After deducting divestment costs, net proceeds from the sale are expected to be $60.8 million and can be utilised for various purposes including financing committed investments, repaying existing debts, extending loans to subsidiaries, funding general corporate and working capital needs and making distributions to unitholders.
Assuming the proposed divestment had been completed on Jan 1, 2022, the proforma impact on CLAR’s net property income (NPI) and distribution per unit (DPU) for the FY2022 ended Dec 31, 2022 would have resulted in a decrease of $3.9 million and 4 cents, respectively.
The proposed divestment, which CLAR says aligns with its proactive asset management strategy to improve the quality of its portfolio and optimise returns for unitholders, is expected to be completed in the first quarter of 2024.
Following the completion, CLAR will own 228 properties comprising 97 properties in Singapore, 33 properties in Australia, 48 properties in the United States and 50 properties in the United Kingdom and Europe.
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Units in CLAR closed 1 cent lower of 0.34% down at $2.92 on Dec 20.
