AXA IM picked up this Netherlands asset through its acquisition of Kadans Life Science Partner last year
In today’s roundup of regional news headlines, South Korea’s biggest pension fund is revealed as an investor in AXA’s life science property fund, Singapore-listed Prime US REIT secures a loan to finance a recent Florida acquisition, and Hong Kong developer Wing Tai targets millennials with an “affordable luxury” concept.
Korea’s POBA Commits $95M to AXA’s Life Science Property Fund
South Korea’s Public Officials Benefit Association (POBA) committed €80 million ($95 million) to an AXA Investment Managers fund that recently raised €1.9 billion to invest primarily in life science offices and research facilities in Europe and Asia, according to AXA.
The fund, managed by AXA IM Alts, the French asset manager’s alternatives business unit, made its first investment via Kadans Life Science Partner, which develops and operates European science parks and lab offices. Read more>>
Prime US REIT, KBS Secure $65M Loan for Florida Project
KBS — on behalf of Singapore-based Prime US REIT — secured a $64.7 million acquisition loan from Citizens Bank for One Town Center, its 10-storey office building in downtown Boca Raton, Florida, property records show.
Last month, the Singapore-listed trust purchased the building for $99.5 million. KBS, based in Newport Beach, California, serves as Prime US REIT’s asset manager for its US portfolio. Read more>>
Wing Tai Tries Affordable Luxury Concept for New Territories Project
Wing Tai Properties will expand its affordable luxury concept for millennials at its upcoming project in Kwu Tung, New Territories, where it set a price record in terms of square footage for the land it acquired last month.
The Hong Kong developer said the concept leverages its experience of designing luxury developments, opening up a new product line that appeals to a new generation of buyers seeking affordable prices. Read more>>
GuocoLand, OCBC and Doxa to Pilot Digital Workflow Solution
GuocoLand, OCBC and local fintech Doxa have formed a strategic partnership to develop and pilot the built environment industry’s first end-to-end digital workflow solution, Doxa Connex for Developers.
The platform aims to streamline the procurement-and-payments workflow processes for development projects by digitally connecting property developers with banks, contractors, suppliers and consultants in the built-environment value chain. Read more>>
Three Strata Offices on Singapore’s Cecil Street Sold for S$52M
Three strata-titled commercial units in the GB Building at 143 Cecil Street in Singapore have been transacted for a total S$52.06 million ($38.5 million).
The transaction involves a total strata area of 31,086 square feet (2,888 square metres), comprising the retail podium on the first and second levels (13,067 square feet) and two full-floor office units: the third level (12,594 square feet) and eighth level (5,425 square feet). Read more>>
Maybank Singapore Sues Malaysian Tycoon Over S$2.53M Housing Loans
Maybank Singapore Ltd has filed a suit against National Feedlot Corporation chairman Mohamad Salleh Ismail and his two children for allegedly defaulting on two housing loan facilities amounting to S$2,534,203.41 ($1.88 million) for properties in Singapore.
Mohamad Salleh is the husband of former Women, Family and Community Development Minister Shahrizat Abdul Jalil. Read more>>
Dash Living Links Up with SG, HK Hotel Operators
Co-living player Dash Living is partnering with 20 hotels in Singapore and Hong Kong, where some portion of the hotels’ inventory will be set aside for Dash Living’s long-stay customers.
Over 250 allotted hotel rooms will be available for booking through Dash Living’s website. The hotels include hotel group Ovolo, Hotel ICON, Travelodge Central, TUVE and Xi Hotel in Hong Kong; and KeSa House and Wanderlust, The Unlimited Collection by Oakwood in Singapore. Read more>>
Japan’s Tokyu Land Makes Thai Debut in Bangkok
Japanese real estate developer Tokyu Land is making its debut in Thailand by announcing its participation in a mixed-use complex project in Bangkok.
The Tokyo-based developer said Monday that it would join the One Phayathai project on a plot of about 2,800 square metres (30,139 square feet) through its Singapore-based subsidiary, Tokyu Land Asia Pte Ltd. Read more>>
MBK Partners Marketing Japan’s Biggest Golf Course Operator
South Korean private equity firm MBK Partners has embarked on a process to sell Accordia Next Golf, the largest golf course chain in Japan, whose sale price is estimated at up to KRW 4 trillion ($3.5 billion) thanks to the pandemic-driven golf boom.
The Seoul-based firm has sent letters to potential buyers after picking Morgan Stanley as its lead deal advisor, according to sources from the investment banking industry on Sunday. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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