In today’s roundup of regional news headlines, Blackstone is reportedly set to buy a sizeable stake in Dexus Australian Logistics Trust, the iconic Tokyo Tower prepares for a new life anchoring a retail centre, and electric car maker Tesla opens a data centre in Shanghai.
US private equity giant Blackstone is preparing to put its stamp on the rampaging industrial property market as it negotiates to take a near half-stake in the A$3.5 billion ($2.6 billion) Dexus Australian Logistics Trust.
The company is renowned for big-ticket plays in property around the world and is investing as the e-commerce boom and supply chain shake-up triggered by the coronavirus crisis become permanent features of business. Read more>>
High Point, a 22-storey residential property at 30 Mount Elizabeth, is back on the market with a guide price of S$550 million ($408 million), two years after its first attempt at a collective sale.
The unchanged guide price translates to S$2,508 per square foot per plot ratio after factoring in the 7 percent bonus gross floor area for balconies, according to exclusive marketing agent Savills Singapore. More than 80 percent of the owners of the building have signed the collective sale agreement, Savills said. Read more>>
ARA Logos Logistics Trust on Tuesday posted a 9 percent year-on-year drop in distribution per unit to S$0.01329 ($0.01) for its third quarter ended 30 September.
This was mainly due to an enlarged unit base after raising equity for its maiden Australian portfolio acquisition in April this year, the REIT’s manager said in a press statement. Read more>>
Capitaland China Trust posted an 81.1 percent year-on-year rise in net property income for the first nine months of 2021 to RMB 903.4 million (now $141.6 million).
This represents CLCT’s highest nine-month NPI since listing, said the manager, which attributed the growth to the REIT’s retail and business park assets, which each booked 96.7 percent occupancy for the period. Read more>>
The Tokyo Tower Company, owner of the iconic communications tower in the nation’s capital, is working with Mitsui Fudosan to turn the area around the tower into the city’s most bustling shopping district, according to Nikkei Asia.
The development, which will see the repurposing of the 25,000 square metre (269,098 square foot) area, is expected to be completed by 2030. Under the plan, Mitsui will develop buildings that feature retail tenants together with cultural facilities. Read more>>
Electric vehicle maker Tesla has opened a data centre in Shanghai. The facility, first announced in April, was built after Chinese regulators began drafting rules requiring Chinese subsidiaries to store data locally.
Few concrete details about the data centre exist, with Tesla essentially operating without a PR department and being known for having a spotty relationship with the truth. Read more>>
Co-living projects are delivering higher occupancy and profits for property owners, underpinning efforts to acquire and convert hotels as the hospitality industry continues to suffer from tough COVID-19 measures, according to consultants.
The city could see about $300 million worth of real estate transactions involving hotels this year, JLL estimated, with the vast majority of them earmarked for conversion into co-living purposes. The volume may increase to $500 million next year, it said. Read more>>