit facility line of up to S$50 million
  • The base rent of the Toshin master lease for Ngee Ann City Property remains equal to the existing rent following a rent review in June 2019

MAY

  • Approval of the new master tenancy agreements for Starhill Gallery and Lot 10 Property, which include asset enhancement works for Starhill Gallery, at the extraordinary general meeting held on 16 May 2019, with 99.93% of total votes received in favour of the resolution

MAR

  • S&P Global Ratings affirmed Starhill Global REIT’s long-term corporate credit rating of ‘BBB+’ and revised the rating outlook from stable to negative. Subsequently, the rating was revised to “BBB” with stable outlook in August 2019.
  • Entered into a three-year unsecured and committed revolving credit facility of S$50 million

JAN

  • Entered into a three-year unsecured and committed revolving credit facility of S$30 million

2018

OCT

  • Starhill Global REIT was included in the newly-launched FTSE ST Singapore Shariah Index, which tracks Shariah-compliant companies listed on the Singapore Exchange

AUG

  • New anchor tenant UNIQLO opens first store in Perth at Plaza Arcade

JUL

  • Refinanced its A$63 million secured term loan in July 2018, with a five-year term loan of the same amount from the existing bank, ahead of its maturity in June 2019

JUN

  • Co-working space The Great Room commences operations at Ngee Ann City Property, taking up approximately 15,000 square feet of office space

MAY

  • Divestment of Nakameguro Place in Tokyo, Japan
  • Completion of Lot 10 asset rejuvenation

APR

  • Repositioning of Lot 10 as a digital, fashion-forward destination with its tagline meet.play.#loveLot10, appealing to tech-savvy young urbanites
  • Completion of Plaza Arcade asset redevelopment for handover to tenant

2017

AUG

  • Secured rental uplift for David Jones’ lease review in Perth with effect from August 2017

JUL

  • Entered into S$700 million Facility Agreement to secure the Refinancing of Existing Loans

JUN

  • Commencement of Plaza Arcade asset redevelopment

MAY

  • Divestment of Harajyuku Secondo in Tokyo, Japan

APR

  • Commencement of China Property asset redevelopment

2016

SEP

  • Commencement of Lot 10 asset redevelopment. Timed with the completion of the new MRT line

JUN

  • Secured 5.5% rent increase for the master lease with Toshin in Ngee Ann City Property, effective for three years commencing 8 June 2016.

MAR

  • Master tenancies for the Malaysia Properties extended for a three-year term commencing 28 June 2016, with a 6.67% rent increase

JAN

  • Divestment of Roppongi Terzo in Tokyo, Japan

2015

JUN

  • YTL Group converted the remaining 20,334,750 convertible preferred units (CPUs) issued in June 2010 into 27,986,168 Units, raising its stake in Starhill Global REIT to 37.09%

MAY

  • Starhill Global REIT MTN Pte Ltd issued S$125 million eight-year unsecured fixed rate notes at 3.4% coupon per annum due 2023 (Series 003 Notes) under its S$2 billion multicurrency MTN Programme, and the notes were assigned a "BBB+" rating by Standard & Poor's
  • Completed the acquisition of Myer Centre Adelaide, Australia for A$288 million, expanding Starhill Global REIT's footprint in Australia from 7.1% to 16.3% by asset value

APR

  • Entered into a facility agreement with the same banks to secure a five-year unsecured term loan facility to early refinance its existing JPY6.3 billion term loan in July 2015, ahead of maturity in September 2016
  • SGREIT enters into a sale and purchase agreement to acquire Myer Centre Adelaide for A$288.0 million at 6.6% yield

2014

SEP

  • Refinanced existing RM330 million Senior MTN ahead of maturity at lower interest rate of approximately 4.75% p.a. and extended maturity to September 2019. The new Senior MTN has been assigned a final rating of AAA/Stable by RAM Rating Services Berhad

AUG

  • Secured a 6.12% rental uplift for David Jones' lease review with effect from 1 August 2014

MAY

  • Entered into an agreement with the same bank to extend the maturity date of its existing secured A$63 million term loan by two years to June 2019

MAR

  • Divestment of Holon L in Tokyo, Japan
  • Starhill Global REIT changed its financial year end from 31 December to 30 June

FEB

  • Issued S$100 million seven-year unsecured fixed rate notes at 3.5% coupon per annum due 2021 under its MTN Programme

2013

JUL

  • Standard & Poor’s upgraded Starhill Global REIT to ‘BBB+’ from ‘BBB’, with a stable outlook
  • The YTL Group converted 152,727,825 convertible preferred units issued on 28 June 2010 into 210,195,189 units, raising its stake to 36.27%

