Japanese Buy Stake in Lendlease London Project and More Asia Real Estate Headlines

Australia’s Lendlease welcomes two Japanese investors into a London office development, with that deal leading today’s headline roundup. Also in the news, Blackstone is reportedly in talks to exit its stake in Sydney’s Grosvenor Place and M&G acquires an interest in the Conrad Seoul.

Japanese Investors Buy $83M Stake in Lendlease London Project 

Australian builder Lendlease has won investment from two Japanese real estate companies into a A$1.5 billion ($950 million) new office tower it manages and partly owns in London.

The two Japanese groups — Sotetsu Urban Creates and Yasuda Real Estate — are new to Lendlease’s investment management stable and will take a combined 20 percent stake, worth A$131 million ($82.6 million), in the 53,000 square metre (570,487 square foot) tower rising above Moorgate station. Read more>>

Blackstone in Talks to Sell Stake in Sydney’s Grosvenor Place

One of Sydney’s landmark office buildings, Grosvenor Place, is in play with US owner Blackstone exploring an exit from its 75 percent stake. The private equity and property group, which famously swooped on an interest in the A$1.8 billion ($1.1 billion) tower in the Sydney CBD in an opportunistic deal in 2021, is believed to be negotiating a deal with office heavyweight Investa.

Under the scheme, which is at an early stage, Investa would set up a club of investors to acquire Blackstone’s interest in the landmark tower. The local platform, which is part-owned by Oxford Properties, has been quietly looking to tap investors in Asia to back a potential move on the complex, with the promise of adding value as demand for office space recovers at a time when few new towers are being built. Read more>>

M&G Buys Stake in Conrad Seoul for $37.5M

M&G Real Estate, on behalf of a separately managed account focusing on value-add opportunities, has acquired a 25.3 percent stake in the five-star Conrad Seoul hotel for $37.5 million.

Located in the South Korean capital’s Yeouido business district, the Conrad Seoul is part of the International Finance Center Seoul. The 434-room hotel caters to both business and leisure travellers, with M&G planning to optimise room layouts and repurpose event spaces to boost revenue. Read more>>

Hong Kong’s Jardines Touts Turn to PE-Style Investing

The company once called the “most remarkable firm of traders to be involved in the opening up of China” is stepping back from day-to-day business after Jardine Matheson declared it would be an “engaged long-term investor” and not an owner-operator of assets.

The company was founded as an opium trader in 1832 and made famous as an inspiration for James Clavell’s novels Tai Pan and Noble House, and the shift marks a new incarnation for the storied Anglo-Asian conglomerate — and a focus on higher returns for shareholders. Read more>>

CapitaLand Reports Strong Leasing for Science Park Drive Project in Singapore

CapitaLand has completed the S$883 million ($657.4 million) redevelopment of 1 Science Park Drive, which obtained a temporary occupation permit on 3 March.

With the completion of the campus, all five buildings in the 180,600 square metre (1.9 million square foot) Geneo life sciences and innovation cluster at Singapore Science Park are operationally ready. Jointly owned by CapitaLand Development (66 percent) and CapitaLand Ascendas REIT (34 percent), the redeveloped 1 Science Park Drive spans 116,200 square metres of gross floor area. Read more>>

US Trading Firm Jane Street Expands in Hongkong Land’s Chater House

Jane Street, one of the world’s largest quant trading firms and market makers, is planning a sharp increase in Hong Kong office space, two people familiar with the matter said.

The New York-based firm is negotiating with landlord Hongkong Land to lease two more floors at Chater House, an office tower in the business district of Central, they said, speaking on condition of anonymity. If the deal materialises, Jane Street will occupy six floors of the 30-storey building, totalling over 110,000 square feet (10,219 square metres) of office space, compared with just 2.5 floors a year ago. Read more>>

Bukit Timah Condo Project for Sale at $685M Asking Price in Singapore

Bukit Timah condominium Hillcrest Arcadia is going on the market at a guide price of S$920 million ($685 million), in a collective sale that will release a sprawling 4 hectare (9.9 acre) District 11 site for redevelopment.

The 99-year leasehold property sits on 442,162 square feet (41,078 square metres) of land currently housing 272 residential units and one retail unit. Read more>>

Australia Commercial Property Deals Jumped 28% in Q1

Dealmaking jumped significantly in Australia’s commercial property market over the first quarter this year — up 28 percent year-on-year — as investors grow confident that the worst has passed for the battered sector, MSCI data shows.

Hardest hit has been the office market, where the combination of high interest rates and weak demand, exacerbated by the rise of flexible work, has torn a hole through asset values over the past three years. Read more>>

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