Suntec Real Estate Investment Trust by nqu34851


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									                                                                             For immediate release



9 December 2010 – ARA Asset Management Limited (“ARA”) is pleased to announce that Suntec
Real Estate Investment Trust (“Suntec REIT”), managed by its wholly-owned subsidiary, ARA Trust
Management (Suntec) Limited, has today completed the acquisition of a one-third interest in Marina
Bay Financial Centre Tower 1, Marina Bay Financial Centre Tower 2, the Marina Bay Link Mall and
695 car park lots (the “MBFC Property”) for a total consideration of S$1,495.8 million.

                                                             ARA Group CEO John Lim commented,
                                                             “The Marina Bay Financial Centre is an
                                                             iconic    landmark          development      in
                                                             Singapore and we are thrilled with this
                                                             latest addition to ARA’s portfolio of assets
                                                             under    management         (“AUM”).      This
                                                             transaction   cements        Suntec    REIT’s
                                                             position as one of the largest REITs in
                                                             Singapore.      It   will    also   contribute
                                                             materially to ARA’s recurrent income
                                                             going forward and provide a sustainable
                                                             lift to the Group’s earnings base.        With
                                                             this acquisition, ARA’s AUM will increase
                                                             from S$14.7 billion as at 30 September
             The Marina Bay Financial Centre                 2010 to over S$16 billion.”

The transaction is expected to contribute approximately 1.9 Singapore cents per share to ARA’s
earnings per share for the financial year ending 31 December 2010.

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About the Marina Bay Financial Centre

Marina Bay Financial Centre (“MBFC”) is a prime landmark commercial development strategically
located in the heart of Marina Bay. Phase 1 of the MBFC development comprises:
•   the MBFC Tower 1, a 33-storey office tower with approximately 620,765 sq ft of NLA;
•   MBFC Tower 2, a 50-storey office tower with approximately 1,031,903 sq ft of NLA;
•   Marina Bay Residences (“MBR”), a 428-unit luxury residential development;
•   the Marina Bay Link Mall which consists of approximately 94,464 sq ft of NLA for retail use; and
•   695 car park lots.

The Marina Bay Link Mall links MBFC to the Raffles Place MRT Station and will be directly connected
to the future Downtown MRT Station. Temporary occupation permits have been granted in 2010 to the
MBFC Property, which does not include MBR and MBFC Phase 2, comprising Marina Bay Suites, a
221-unit luxury residential development, and MBFC Tower 3, a 46-storey office tower with
approximately 1.3 million sq ft of NLA. The Marina Bay Sands Integrated Resort, Singapore Flyer,
Gardens by the Bay, Esplanade Theatres, international and boutique hotels, residential apartments
and waterside food and beverage outlets are all within close proximity of MBFC. MBFC will be served
by the Downtown MRT line when it is expected to be operational around 2013.

The MBFC Property has a premier tenant base with a committed occupancy of approximately 96% as
at 30 September 2010. The major office tenants include American Express International, Bank Pictet,
Barclays Capital, BHP Billiton, ICAP, Macquarie Group, Murex Southeast Asia Pte Ltd, Nomura and
Standard Chartered Bank.

                                                                                            Page 2 of 3
About ARA Asset Management Limited (

ARA, an affiliate of the Cheung Kong group, is a real estate fund management company listed on the main board
of the Singapore Exchange. ARA’s business is focused on the following primary segments:

(a)     REITs – The Group is one of the largest REIT managers in Asia ex-Japan and currently manages five
        REITs listed in three countries namely, Fortune REIT dual-listed in Singapore and Hong Kong, Suntec
        REIT and Cache Logistics Trust listed in Singapore, Prosperity REIT listed in Hong Kong and AmFIRST
        REIT listed in Malaysia;

(b)     Private real estate funds – The Group manages several private funds investing in real estate and real
        estate-related securities in Asia;

(c)     Real estate management services – The Group provides property management services and manages
        the award-winning Suntec Singapore International Convention & Exhibition Centre; and

(d)     Corporate finance advisory services – The Group has an in-house advisory arm providing corporate
        finance advisory services to related corporations.

For more information, please contact:

Cheryl Seow                             Vincent Yeo, CFA
Group Finance Director                  Finance Manager         

Tel: (65) 6835 9232
Fax: (65) 6835 9672

This release may contain forward-looking statements that involve risks and uncertainties. Actual future
performance, outcomes and results may differ materially from those expressed in forward-looking statements as
a result of a number of uncertainties, risks and assumptions. Representative examples of these factors include
but are not limited to general market and economic conditions, interest rate trends, competition from other real
estate investors, changes in operating expenses including employee wages and benefits, changes in government
policies, and the continued availability of financing in the amounts and terms necessary to support future
business. You are cautioned not to place undue reliance on any of the forward-looking statements in this
release, which are based on the current view of management on future events.

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