HwangDBS Global Property Fund declares 11th income distribution

KUALA LUMPUR: HwangDBS Investment Management Bhd (HwangDBS IM) has declared a gross interim income distribution of 0.75 sen for its HwangDBS Global Property Fund (GPF) for the financial period ending May 31, 2010.

This is the fund’s eleventh distribution since its launch on April 19, 2006. The income distribution of 0.75 sen was made in February, the company said in a statement on Monday, May 17.

GPF, a feeder fund, invests globally in real estate investment trusts (REITs), REITs type securities and real estate securities and is externally managed by DBS Asset Management Ltd (DBSAM) and Urdang Securities Management, Inc. (Urdang)

All GPF unit holders registered as at May 14, 2010 were eligible to receive the income allotment.

“Once again, HwangDBS IM is pleased to be able to continue declaring income distributions although the global property market performance were relatively flat over the quarter. The global Real Estate Investment Trusts (REITs) markets started the month of February 2010 with negative data but rebounded towards the end,” the company said.

HwangDBS IM said that in March, the global equity markets remained positive but have not outperformed the global REIT markets. In the United States, mortgage applications and home sales continue to decline while United Kingdom and Europe markets experienced volatility on the back of broader economic issues, for example the Greece’s sovereign debt issue.

“Due to the environment, the company will maintain a neutral position in North America and cautious on Europe markets. HwangDBS IM believes that the fundamental outlook for companies remains encouraging,” it said.