Blackstone’s new warehouses will continue to be operated by Daiwa House
Warehouses are in the news again today as both Blackstone and Singapore’s GIC make logistics real estate investments in core Asia Pacific markets.
While two of the world’s largest investors seek safety in sheds, an eccentric Beijing business park builder is discovering London’s Royal Albert Docks were available on the cheap because they weren’t worth much and Schroders has completed its acquisition of Pamfleet.
Blackstone Acquiring Four Japanese Warehouses From Daiwa
Blackstone will purchase four logistics facilities in Japan from Daiwa House Industry, Nikkei has learned, as the U.S. private equity group seeks new investment opportunities in Japan amid growing e-commerce business triggered by the novel coronavirus outbreak.
The four facilities in the latest deal, which will cost around 55 billion yen ($523 million) in total, are located in the Kanto region, which includes Tokyo, as well as the central Chubu region. Daiwa House will continue to manage the facilities after Blackstone’s purchase, and the warehouses will retain Daiwa House’s DPL brand. Read more>>
GIC JV Buying A$270M in Aussie Sheds From Dexus
Fund manager Dexus is selling a near $270 million portfolio of industrial assets in Sydney and Melbourne into a joint venture it has struck with deep-pocketed Singaporean sovereign wealth fund GIC.
Five of the properties are newly developed at an industrial estate in Melbourne’s west. The sixth is an industrial business park at Botany in Sydney. Read more>>
Beijing Business Park Builder’s London Project Sits Empty
Chinese President Xi Jinping and then-UK Prime Minister David Cameron were on hand to toast the signing of the deal to transform 14 hectares of derelict London riverfront into a bustling finance hub.
Five years on, in the wake of Brexit and a cooling of Sino-British ties, developer Xu Weiping’s vision for another Canary Wharf packed with Chinese companies looks more like a mirage. Overlooking the Thames, along the old Royal Albert Docks and across the water from City Airport, stand 21 new buildings that form the first phase of the £1.7 billion (S$3.1 billion) project. They’re almost all empty. Read more>>
Hong Kong Home Prices Reached 10-Month High in June
Hong Kong’s home price index rose to the highest level in 10 months in June, as investors and speculators defied a third wave of coronavirus infections in the city in their search for safe haven assets amid a gloomy outlook for the global economy.
June’s index of used homes edged up by 0.1 per cent to 386.1, according to figures by the Rating and Valuation Department, chalking the highest level since 388.2 in August 2019. The index dipped by 1.9 per cent compared with June last year. Read more>>
New World’s Rosewood Signs SH Hotel Management Deal
Rosewood has signed an agreement with Shanghai-based property development company, Lonsen Land Group, to manage a new luxury hotel in mainland China. Set to break ground in 2022, the Rosewood Shanghai is scheduled to open in 2028.
The hotel will be located in the heart of Shanghai’s Jing’An District and Suhewan area, an emerging business and cultural hub. Read more>>
Schroders Completes Acquisition of Pamfleet
Schroders is today announcing that it has completed the acquisition of a majority stake in Pamfleet, an Asian real estate investment manager.
Pamfleet, which will now be renamed Schroder Pamfleet, has offices in Hong Kong, Shanghai and Singapore. It was founded in 2000 and currently has US$1.1 billion of assets under management across four funds. Pamfleet’s entire team of 19 professionals will continue to work for Schroder Pamfleet. Read more>>
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