Blackstone has moved a step closer to taking over Crown (Source: Getty Images)
Another acquisition could be on the way for the world’s largest real estate fund manager as Blackstone has won approval for its $6.3 billion bid for Australia’s Crown Resorts, with that story leading our roundup today. Also in the news, debt-addled mainland developer Fantasia has found a government white knight, Frasers’ FLCT REIT is buying a Melbourne–area office block and a Wan Chai site goes on the market in Hong Kong.
Crown Resorts Approves Blackstone’s $6.3B Buyout Bid
Crown Resorts Ltd’s shareholders approved a $6.3 billion buyout by Blackstone Inc on Friday, but the deal faces further delays as it awaits nods from the regulators of states where the troubled casino operator ran its businesses.
Crown’s Chairman Ziggy Switkowski said the company would delay a conclusive Federal Court hearing – earlier scheduled for next week – to week starting June 6, as it was unsure of securing regulatory assent before that. Read more>>
State-Owned CCCG Real Estate Buys Out Fantasia Project for $113.9M
Fantasia Holdings Group agreed to sell for a sum of RMB 760.6 million ($113.9 million) the remaining 51 percent stake it owns in a residential development at Shaoxing to its partner on the project, state-owned CCCG Real Estate Group. The development has a site area of approximately 197,225.3 square metres, including a riverway spanning at least 8,847 square metres.
The consideration for the transaction includes RMB 352.6 million in debt, of which the buyer agreed to take responsibility through the deal, according to a filing. Read more>>
Frasers REIT Buying Melbourne Office Building for $42.5M
Frasers Logistics & Commercial Trust is purchasing an office building in Melbourne’s Mount Waverley suburb for A$60.3 million ($42.5 million), increasing its commercial property portfolio in Australia to four. The fully leased property at 545 Blackburn Road has a total net lettable area of 7,297 square metres.
Completion of the transaction is expected on 20 May, the Singapore-listed real estate investment trust noted in a 19 May news release. Read more>>
Hong Kong Lands Department Starts Tender for Wan Chai Site
The Lands Department launched the public tender on 20 May for a 1,226.6 square metre nonindustrial site along Queen’s Road East in Wan Chai, Hong Kong.
The site may not be used for godown, hotel and as petrol filling station, according to the government department. The tender will remain open until 17 June. Read more>>
Tampines Commercial Project on Singapore Market at $340.9M
Cushman & Wakefield and JLL have commenced an expression of interest process for the Asia Green office complex in northeastern Singapore at a price tag of S$470 million ($340.9 million).
The grade-A development at 7 and 9 Tampines Grande occupies an 86,110 square foot (7,999.9 square metres) site. It comprises two blocks of eight-storey office buildings connected by a double-volume entrance lobby with retail and food beverage units on the ground floor, the marketing agents noted. Read more>>
Lands Department Appropriates Land for $939.1M Hong Kong Project
Hong Kong’s Lands Department took back 19 hectares of land from 379 private lots for the first phase of a HK$7.37 billion ($939.1 million) development in Yuen Long South. The retrieved land will be returned to the government on 20 August, with the land owners set to receive ex-gratia land compensation.
The entire Yuen Long South Development under the Northern Metropolis plan will provide 32,900 homes for 98,700 people by 2038, according to the department. Read more>>
China Cuts 5-Year Prime Rate in Support of Property Sector
China’s central bank reduced the five-year loan prime rate to 4.45 percent from 4.6 percent to incentivize homebuyers and reinvigorate the country’s property sector, while it kept the one-year loan prime rate unchanged.
The reduction in the mortgage reference rate comes as a wave of defaults ripples through the country’s real estate sector, with developers sagging under massive debts and struggling with a slump in demand. Read more>>
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