Logistics leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that Singapore’s competition watchdog has given the go-ahead for the proposed merger of ARA Asset Management’s logistics business into the operations of a leading regional warehouse player.
In other news around the region, Hines has sold a tower in Sacramento to a Singapore-listed REIT for $166 million, while a South Korean securities brokerage has underwritten a $350 million loan on a New York tower. And back in Bangkok, the family of Thailand’s richest man has expressed their intention to build the city’s tallest skyscraper.
The Competition and Consumer Commission of Singapore (CCCS) has cleared the proposed merger between fund manager Logos China Investments and ARA Logistics, a unit of ARA Asset Management.
In a press statement on Thursday, the competition watchdog said it has concluded that the deal will not infringe the Competition Act. Read more>>
Singapore-based Prime US REIT, represented domestically by Newport Beach-based KBS, has acquired the Park Center office tower in downtown Sacramento from Hines for $165.5 million.
Located at 980 9th Street, the property offers 489,171 square feet (45,445 square metres) of Class A building space attached to a 800-space parking garage. Read more>>
Meritz Securities has entered New York City’s inventory loan market by providing $350 million financing on a luxury condominium tower in Manhattan, most of which remains unsold.
The investment appeared to show the Korean company’s willingness to take more risk for overseas investment. It has been keen to find new income sources after the South Korean government cracked down in late 2019 on a surge in domestic real estate project financing which accounted for 60 percent of its earnings. Read more>>
The Chicago firms that developed a prominent West Loop skyscraper three years ago are shopping for a new investor to recapitalize the property or even buy it.
A joint venture of Riverside Investment & Development and Wanxiang America Real Estate has hired real estate services firm Jones Lang LaSalle to help market the 1.2 million-square-foot tower at 150 N. Riverside Plaza to prospective investors. Read more>>
If the quantum of public spending alone decided the seriousness with which small, open Asian economies are fighting the coronavirus, then Hong Kong’s HK$120 billion ($15.4 billion) package ought to be three times punchier than rival Singapore’s.
When it comes to the quality of expenditure and the financing, though, Hong Kong’s plan seems to be less about protecting lives and livelihoods, and more about preserving the island’s frothy property market. Read more>>
Thailand’s richest man wants to set another record.
Billionaire Charoen Sirivadhanabhakdi, via his recently listed property unit Asset World Corp, has his sights on building the nation’s tallest skyscraper. Read more>>
CapitaLand, the Singapore-based diversified real estate group, wants to double its commercial space portfolio in India post the acquisition of Ascendas-Singbridge, its chief executive said.
The company, which has a substantial presence in retail, hospitality and lodging segments in China and Singapore, is looking at increasing its portfolio to 40 million square feet (3.7 square metres) from its current 17.4 million in the next five years. Read more>>