Source : Business Times - 9 Oct 2008
Parkway Life Real Estate Investment Trust (P-Reit) said on Thursday that it is increasing the minimum rent from its Singapore hospital properties by 6.25 per cent.
The rent hike is effective for the period from August 23, 2008 to August 22, 2009, the trust said.
R-Reit’s minimum rent is linked to the consumer price index (CPI) and the rent hike is based on its ‘CPI+one per cent’ formula, the trust said in a filing to the Singapore Exchange.
Based on the information obtained from the Singapore Department of Statistics, the CPI for the first year of the term has been agreed at 5.25 per cent, which translates to a rent increase for the second year of the term of 6.25 per cent above the total actual rent payable for the first year.
The Reit’s Singapore hospital properties comprise Mount Elizabeth Hospital, Gleneagles Hospital, East Shore Hospital and 40 medical suites in Mount Elizabeth Medical Centre and Gleneagles Medical Centre.
P-Reit’s shares lost two cents to close at 90 Singapore cents today.
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