Blackstone acquired 2-10 Interchange Drive in Laverton from Charter Hall last year
An abandoned sale leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that a US private equity giant has shelved its plan to sell a portfolio of Aussie logistics assets valued at A$800 million ($505 million).
In other news around the region, a Singapore-listed real estate investment trust has acquired a serviced apartments residence in Sydney, while a Hong Kong billionaire switches his London development strategy to rentals as sales slow in the city. Elsewhere, office vacancy in Tokyo falls to its lowest ever level.
Blackstone Calls Off A$800M Sale of Aussie Logistics Assets
Blackstone has shelved its plans to divest a portfolio of Australian logistics properties worth A$800 million ($505 million), according to sources.
The move follows the private equity giant’s appointment of JLL and Rothschild for the sale, which was believed to be on a yield between 5 percent and 5.25 percent. Read more>>
Swire Expects to Record First Half Loss as Virus Outbreak Hits Business
Hong Kong conglomerate Swire Pacific expects to record a loss in the first six months this year as the coronavirus batters the airline business of Cathay Pacific Airways, one of the group’s biggest assets.
“The coronavirus has adversely affected our business in Hong Kong and mainland China and the impact on Cathay Pacific is especially clear,” chairman Merlin Swire said at a media briefing on Thursday. Read more>>
Ascott Residence Trust Buys Sydney Serviced Apartments for A$46M
Ascott Residence Trust (ART) has bought Quest serviced apartments in Sydney for A$46 million ($29 million), which reflects a yield of over 5 percent.
The Quest serviced residence, in Sydney’s second-largest business district of Macquarie Park, will fall under a master lease agreement and add to the group’s stable income stream, said Beh Siew Kim, chief executive of ART’s manager on Wednesday. Read more>>
City Developments Picks Banks for UK Commercial REIT IPO
City Developments Ltd. has selected banks to help with a potential listing on the Singapore stock exchange of its UK commercial properties, according to people familiar with the matter.
The homebuilder is working with DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. on the planned initial public offering, said the people, who asked not to be named as the information is private. Read more>>
Hong Kong Flat Hunters Look for Bargains as Prices Fall
For several weeks, the coronavirus has brought Hong Kong to a virtual standstill, keeping shoppers, office workers and even pro-democracy protesters off the streets.
The city’s flat hunters, however, are on the prowl. In one of the most unaffordable cities in the world, a drop in prices is hard to resist. Read more>>
WeWork Said Cutting 1,000 More Staff
WeWork is reportedly preparing a fresh round of layoffs for 2020 that could impact more than 1,000 staff.
According to anonymous sources who spoke to the Financial Times, WeWork CEO Sandeep Mathrani is mulling new cuts to curb the firm’s spending. WeWork earlier laid off 2,400 staff in November 2019, per Business Insider’s previous reporting. Read more>>
Tokyo Office Vacancy Falls to Lowest Ever
Tokyo’s office vacancy rate fell to a record low of 1.49 percent in figures out Thursday amid the calm before a possible storm caused by the new coronavirus.
Vacancies in the Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards of central Tokyo dropped an average of 0.04 percentage points in February to mark a sixth straight month of historic lows. Read more>>
Hong Kong Billionaire Switches London Strategy to Rentals as Sales Slow
Billionaire Henry Cheng Kar-Shun’s development company plans to build rental homes for the first time at its Greenwich Peninsula project in east London amid the capital’s sluggish sales market.
Knight Dragon has partnered with Dallas-based Lincoln Property Company and UK real estate investor MGT to build 500 rental apartments at the giant project located across the River Thames from the Canary Wharf financial district. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply