Roxy-Pacific Holdings said its indirect subsidiary, Roxy Australia Capital, has invested in a 40% interest in TE-Roxy Commercial Trust I.

This is a Singapore master trust with a committed capital of AUD 27,200,000 based on an agreed projected capital contributions schedule.

TE-Roxy Commercial Trust I will in turn own:

(a) 100% interest in TECT I, a Singapore subsidiary, and

(b) together with TECT I, 100% interest in TE Australian Trust I, an Australian head trust and TE Skyhigh Trust, an Australian sub-trust (collectively, the “Trust Group”).

The committed capital will be financed by internal funds.

In essence, Roxy-Pacific is recycling capital following the completion of its Aussie development project West End Residences at end-2019 and Octavia Killara early this year.


The 60% interest in TE-Roxy Commercial Trust I is held by TE2 Group, the private family office of Mr. Teo Tong Lim, Managing Director of Tong Eng Group.

Roxy Australia Capital will enter into an agreement with TE2 Group in order to govern the rights and obligations of each of the investors in relation to the units in the Trust Group.

Stock price 

34 c

52-week range

25  – 40 c

PE (ttm)

15

Market cap

S$443 m

Shares outstanding

1.31 b

Dividend 
yield
(ttm)

3.7%

1-year return

-13%

Source: Bloomberg

The Trust Group was set up to establish an incorporated joint venture with the objective of acquiring a property located at 350 Queen Street, Melbourne. 

A sale and purchase agreement to acquire the property for AUD 145,000,000 (not including stamp duty and due diligence costs) has been entered into. TE Skyhigh Trust is the acquiring entity of the property.

The acquisition is conditional upon certain conditions, including TE Skyhigh Trust obtaining approval of the Foreign Investment Review Board in Australia.

350QueenSt350 Queen Street is located 300-400 metres from the Queen Victoria Market and the Melbourne Central train station. Photo: Google MapThe freehold property (photo) situated in the CBD of Melbourne comprises a 21-storey tower with offices, retail offerings and community amenities.

The property has a total site area of 1,787 square metres and a net lettable area of 21,914 square metres.

The acquisition of the property will be financed by internal funds and bank financing taken out by the Trust Group.

Other Australian investment properties currently held by Roxy-Pacific are: 

Location

Description

Date of acquisition

Group’s stake

Valuation*

312 St Kilda Road, Melbourne

6 levels of office and 4 basement levels

23-Jan-18

45%

S$79.2m (A$84.0m)

33 Argyle Street, Parramatta NSW

Office building comprising retail ground floor suite and café, 3 levels of above ground parking, 6 office levels and roof top plant rooms

8-Jan-19

40%

S$42.0m (A$44.5m)

* Based on latest valuations as of 31 December 2019


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