Lendlease REIT has been seeded with the Singapore shopping mall 313@somerset
A commercial real estate investment trust sponsored by an Australian developer leads the way in Mingtiandi’s roundup of real estate headlines today with the news that the REIT has officially launched on the Singapore stock exchange, in an offering aiming to raise over S$1 billion ($748 billion).
In other news around the region, a struggling US fast fashion retailer has closed its last store in Hong Kong, while in India an American private equity giant has exited its investment of a hotel chain.
Elswhere, a Boston-based firm is said to be seeking a buyer for an operator of Japanese hot spring resorts for $932 million.
Lendlease Launches S$1B REIT in Singapore
Australian property firm Lendlease launched a real estate investment trust on the Singapore stock exchange as part of an offering which aims to raise gross proceeds of S$1.03 billion ($748 million).
The offering was priced at 88 Singapore cents per unit, Lendlease Global Commercial REIT said on Wednesday in a prospectus. Read more>>
Braddell View Tender Closes without Bids at S$2B Asking Price
The tender for Braddell View estate has closed without any bids after it was relaunched for collective sale at an unchanged price of S$2.08 billion ($1.5 billion).
In response to queries, Tang Wei Leng, managing director for marketing agent Colliers International, said: “The collective sale tender for Braddell View estate closed at 3pm on Sept 25 without bids. The Braddell View collective sale committee has instructed Colliers to enter into private treaty negotiation for the collective sale of the development.” Read more>>
APG-Xander JV Acquires 3 Malls in India for $500M
Virtuous Retail South Asia Pte. Ltd (VRSA), the retail development joint venture between alternative investment firm The Xander Group Inc. and Dutch pension fund APG, has acquired two existing malls and an upcoming retail development project for around $500 million, said Siddharth Yog, its founder and chairman.
“We see greater opportunity in difficult times. In the retail business, we are expanding significantly. We have made three more acquisitions—two existing malls and one new development,” Yog said in an interview, adding that it was part of the company’s ongoing expansion plan for India. Read more>>
Singapore Co-Living Startup Cove Raises $2M
Cove, a new player in Singapore’s growing co-living space, has raised over US$2million in a seed funding round, co-led by Venturra Capital (Indonesia), Yuj Ventures (backed by global investment firm The Xander Group), Investigate (Singapore), and Picus Capital (Germany).
Singapore VC funds Aetius Capital and Found Ventures, besides a host of strategic angel investors also joined the round. Read more>>
Fast Fashion Retailer Forever 21 Exits Hong Kong
Forever 21, the struggling Californian fast-fashion retailer, has shut its last shop in Hong Kong, officially pulling out of the city as three months of civil unrest took a toll on high-street retailers.
Protests which have frequently turned violent in some of the city’s major shopping areas are likely to have been the final straw, forcing the clothing chain to close down its three-storey flagship store in the bustling Mong Kok district. The company had reportedly filed for bankruptcy in August. Read more>>
Warburg Pincus Exits Lemon Tree Hotels Investment
American private equity major Warburg Pincus has completely exited its 13-year-old investment in Lemon Tree Hotels Ltd, data according to data from stock exchanges. Warburg sold its remaining 5.7 percent stake for INR 2.6 billion ($36 million) on Tuesday.
Earlier, on 29 August, the PE firm had sold a 6.7 percent stake for around INR 2.9 billion. Read more>>
Bain Said Looking to Sell Japanese Hot Springs Resorts for JPY 100B
Bain Capital is collecting bids for Oedo Onsen Monogatari, an operator of about 40 hot spring inns and resorts across Japan, with SoftBank Group Corp. and investment funds submitting first-round proposals, sources said.
The US investor is seeking to sell the Oedo Onsen Monogatari group for more than JPY 100 billion ($932 million), said the sources, who asked not to be identified because the information isn’t public. 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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