Starhill Global Reit

Starhill Global Reit: completes RM1bn (S$444m) acquisition of Starhill Gallery and Lot 10 Property. To be financed by convertible prefs (39%), senior medium term notes (31%), cash (29%), new unit issues to manager (1%). Conversion price fixed at $0.73 (30% premium over $0.555 last traded). Recall this deal would increase DPU by 12.4% to 4.34c/unit (=7.8% yield), based on FY09 figures, and assuming full conversion of convertibles.