Ben Way, head of Macquarie Asset Management
Australian investment giant Macquarie is close to selling a Seoul hotel to KB Asset Management, with that report leading today’s headline roundup. Also in the news, a KKR-managed REIT acquires a western Tokyo logistics site and Singapore’s UOL teams with China Jinmao to buy a Shanghai residential plot.
Macquarie Said Selling Seoul Hotel to KB Asset Management for $119M
Macquarie Asset Management is poised to sell a four-star hotel in Seoul for KRW 170 billion ($118.7 million) to South Korea’s KB Asset Management, investment banking sources said Friday.
Macquarie is scheduled to close the deal on 28 February to sell Four Points by Sheraton Josun, Seoul Station, to the wholly owned subsidiary of KB Financial Group, the sources said. Read more>>
KKR J-REIT Completes $21M Buy of Western Tokyo Logistics Project
Industrial & Infrastructure Fund Investment Corporation said late last week that it completed its acquisition of a western Tokyo property for development of its IIF Hamura Logistics Center.
The KKR-managed industrial REIT paid JPY 3.2 billion ($21 million) for the site in Hamura city, where it plans to build a 12,895 square metre (138,801 square foot) warehouse project. Read more>>
Singapore’s UOL Group Teams With China Jinmao for $1.2B Shanghai Site Buy
A unit of developer UOL Group, together with an industry partner, has won a RMB 9 billion ($1.2 billion) tender for a residential site in Shanghai’s Hongkou district.
Qin Rui Jia (Shanghai) Realty Co, an indirect subsidiary of UOL, teamed up with China Jinmao Holdings on a 10:90 basis for the government land sales tender, which closed on 20 February. Read more>>
Vanke Gets Fresh $579M Loan From Shenzhen Metro
China Vanke received another round of financial support from authorities, with its largest state shareholder planning to offer up to RMB 4.2 billion ($579 million) to help the distressed developer repay outstanding debt.
Shenzhen Metro Group, which holds a 27 percent stake in Vanke, plans to provide a three-year term loan facility to be guaranteed by up to RMB 6 billion worth of assets, according to a Friday filing with the Shenzhen Stock Exchange. The proposed financing follows a RMB 2.8 billion loan offer last week, also from the state-backed metro operator, highlighting the government’s support for the struggling builder. Read more>>
Gemdale Returns to Land Market With $112M Shanghai Project Buy
Indebted Chinese developer Gemdale Group has jointly won the development rights of a residential plot in Shanghai, re-entering the local land market after nearly two years of absence, after surviving the debt repayment peak period.
A consortium of Gemdale and two other builders secured a land plot in Songjiang district for a total of RMB 810 million ($111.7 million), equal to a floor price of RMB 26,100 ($3,600) per square metre, during Shanghai’s first land auction of the year on 20 February. The price represents a premium of 14 percent. Read more>>
Tokyo Home Prices Fell 7.7% in January on Dearth of Luxury Projects
The average price of new condominiums in Greater Tokyo fell in January as the number of units offered for sale declined in more expensive central areas.
The average asking price of a new residential unit in the Tokyo region was JPY 73.4 million ($490,000), down 7.7 percent from a year earlier, according to the Real Estate Economic Institute. The region includes the capital’s neighbouring prefectures of Kanagawa, Saitama and Chiba. Read more>>
Singapore Launches $3.8B Initiative to Spark Financial Markets
Singapore’s capital markets look set to receive a liquidity boost, following the announcement on Friday of a S$5 billion ($3.8 billion) investment initiative by a review group led by the city-state’s central bank.
The new Equity Market Development Programme will channel the funds to asset managers with a “strong investment track record” and a focus on SGX-listed equities, the Monetary Authority of Singapore said. Read more>>
Toyota Develops $10.1B New City as Mobility Testing Grounds
Woven City near Mount Fuji is where Japanese carmaker Toyota plans to test everyday living with robotics, artificial intelligence and autonomous zero-emissions transport.
The first phase spans 47,000 square metres (505,904 square feet), roughly the size of five baseball fields. When completed, it will be 294,000 square metres. Built on the grounds of a closed Toyota auto plant, it’s meant to be a place where researchers and startups come together to share ideas. Read more>>
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