JUN

  • Secured 6.7% rent increase for master lease with Toshin in Ngee Ann City Property, for a renewed 12-year period

APR

  • Starhill Global REIT's S$2 billion Multicurrency MTN Programme rating upgraded to "BBB" from "BBB-" by Standard & Poor's
  • Entered into an agreement with a club of eight banks to refinance three-year unsecured term loan facilities of JPY7 billion and S$100 million, and five-year unsecured term loan and revolving credit facilities of S$500 million ahead of maturity in September 2013 and December 2013 respectively

MAR

  • Completion of Plaza Arcade acquisition

FEB

  • Secured 10% rent increase for the master lease with Toshin in Ngee Ann City Property
  • Divestment of Roppongi Primo Property in Tokyo, Japan

JAN

  • Proposed acquisition of Plaza Arcade in Perth, Australia, for A$48.0 million (S$61.0 million)
  • Entered into an unsecured multicurrency revolving credit facility RCF agreement of up to S$55 million maturing in July 2014

2012

DEC

  • Wisma Atria Property attracted a high shopper traffic of 27 million in 2012
  • Starhill Global REIT's property portfolio was valued at about S$2.7 billion

NOV

  • Starhill Gallery hosted Asia's largest luxury watch and jewellery showcase, "A Journey Through Time VI", for the sixth consecutive year. Over 120 leading brands participated in the event (Rolex, Franck Muller, Mouawad, Richard Mille, Bedat & Co, Van Cleef & Arpels, Jaeger-LeCoultre, Omega, Carrera Y Carrera and Boucheron).

SEP

  • H&M opened its first flagship store of about 36,000 sq ft in Lot 10 Property, Kuala Lumpur. CEO of H&M Mr Karl-Johan Persson officiated the opening ceremony.
  • Wisma Atria was relaunched with its brand-new facelift and revamp. A two-day fashion event was held, featuring the best of international labels. A series of store official openings were also held. Tag Heuer's world's largest flagship boutique was officially opened by CEO of Tag Heuer, Mr Jean Christophe Babin and F1 driver, Mr Jenson Button.

AUG

  • Entered into an agreement to refinance existing A$63 million (S$80.0 million) secured term loan facility ahead of maturity in January 2013, extending the maturity date to June 2017
  • Court of Appeal gave directions for the determination of the prevailing market rent for the two-year period from 8 June 2011 under the master lease with Toshin in respect of Ngee Ann City Property

JUL

  • Completed asset redevelopment works at Wisma Atria Property on schedule and achieved a return on investment of 12.8%, which is higher than the 8% initially projected. All street-fronting stores opened for business.

MAY

  • Standard and Poor's reaffirmed Starhill Global REIT's "BBB" corporate rating with a stable outlook
  • Popular international retailer, Debenhams, opened a new 37,000 sq ft store in Starhill Gallery, Kuala Lumpur

APR

  • Transfer of remaining 25% interest in YTL Starhill Global REIT Management Holdings Pte Ltd ("YSGRMH") by Pacific Star to a subsidiary of YTL Corporation Bhd
  • Toshin submitted notice of intention to exercise the option to renew the master lease at Ngee Ann City Property for a further term of 12 years commencing 8 June 2013

JAN

  • Entered into an unsecured multicurrency revolving credit facility agreement of up to S$65 million maturing in December 2013

2011

DEC

  • Wisma Atria Property attracted record shopper traffic of 29.3 million, surpassing the peak of 27.1 million in 2010
  • Completion of facelift at Renhe Spring Zongbei Property in Chengdu, China
  • Refinanced JPY1.5 billion of its JPY3.1 billion unsecured Japan bond facility ahead of its maturity in May 2012
  • Starhill Gallery, Kuala Lumpur, was officially re-launched by Yang di-Pertuan Agong Duli Yang Maha Mulia Tuanku Mizan Zainal Abidin, in the company of Grammy Award winner, Julio Iglesias

OCT

  • Entered into a facility agreement for secured term loan facilities of up to JPY13 bill

SEP

  • Redevelopment work at Starhill Gallery completed

JUL

  • Commencement of asset redevelopment works at Wisma Atria in July 2011 for a projected cost of approximately S$31 million

MAY

  • Standard & Poor's affirmed "BBB" corporate family rating on Starhill Global REIT with a stable outlook

APR

  • Commencement of asset redevelopment works at Starhill Gallery, Kuala Lumpur, Malaysia

