Blackstone’s BKC One project in Mumbai is among the assets in the Nucleus Office Parks platform
In today’s roundup of regional news headlines, Blackstone prepares to launch Asia’s largest REIT IPO in terms of square footage, and the sale of Samsung SDS’s head office shapes up to be South Korea’s biggest real estate deal of the year. Also making the list, Keppel wins an urban design tender in Singapore and New World has fully leased a commercial project in Hong Kong’s San Po Kong area.
Blackstone Readying Asia’s Largest REIT IPO of Up to $1B
Private equity firm Blackstone is finalising plans to launch the initial public offering of its office-based REIT in India, and the size of the issue is expected to be in the range of $800 million to $1 billion.
The 45 million square feet (4.2 million square metres) of assets that will constitute the REIT are Nucleus Office Parks, which is wholly owned by Blackstone, and assets of two joint ventures that the US asset manager has with Pune-based Panchshil Realty and Bengaluru-based Salarpuria Sattva. This will be the largest REIT IPO in Asia in terms of square footage. Read more>>
Samsung SDS HQ Sale Set to Mark Korea’s Biggest Property Deal of 2023
The sale of Seoul-based Samsung SDS’s headquarters, which is likely to become South Korea’s largest real estate deal of 2023, is predicted to wrap up in the second half of this year as the owner shortlists potential buyers and taps a preferred bidder.
Local investment firm Ryukyung PSG Asset Management, the property’s seller, has completed a bidding procedure via its private REIT, banking sources said Monday. The firm has received applications from seven local and overseas investors for the deal, which may exceed KRW 1 trillion ($780 million). Read more>>
Keppel Announces New Project to Generate $707M for Group
Keppel Corporation has been awarded a contract by Singapore’s Urban Redevelopment Authority to design, build, own and operate a new large-scale district cooling system plant for 30 years in the Jurong Lake District.
The contract is expected to generate S$950 million ($707 million) for Keppel, comprising payments from real estate developers, owners and occupants for the design and building of the DCS, as well as the supply of chilled water and operations and maintenance of the DCS over 30 years. Read more>>
Raffles Education Puts Corporate Building on the Market Again for S$200M
Raffles Education’s commercial building, Raffles Education Square, is up for sale again via tender with an unchanged guide price of S$200 million ($148.8 million).
This translates to about S$2,813 per square foot on the existing gross floor area, sole marketing agent Knight Frank said Wednesday. The private education provider previously launched an expression-of-interest exercise for the property on 16 August 2021. Read more>>
Charming Garden Makes Third Bid at Collective Sale With Same S$175M Price
Charming Garden in Singapore’s District 10 will be relaunched for collective sale for the final time on Thursday with an unchanged guide price of S$175 million ($130.2 million).
This is the condominium’s third en bloc attempt; it was put up for sale in December 2022 and March 2023 without securing a suitable buyer. Read more>>
New World Development’s Artisan Hub in San Po Kong Sells Out
New World Development said it has leased out all the spaces at Artisan Hub, a revitalisation project in Hong Kong’s San Po Kong, for an average price of HK$23 ($2.94) per square foot, a new high for similar projects in the region.
The rental market in the core business district of Kowloon East experienced a boost, thanks to the favourable impact of the “Kai Tak effect”. Read more>>
IREIT Global Launches Fully Underwritten Preferential Offering
Singapore-listed IREIT Global has launched a preferential offering at a ratio of 161 preferential offering units for every 1,000 existing units at a price of S$0.408 per new unit.
The S$75.9 million ($56.5 million) proceeds will be used mainly to fund the acquisition of a portfolio of 17 retail properties across France, the trust’s manager said Monday in a regulatory filing. Read more>>
34 Project Tenders Issued in Chennai in Three Months
In a few months, several works aimed at enhancing the city of Chennai’s appearance will commence.
The infrastructure in the neighbourhood will be improved, including the development of three beaches, as well as parks, playgrounds, and upgraded bus stands. Read more>>
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