Asia’s real estate world starts the second full week of the new year with a US unit of a mainland developer going public on the NASDAQ through a backdoor listing at a $450 million valuation.
Also in the headlines. India’s Prestige Group says it is ready to develop a new commercial portfolio after selling its office assets to Blackstone and a Lendlease REIT has a plan to sell S$1 billion ($750 million) in debt.
US Spinoff of China’s Landsea Green Goes Public on NASDAQ at $450M
Newport Beach-based homebuilder Landsea Homes has become a publicly traded company and closed its first day on Wall Street worth roughly $450 million.
Landsea — controlled by Landsea Green Properties Co. of China — began trading on the Nasdaq market on Friday, January 8, after completing a merger with a shell company, LF Capital Acquisition. Read more>>
India’s Prestige to Rebuild Office Portfolio in the Next 5-7 Years
Real estate developer Prestige Group plans to build more than 40 million sq. ft of office space across multiple cities, after selling some of its office, retail and hotel assets to Blackstone Group Lp.
The New York-based private equity giant received approval in December from the Competition Commission of India to buy five office parks, nine shopping malls, two hotels and four under-construction office complexes totaling 21 million sq. ft for $1.5 billion from Prestige. The deal will formally close in the coming weeks. Read more>>
Lendlease Global Commercial REIT Sets up S$1B Debt Plan
The manager of Lendlease Global Commercial Reit (LReit) on Friday evening announced a new S$1 billion multicurrency debt issuance programme.
The issuer for the programme is RBC Investor Services Trust Singapore, in its capacity as trustee of LReit. Read more>>
New World Sells $200M of Green Bonds
New World Development has become the first real estate developer to launch a 10-year US$200 million sustainability-linked bond, using the funds to help it achieve full use of renewable energy for rental properties in Greater Bay Area by 2026.
The proceeds of the bond will be allocated to New World’s long-term sustainability initiatives, as well as general corporate purposes, the company said in a statement. Read more>>
Freehold Commercial Building in SG on Market for S$23.5M
A freehold commercial building at 7 Hindoo Road is up for sale via an expression of interest exercise, marketing agent JLL said on Monday.
The guide price in the region of S$23.5 million works out to about S$1,760 per square foot on the total gross floor area. Read more>>
Singapore’s Chip Eng Seng Warns of FY2020 Loss on Covid-19 Impact
Property developer Chip Eng Seng is expecting to report a FY2020 net loss in mid-February 2021 as opposed to its FY2019 net profit of S$32.6 million, due to the adverse impact of Covid-19 on its businesses.
The full year net loss incurred will be wider than the S$25.7 million net loss it reported for H1 2020, said the group in its profit warning issued on Monday. Read more>>
Don Don Donki Confirms Taiwanese Debut Date
Japanese discount chain Don Quijote is to open its first Taiwan store in Taipei next week, under the Don Don Donki brand it uses overseas.
Located in Ximending shopping area, the new Don Don Donki store spans three stories, featuring a selection of Japanese products and exclusives for the Taiwan market, including food, household appliances, daily necessities, fresh fruits and vegetables. Read more>>
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