Blackstone is ready to start cashing in on India’s first REIT.
News of Blackstone taking some cash out of India’s first office REIT leads Mingtiandi’s collection of real estate headlines from around the region, followed by reports that mainland banks are taking advantage of a slide in Hong Kong office prices to take on more space in the world’s priciest office location.
Singapore’s Mapletree Industrial Trust also makes the news with a private placement of units and Goldman Sachs recommends having another looks at the region’s REITs. All these stories and more await you in our headline roundup.
Blackstone Said Selling $250M Slice of Embassy Office Parks
Global private equity fund manager Blackstone has launched a block deal to raise between $250 million and $257 million in Embassy Office Parks REIT (real estate investment trust). It is the country’s first listed REIT, said sources in the know.
The secondary placement of units in a price band of Rs 340-350 apiece is at a discount of 3.7-6.4 per cent to Tuesday’s closing price of Rs 363.55 on the National Stock Exchange. Read more>>
Mainland Banks Seen Boosting Footprints in HK’s Central
Chinese finance companies are taking more office space in Hong Kong, joining Alibaba and other mainland firms expanding in the world’s most expensive market even as foreign players consider scaling back.
CMB International Capital, China Minsheng Banking and Orient Finance Holdings expanded their office space in the Central hub in the past three months, according to people familiar with the matter. Read more>>
Mapletree Industrial Trust Raises S$410M in Private Placement
The manager of Mapletree Industrial Trust (MIT) on Wednesday (June 24) said its private placement equity fundraising exercise was 8.2 times covered at an issue price of $2.80 – the top end of its issue price range of $2.732 to $2.80.
Closing one day after launching on June 23, the exercise, whose upsize option was fully taken, will issue about 146.4 million new units, netting the real estate investment trust (Reit) gross proceeds of about $410 million. Read more>>
Goldman Picks APAC REIT Sector to Outperform
Goldman Sachs expects Asia Pacific’s real estate investment trusts to outperform the broader market on their dividend prospects as economies reopen.
The “relative stability” and higher visibility of dividends in the REIT sector has helped the stocks outperform the overall market during periods of rate cuts and slow economic growth, analysts including Justin Kwok and Yi Wang wrote in a report on Monday. There will also be higher certainty in rental income with the gradual reopening of business activities in the region, they added. Read more>>
Singapore’s SLB Buys £90,000 Slice of UK Rental Housing Investor
Catalist-listed property developer SLB Development on Tuesday said it has exercised its option to subscribe for a 20 per cent stake in Pinnacle Investment Management Limited (PIML) for £90,000 (S$158,385).
PIML, which aims to build funds focused on the private rented sector (PRS) across the UK, is the fund management subsidiary of UK-based Pinnacle Investments (Holdings) and Pinnacle Group. Read more>>
Frasers Thailand Shifts Assets to Industrial REIT
Real estate firm Frasers Property Thailand (FPT) will divest itself of 6 billion baht in industrial assets to be transferred to the subsidiary Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT), the largest industrial real estate investment trust in Thailand.
The company said the move, approved by FPT’s board of directors this week, will allow it to maximise returns for shareholders and convert assets to capital for future development in built-to-suit projects and investments for future growth. Read more>>
Tune in again soon for more Hong Kong news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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