Saturday, 7 January 2017

REIT History: Frasers Commercial Trust

Fraser Commercial Trust is one of my smaller REIT counters.  Like AIMSAMPI Capital Industrial Reit, it is another reit that rises from the ashes.  I dug out history of the Reit from the Internet and I am particularly interested on its placements and rights issues in the past.

Mar 2006:
- IPO at $1.00 as Allco Reit. First commercial reit with properties in Singapore (China Square Central) and Australia [Central Park, Perth (50% interest)]; and 15.7% interest in Australian Wholesale Property Fund in its initial portfolio
- Acquired 55 Market Street

- 1 for 1 Rights at $1.04. Excess rights priced at $1.14 (to acquire 50% interest in a property, Canberra)
- Acquired 4 properties in Japan
- Acquired Keypoint, Singapore 
- End 2007, unit price $0.90 

- FCL bought Allco Reit (17.7%) and its Manager (100%) ($0.83 per unit) 
- Renamed Frasers Commercial Trust 
- Global Financial Crisis
- End 2008, unit price $0.24
(Perhaps FCL bought in at the wrong time?)

- 3 for 1 Renouceable Rights at $0.095 (to acquire Alexandra Technopark)
- End 2009, unit price $0.14 

- End 2010, unit price $0.17

- Divested Cosmo Plaza, Japan
- Divested Australian Wholesale Property Fund 
- 5 to 1 unit consolidation
- End 2011, unit price $0.74

- Acquired remaining 50% of Caroline Chisholm Centre, Canberra
- Divested Keypoint 
- End 2012, unit price $1.32 

- Divested all remaining Japanese properties 
- End 2013, unit price $1.27

- End 2014, unit price $1.42 
(My maiden purchase into the Reit at $1.46. Attracted by the high yield, I went in too high and the counter was in the red by year end)

- Private Placement at $1.48
- Acquired 357 Collins Street, Melbourne
- End 2015, unit price $1.27

- End 2016, unit price $1.26

Quite a checkered history for this Reit.  As I did not follow Allco Reit in its early days, the early history may not be complete or accurate.  Someone in the know please correct my error(s).

This is another IPO that I missed as I was not in Singapore at Allco Reit's IPO.  Don't really know if can breakeven now if I got in at IPO?  I have quite a few toxic IPOs over the years, e.g., CitySpring (now Keppel Infra Tr), Yellow Pages, HPH Trust and Rickmers. 

I have a high risk appetite and tolerance and FCOT is part of my higher risk holdings.  Hope this is a phoenix that rises from the ashes.

1 comment:

  1. Didn't realise that they did a private placement at $1.48 in 2015..

    Comforting that the BB got it at a high price :)