Andre Tanoto (Image: Tanoto Foundation)
The ongoing revival of Singapore’s commercial property market leads real estate news from around the region today as the son of an Indonesian tycoon is said to be in due diligence for a Katong mall. Also making the list are an Ohio shed buy and another mainland builder being ordered to liquidate.
Son of Indonesia’s Tanoto in Talks to Buy i12 Mall in Singapore
A new private investment vehicle said to be backed by Andre Tanoto, son of Indonesian-born tycoon Sukanto Tanoto, has been quietly acquiring Singapore retail assets in recent months.
The vehicle, associated with Altallo Asset Management, is said to have completed in December the purchase of four large-format Housing and Development Board retail units in Bukit Merah Central and near Toa Payoh, Ang Mo Kio and Clementi MRT stations. Word on the street is that Altallo may also be a prospective buyer of i12 Katong. It has been doing due diligence on the Keppel-owned mall; the pricing is said to be around S$370 million ($287.4 million). Read more>>
CapitaLand Ascendas REIT Buying DHL Warehouse in Ohio for $73M
The manager of CapitaLand Ascendas REIT on Friday announced its purchase of a logistics property in Columbus, the capital of the US state of Ohio, for S$94.5 million ($73.4 million).
Once the deal is completed in the first quarter of the year, DHL Canal Winchester will be leased back to DHL. The transaction is Singapore-listed CLAR’s second sale-and-leaseback with DHL in the US, following one with DHL Indianapolis Logistics Center last January. Read more>>
Chinese Developer Jingrui Hit with Liquidation Order
Hong Kong’s High Court ordered the liquidation of developer Jingrui Holdings, making it the latest defaulted Chinese builder to be wound up in the city amid China’s years-long property crisis.
The ruling from Judge Jonathan Harris was handed down Thursday after a hearing last October. China CITIC Financial AMC International Holdings filed the winding-up petition against Jingrui in October 2024 as part of its efforts to recover debts. Read more>>
SGX-Listed United Hampshire US REIT Buys Connecticut Mall for $21M
The manager of United Hampshire US REIT has acquired Wallingford Fair Shopping Center in the US for $21.4 million, it said Thursday.
Built in 1998, Wallingford Fair Shopping Center spans 115,223 square feet (10,705 square metres) and is located in Wallingford, Connecticut. It has a committed occupancy rate of 100 percent and a weighted average lease expiry of 12.8 years. Read more>>
Singapore Co-Living Operator Assembly Place Launches $14M IPO
Co-living operator The Assembly Place has launched its initial public offering and expects to raise gross proceeds of S$18.3 million ($14.2 million) from the offering and issuance of cornerstone shares.
The company is expected to start trading on the Catalist board on 23 January with cornerstone investors, including Apricot Capital and Asdew Acquisitions, having entered into separate agreements to subscribe for about 29.5 million new shares at S$0.23 each. Following the offering, TAP will have a share capital of 383 million shares, giving the company an estimated market capitalisation of S$88.1 million. Read more>>
US President’s Family in Talks to Build Trump Tower on Australia’s Gold Coast
The Trump family is in advanced discussions with developers to build Australia’s first Trump Tower on the Gold Coast.
A source with inside knowledge of the deal, but not authorised to speak publicly on the matter, confirmed that “there are conversations happening” for a site to be developed at Surfers Paradise to feature the US president’s famous real estate insignia. Read more>>
Lone Star Selling Japanese Building Materials Maker for $519M
Lone Star Funds announced Thursday that an affiliate of its Lone Star Fund XI has entered into a definitive agreement to sell Japanese building product provider Senqcia Corporation to Noritsu Koki Co in a transaction representing a total enterprise value of $519 million.
Headquartered in Tokyo, Senqcia develops, designs and distributes structural solutions that enhance the resilience, integrity and long-term safety of buildings and infrastructure, including managing natural disaster risk for ageing buildings. Read more>>
Korea’s Shinsegae Tussles With IGIS Over Plans for Sale of Seoul Towers
Shinsegae Property has threatened to take legal action against IGIS Asset Management over the investment giant’s effort to sell the Centerfield commercial complex in Seoul.
“IGIS Asset Management is forcibly pushing ahead without proper grounds with the sale of Centerfield, the core asset of the IGIS No.210 Professional Investor Private Real Estate Investment Company it manages,” Shinsegae Property said Thursday. “This is highly inappropriate in terms of investor protection.” Read more>>
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