China Merchants’ New Times Plaza in Shenzhen
A commercial REIT leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the real estate investment trust, which has five properties in Shenzhen, is seeking to raising $400 million in a Hong Kong IPO, the first pubic listing of a REIT in the city in five years.
In other news around the region, a Singapore-listed REIT has acquired an office property just outside of Milan for $19.5 million, while a developer from the same city state has sold an Amsterdam office asset to a subsidiary for $61 million.
China Merchants Commercial REIT Seeking to Raise $400M in HK IPO
Hong Kong is set to welcome its first listing of a real estate investment trust in five years, with the China Merchants Commercial REIT seeking to raise up to $400 million.
The REIT, with five commercial and office properties in Shenzhen, wants to expand in the Greater Bay Area which has a population of about 70 million and includes Hong Kong, Macau and Guangdong province. Read more>>
Cromwell E-REIT Buys Milan Office for €18M
Cromwell European Real Estate Investment Trust (CEREIT) has completed the acquisition of a freehold office property in Italy at a purchase price of €17.7 million ($19.5 million).
Built in 1982, the recently refurbished, self-contained building is located in the Colleoni Business Park in Agrate Brianza, about a 30-minute drive north-east of Milan. Read more>>
First Sponsor Sells Amsterdam Offices to Subsidiary for €55M
Property developer First Sponsor has sold the entire share capital in a wholly owned subsidiary, which has a perpetual leasehold interest in a land parcel in the Netherlands, for €55.3 million to a 33 percent-owned associate firm, FSMC NL Property Group.
As a result, the subsidiary, FS NL Zuidoost Property 15 BV (NLP15), has become an indirect 33 per cent-owned associate company of First Sponsor, the mainboard-listed group said in a filing. Read more>>
Hong Kong Investor Snaps Up Mayfair Property for £9.9M
The Mayfair flagship shop of upmarket menswear label Crombie has been sold to a Hong Kong investor, despite political turmoil in the Chinese territory and Britain.
Crombie, which was founded in Britain in 1805 and whose goods have been worn by Ronald Reagan and Benedict Cumberbatch, agreed a £9.9 million sale of 48 Conduit Street to the private buyer. Read more>>
Sunac Acquires 51% Stake in Chengu Mega-Building
Sunac China Holdings has agreed to acquire 51 percent stake in the company that owns New Century Global Centre, the largest freestanding building in the world.
New Century Global Centre, located in Chengdu in China’s Sichuan province, measures a staggering 19 million square feet, making it the largest in terms of floor area. Read more>>
ARA and Cromwell Property in Boardroom Tussle
Australia-listed Cromwell Property Group has narrowly fended off an attempt by Singapore’s ARA Asset Management to get its preferred candidate onto the board, the latest tussle between Cromwell the real estate manager and its largest shareholder.
At an annual general meeting in Brisbane on Thursday, 51.3 percent of shareholders heeded Cromwell’s call to vote against Gary Weiss, according to a filing from the company. 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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