ARA’s Suntec REIT is acquiring 55 Currie St in Adelaide for A$148.3
A Singapore REIT leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the real estate investment trust has targeted Australia’s fifth largest city with a $104 million office buy.
In other news across the region, an Australian developer launches a $281 million senior living development near Shanghai, while the war between two coffee giants heats up in China with the opening of a new store in Beijing that combines the online and offline worlds.
Elsewhere, a China developer sets a price target for the Nasdaq initial public offering of its sports unit, and a US investment bank says shareholders may block a recent move by a Shanghai-based conglomerate to buy out an ailing British tour operator.
ARA REIT Buys Adelaide’s Allianz Centre for A$148M
Suntec REIT has expanded its presence in Australia after acquiring the entire stake in a freehold Grade A office building in Adelaide, South Australia for A$148.3 million ($104 million). This is its first foray into Adelaide.
ARA Trust Management (Suntec), manager of the real estate investment trust, said in a media statement issued on Monday that the 12-storey property has an approximate net lettable area of 282,000 square feet and had undergone several rounds of refurbishment. Read more>>
Lendlease Targets China Senior Living with A$400M Launch
Global developer Lendlease has expanded its presence in Asia with the launch of its first flagship senior living development near Shanghai, worth about A$400 million ($281 million).
The developer has earmarked the massive Asian markets as its senior living business growth centre, particularly in Shanghai, which has roughly the same population as Australia. Read more>>
Wanda Sports Sets $12 to $15 Price Range for Nasdaq IPO
Wanda Sports Group, an athletics unit under Chinese conglomerate Dalian Wanda Group, announced a price range of $12 to $15 for its planned Nasdaq IPO.
Beijing-based Wanda Sports plans to raise as much as $575 million by offering 33.3 million American depositary shares, according to its prospectus submitted Friday to the US Securities and Exchange Commission. Read more>>
Starbucks Opens Express Store as Coffee War with Luckin Heats Up
Starbucks opened its first Starbucks Now store in Beijing on 12 July, an express retail experience to challenge the growing popularity of Chinese start-up Luckin Coffee.
The store integrates Starbucks’ physical and digital customer touchpoints, combining a typical café environment with Mobile Order and Pay and Starbucks Delivers programmes. The company plans to open new Starbucks Now stores across high-traffic areas including business and transportation hubs as well as to new cities in China. Read more>>
Frasers to Give £1B UK Biz Park Portfolio a Generation Z Feel
Frasers Property purchased Chineham Park in Basingstoke 18 months ago as part of a £1 billion ($1.25 billion) portfolio of UK business parks, mainly in the South East. Now, the business is investing in the estate’s infrastructure and placemaking to ensure its resilience as a business destination in a rapidly changing world.
It’s adding an innovative 89,000 square feet of office space designed specifically for the workforce of the future. The Maplewood development, due to open in August this year, will accommodate any size of business from 50 to 850 people. Read more>>
Citigroup Says Shareholders Could Block Fosun’s £750M Thomas Cook Buyout
A rescue plan for embattled Thomas Cook that would see its banks and biggest shareholder inject £750m in a debt for equity swap could be blocked by the holiday company’s bondholders.
The claim comes from Citigroup analyst James Ainley – one of Thomas Cook’s most vocal critics – who calculated that if the plan goes ahead, the shares would be worth just £0.03. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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