2010

SEP

  • Completed refinancing of S$570 million of secured debts with proceeds raised through the issuance of Series 001 Notes and secured facilities of S$496 million
  • Euro186.2 million Series P1-AAA-001 Class AAA secured floating notes due March 2012 issued by Orion Prime Ltd were fully redeemed

JUL

  • Entered into a facility agreement for secured term loan facilities of up to S$496 million (including a S$50 million revolving credit facility
  • Issued S$124 million 3.405% unsecured notes due 2015 (Series 001 Notes) under its MTN Programme

JUN

  • Completion of acquisitions of Starhill Gallery and Lot 10 Property
  • Starhill Global REIT unitholders approved the acquisition of Starhill Gallery and Lot 10 Property

MAY

  • Starhill Global REIT's S$2 billion Multicurrency MTN Programme Rated "BBB" by Standard & Poor's
  • The Manager and the Property Manager were renamed "YTL Starhill Global REIT Management Limited" and "YTL Starhill Global Property Management Pte. Ltd." respectively
  • YTL Corporation increased its indirect stake in YTL Pacific Star REIT Management Holdings Pte Ltd ("YPSRMH") to 75% through the acquisition of 25% of the outstanding shares from Pacific Star Group. YPSRMH owns 100% of the Manager and the Property Manager.
  • Moody's confirmed Orion Prime's CMBS "Aaa" rating
  • Starhill Global REIT entered into Agreements in relation to the Acquisition of Starhill Gallery and Lot 10 Property

APR

  • Mr Ho Sing was appointed as Chief Executive Officer of the Manager
  • Starhill Global REIT entered into Conditional Sale and Purchase Agreements for the Acquisition of Starhill Gallery and Lot 10 Property

JAN

  • The acquisition of David Jones Building in Perth, Australia was completed at a purchase price of A$114.5 million, expanding Starhill Global REIT's portfolio to 11 assets located in Singapore, China, Japan and Australia, with a value of approximately S$2.1 billion

2009

DEC

  • Starhill Global ML K.K assumed the roles of master lessee and sub-lessor under the sub-lease agreements with the en tenants for the Japan portfolio to mitigate tenant concentration risks. Savills Japan K.K. also assumed the role of local property manager for the seven Japan properties

NOV

  • Moody's Investors Service affirmed the "Baa2" corporate family rating and "Baa3" unsecured debt ratings of Starhill Global REIT with a stable outlook
  • Starhill Global REIT entered into heads of agreement with Starhill REIT (a separate company listed on the Bursa Malaysia) to acquire its shareholding in Starhill Gallery and Lot 10. Both assets are located in the prime shopping district in Kuala Lumpur, Malaysia
  • Starhill Global REIT proposed to acquire David Jones Building in Perth, Australia
  • Standard & Poor's assigned "BBB" corporate family rating on Starhill Global REIT with a stable outlook

OCT

  • Moody's Investors Service published a credit opinion affirming Starhill Global REIT's "Baa2" corporate family rating and "Baa3" senior unsecured rating with a stable outlook

AUG

  • S$30.0 million secured revolving credit facility and S$20.9 million unsecured revolving credit facility were repaid using proceeds from the rights issue
  • New rights units started trading, expanding Starhill Global REIT's unit base to about 1.9 billion units. The rights issue was 129.3% subscribed

JUL

  • Unitholders approved Starhill Global REIT's 1-for-1 underwritten renounceable rights issue at an Extraordinary General Meeting

JUN

  • Moody's Investors Service affirmed Starhill Global REIT's "Baa2" corporate family rating and "Baa3" senior unsecured rating following announced rights offering
  • Traffic to Wisma Atria basement more than doubled with the re-opening of the linkway to Orchard MRT station
  • Savills Japan K.K. was appointed as the local asset manager for the remaining properties in Starhill Global REIT's Japan properties located in prime locations in Tokyo (Holon L, Harajyuku Secondo, Roppongi Terzo, Roppongi Primo, Nakameguro and Daikanyama)

APR

  • Savills Japan K.K. was appointed as the local asset manager for Ebisu Fort in Tokyo

MAR

  • Wisma Atria joined YTL Group in cross-border marking of Earth Hour as well as implemented a "bring-your-own shopping bag" initiative to heighten public awareness on climate change

2008

DEC

  • Macquarie Prime REIT was renamed Starhill Global REIT and Tan Sri (Sir) Francis Yeoh was appointed Executive Chairman of the Manager
  • Official launch of the first Longines flagship store in Southeast Asia in Wisma Atria with brand ambassador Aaron Kwok gracing the occasion

