European real estate assets lead the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that Blackstone has completed its acquisition of twelve light industrial and logistics properties in Europe from a Singapore-listed REIT.
In other news around the region, a US investment bank has warned that the COVID-19 pandemic may have a bigger impact on SGX-listed trusts than the 2008 crash, while a top 10 mainland China developer has posted a 21 percent rise in core profit for 2019.
Elsewhere, a global investment manager predicts that “green” leases will be universally required by institutional investors by 2026.
The manager of Cromwell European Real Estate Investment Trust has sold 12 light industrial and logistics assets to Blackstone.
The 12 properties – in France, Denmark and the Netherlands – were sold to Blackstone through a master sale and purchase agreement for a price of €65.7 million ($72 million). Read more>>
The coronavirus outbreak may hit Singapore real estate investment trusts harder than the 2008 global financial crisis did, according to Jefferies Financial Group.
Singapore announced on Tuesday its strictest measures yet to combat the spread of the virus, including shutting bars and cinemas, and deferring or cancelling events. Public venues such as malls and museums must reduce crowd density to stay open. Read more>>
The National Real Estate Development Council has asked for the deferment of housing loan instalments for 12 months and a moratorium on project loans for two years, among other measures to support the real estate industry in Uttar Pradesh and Haryana.
The National Real Estate Development Council has written to Nirmala Sitharaman, Finance Minister, asking the government to provide relief for the sector as the housing market grinds to a halt as a result of stay-at-home orders to stop the spread of COVID-19. Read more>>
Mainland developer Longfor Group said its core profit grew by 21 percent last year to RMB 15.6 billion ($2.2 billion).
Core earnings per share were RMB 2.66, up by 20.7 percent from 2018. The company declared a full-year dividend of RMB 1.2, up 21.2 percent from a year ago. Read more>>
City Developments Limited’s New Zealand unit on Wednesday said it will stop all development works and shut its corporate office in response to the country’s imminent lockdown.
The unit, CDL Investments New Zealand (CDI), added that sales activity would not be affected by the one-month lockdown, which takes effect from midnight on Wednesday. Read more>>
Institutional investors expect that so-called ‘green’ lease clauses will be universally implemented in the real estate industry before the end of this decade, according to new research detailed in the Savills Investment Management (Savills IM) Annual Sustainability Report 2019.
The research shows that 73 per cent of institutional investors see green lease clauses being universally implemented between tenants and real estate investment managers by July 2029, with an average consensus pinpointing September 2026. Read more>>
The normally packed streets of Hong Kong’s Lan Kwai Fong bar district were virtually empty Monday night. So too was a popular Italian eatery in Wan Chai, a neighbourhood known for some of the city’s best restaurants and nightlife. In the SoHo area frequented by expat bankers and lawyers, the crowds were unusually thin.
Hong Kong’s sprawling drinking and dining scene has long been a cornerstone of life in the financial hub, where apartments are so tiny that hosting friends at home is often unfeasible. But after nearly nine months of turmoil — first caused by anti-government protests and now by the coronavirus outbreak — concern is growing that thousands of bars, clubs and restaurants across the city will be forced to close as their losses mount. Read more>>