CMT achieves 0.8% increase in Q1 revenue

CapitaMall Trust (CMT) has achieved a gross revenue of S$155.2 million in the first quarter ended 31 March 2012, up 0.8 percent from the S$154.0 million recorded over the same period last year.Meanwhile, net property income climbed 2.5 percent to S$108.3 million, from S$105.7 million in Q1 last year."We are happy to report that CMT performed well in the first quarter of 2012. The strong growth was underpinned by additional net property income from Iluma which was acquired in April last year and from higher rental rates achieved from new and renewed leases," said James Koh Cher Siang, Chairman of CapitaMall Trust Management Limited (CMTML), the manager of CMT.Distributable income for the quarter also rose 4.6 percent to S$76.6 million, compared with S$73.2 million seen last year.Excluding The Atrium@Orchard (pictured), which is currently undergoing asset enhancement works, the trust's gross revenue would have grown 3.6 percent year-on-year. The mall, which has a total committed space of around 73 percent, will be fully integrated with Plaza Singapura when it re-opens by end-2012.Asset enhancement works at Iluma opposite Bugis Junction are also on track for completion by July 2012, with more than 90.0 percent of tenants on levels one and two will begin operations by June 2012. "The mall will house the largest UNIQLO store in Singapore and other popular fashion tenants such as Pull&Bear, Bershka and new-to-market brands like Lowrys Farm, MANGO TOUCH, Garena and BonChon Chicken," said CMTML.Simon Ho, Chief Executive of CMTML, added that the mall will "start contributing to net property income from the second quarter of 2012 onwards and we expect a return on investment of about 9.7 percent upon stabilisation."On the capital management front, Ho said the trust has issued US$400.0 million (S$499.38 million) fixed rate notes, which was fully swapped to S$505.2 million, to partially refinance the commercial mortgage backed securities (CMBS) worth S$783.0 million. Related Stories:CRCT's Q1 property income up 18.3%Centro attracts three likely suitorsNo more lease extension for Old School at Mt Sophia

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