NOV

  • Nike opened its first duplex concept flagship store in Southeast Asia in Wisma Atria
  • Fitch Ratings reaffirmed "AAA" rating for Orion Prime Ltd's EUR 186.2 million senior notes with stable outlook, supported by the strong quality of the two underlying Singapore properties, Wisma Atria and Ngee Ann City, which are given as security for the notes

OCT

  • Moody's Investor Service affirmed Starhill Global REIT's "Baa2" corporate family rating and "Baa3" senior unsecured rating with stable outlook
  • YTL announced its acquisition of 26% of Starhill Global REIT and 50% of the holding company of the Manager from Macquarie Group
  • Strategic review was concluded as no firm offer was received for 100% of Starhill Global REIT units due to the increasingly challenging market environment and execution risks encountered, and in view of the principal-to-principal deal between YTL and Macquarie Group for its 26% stake in Starhill Global REIT

SEP

  • Moody's Investor Services reassigned corporate family and unsecured ratings of Starhill Global REIT to "Baa2" and "Baa3" respectively with a stable outlook

AUG

  • Starhill Global REIT refinanced loans of $220 million at competitive market rates with expiry in 2010
  • Fitch Ratings and Moody's Investors Service reaffirmed respectively, the "AAA" and "Aaa" rating for EUR 186.2 million floating rate senior notes issued by Orion Prime Ltd
  • Launch of branding of Level 5 in Ngee Ann City as "The Fifth - A Level Above Shopping"

JUN

  • A 19.75% rent increase was secured for about 226,000 sq ft of retail space in Ngee Ann City for a period of three years
  • The new beauty and wellness area opened on Level 5 of Ngee Ann City

APR

  • Starhill Global REIT announced receipt and review of a number of indicative proposals from third parties in relation to Starhill Global REIT

MAR

  • Starhill Global REIT refinanced $220 million of short-term loans, extending the maturity of the facilities until end September 2008, to allow the strategic review to proceed with flexibility

FEB

  • Starhill Global REIT commenced strategic review to consider both corporate and asset level strategies

JAN

  • Moody's Investors Service assigned "Baa2" rating Starhill Global REIT's multi-currency Medium Term Note (MTN) Programme
  • Starhill Global REIT Unitholders endorsed first S-Reit Unit Buy-back Scheme at an Extraordinary General Meeting (EGM)
  • Starhill Global REIT established S$2 billion multicurrency Medium Term Note (MTN) Programme

2007

DEC

  • MMP REIT made submission to SGX-ST for Unit Buy-back Scheme

SEP

  • Completion of acquisition of Ebisu Fort in Tokyo
  • Lee Hwa Jewellery and Bakerzin launched first ever tie-up at Wisma Atria

AUG

  • Completion of acquisition of 100% stake in retail property in Chengdu
  • MMP REIT announced increase of stake in retail property in Chengdu from 50% to 100%

SEP

  • Moody's Investor Services reassigned corporate family and unsecured ratings of Starhill Global REIT to "Baa2" and "Baa3" respectively with a stable outlook

JUL

  • Cotton On from Australia opened its first Asia store at Wisma Atria; along with other new retail concept stores

MAY

  • Completion of acquisition of portfolio of six properties in Tokyo
  • Moody's Investors Service affirmed "Baa1" corporate family rating with a stable outlook for MMP REIT

APR

  • MMP REIT announced acquisition of 50% stake in prime retail property in Chengdu
  • MMP REIT announced acquisition of seven properties in Tokyo for S$182.5 million

2006

DEC

  • GAP opened flagship store in Wisma Atria, its first in Asia, outside Japan. New escalators next to the GAP flagship store were installed ahead of schedule to bring shopper traffic back to the mall's basement

OCT

  • The Manager strengthened its investment and asset management team capabilities for regional expansion
  • Launch of marketing campaign "Basement by Wisma Atria" following closure of Orchard MRT linkway to Wisma Atria on 30 September

JUL

  • Wisma Atria was the only Singapore finalist in the prestigious 2006 MAXI Awards, the most coveted international retail marketing award in the shopping centre industry
  • Mr Stephen Girdis appointed as Non-Executive Chairman
  • MMP REIT assigned a first time corporate family rating 'Baa1' with a stable outlook by Moody's Investors Service

JUN

  • Completion of merger between ERGO Trust and MEAG

MAR

  • MEAG succeeds ERGO Trust as indirect shareholder in the Manager of MMP REIT

2005

SEP

  • Listing of MMP REIT. MEAG replaces ERGO Trust as indirect shareholder in the Manager of MMP REIT
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