Tokyo Gas president Shinichi Sasayama
Tokyo Gas earmarks real estate assets for sale after pressure from US activist investor Elliott Management, with that story leading today’s headline roundup. Also making the list, GuocoLand garners loans to refinance two Singapore projects and the Lion City enjoys another month of strong home sales.
Tokyo Gas Tags Real Estate Assets for Sale After Elliott Investment
Tokyo Gas has identified assets, including from its vast real estate portfolio, to be sold to fund growth investments, its president said, as the company faces pressure from US activist investor Elliott Management.
Elliott, one of the world’s most influential activist investors, purchased a 5.03 percent stake in Tokyo Gas last year, urging Japan’s top city gas provider to boost shareholder value by selling some parts of its extensive real estate portfolio. Read more>>
GuocoLand Secures $908M in Green Financing in Singapore
Real estate group GuocoLand has secured two green loans amounting to a total of S$1.24 billion ($907.8 million) from Singaporean lenders DBS and OCBC, it said in a statement on Wednesday.
The deals comprised a S$1.14 billion green loan, GuocoLand’s largest to date, for the refinancing of its Guoco Midtown mixed development and a further S$105 million to refinance its Midtown Bay luxury residential development, the company said. Read more>>
Singapore December New Home Sales Up 50% From 2023
Developers in Singapore sold a total of 203 new homes excluding executive condominiums in December, as sales receded from an extraordinary surge in the month before, according to data released by the Urban Redevelopment Authority on Wednesday.
Still, last month’s sales were 50 percent higher than the 135 units sold in the year-earlier period and the highest for December since 2021. Amid the seasonal year-end lull, buying activity spilled over from a swell in the number of units launched in November, during which six new condominium projects hit the market. Read more>>
China’s Shimao Seeks Court Approval for Restructuring Vote
Defaulted developer Shimao Group on Thursday will seek a Hong Kong court’s approval to hold a creditor meeting for a vote on its $11.5 billion restructuring plan, days after it received another liquidation petition.
For Shimao, known for its luxury hotel developments, getting the court’s go-ahead is a crucial procedural step as it works to gain backing for its overall debt plan. Creditors holding 80.72 percent of in-scope debt principal have signalled their support for the proposed restructuring, according to a company filing in December. Read more>>
ESR REIT to Sell Singapore Industrial Building for $7M
The manager of ESR REIT has entered into a contract to divest an industrial building in western Singapore’s Tuas area for S$9.9 million ($7.2 million).
The consideration represents a 1.5 percent premium above its valuation of S$9.7 million, the trust’s manager said Wednesday in a filing. The divestment is expected to be completed in the first quarter of 2025 and is not expected to have a material impact on ESR REIT’s net asset value and distribution per unit for the financial year ending 31 December 2025. Read more>>
Japan’s Nippon Accommodations Fund to Buy Tokyo Apartments for $6.4M
A Mitsui Fudosan-sponsored REIT notified the Tokyo Stock Exchange on Wednesday that it has decided to add to its residential portfolio with the acquisition of an apartment block in the Japanese capital.
Nippon Accommodations Fund said in a statement that it intends to acquire Park Cube Kameari, a 2,033 square metre (21,883 square foot) apartment complex in Tokyo’s Katshushika ward, for JPY 976 million ($6.4 million). Read more>>
Lippo Malls Indonesia Retail Trust Warns SGX of Regulatory Breach
Lippo Malls Indonesia Retail Trust will “potentially” not be able to meet the minimum interest coverage ratio requirement for the financial year ended 31 December 2024, the REIT’s manager said Tuesday.
This main cause is non-operational accounting adjustments made to both EBITDA and interest expenses of LMIRT in the June- and September-ended quarters, the manager said in a filing after the market close, noting that the breach would not incur negative financial consequences. Read more>>
Pre-Owned Homes Emerge as Key Driver in China’s Real Estate Market, UBS Says
The second-hand housing market is gaining importance in China and becoming the main driver of the country’s property market, particularly in core urban areas, according to a report titled Outlook on China’s Real Estate Sector by Swiss banking giant UBS.
By value and floor area, second-hand home sales will climb this year, with their market share continuing to grow, John Lam, the report’s author and head of China real estate research at Zurich-based UBS, said at a media briefing. Read more>>
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