RMZ Corp’s NXT project in Whitefield, Bengaluru
India continues to make headlines this week as Brookfield strikes a deal to buy $2 billion in commercial assets from a Bengaluru-based developer, just days after Blackstone inked its own $1.6 billion deal.
Singapore’s Mapletree also unveiled its own mega-deal, with the Temasek-backed giant acquiring S$1.04 billion in logistics assets in China and Southeast Asia, while Keppel REIT reports a boost in distributions to investors despite the pandemic.
Brookfield Buying $2B in India Commercial Assets
Bengaluru-headquartered RMZ Corp has struck a deal to sell 12.5 million square feet (sq ft) of office and co-working assets across its portfolio to Canadian investor Brookfield Asset Management.
Management for $2 billion (Rs 14,673 crore), the real estate developer said in a statement. The developer has sold 18% of its overall portfolio of 67 million sq ft in the biggest deal in the country’s real estate market. Read more>>
Mapletree Logistics Trust in S$1.09B Buying Blitz
Mapletree Logistics Trust (MLT) announced on Monday that it is seeking to acquire nine logistics properties in China, Malaysia and Vietnam, and also the remaining 50 per cent interest in 15 properties in China for a total of S$1.09 billion.
The aggregate agreed property value of the properties was S$1.04 billion, said MLT. These properties will be purchased from subsidiaries of sponsor Mapletree Investments and subsidiaries of Itochu Corporation. Read more>>
Keppel Reit’s Q3 Distributable Income From Operations Up 4.6%
Keppel Reit on Monday announced that its distributable income from operations was S$47.6 million for the third quarter, up 4.6 per cent increase year-on-year.
This is due mainly to the commencement of income contribution from 311, Spencer Street in Melbourne, which achieved practical completion on July 9, and lower interest expenses. Read more>>
Shimao Services Seeks to Raise Up to $1.3B in Hong Kong IPO
Shimao Services Holdings Ltd. is seeking to raise up to 10.12 billion Hong Kong dollars (US$1.31 billion) in a spinoff and initial public offering in Hong Kong.
The Shanghai-based property management services company, a unit of property developer Shimao Group Holdings Ltd., plans to sell 588.2 million shares at HK$14.80-HK$17.20 each, it said in a prospectus filed Tuesday. Read more>>
Carrie Lam Will Not Delay Controversial Lantau Reclamation Plan
Hong Kong’s leader has said her determination to boost land supply would not be stalled by the global recession or a slump in the property market, insisting there could be serious consequences in doing so, without specifying what they might be.
Speaking at a media briefing on Tuesday, Chief Executive Carrie Lam Cheng Yuet-ngor said the government would continue with its plans to boost land supply, which includes her Lantau Tomorrow Vision project, a controversial scheme to build a new metropolis on artificial islands at a cost of hundreds of billions of dollars and potentially irreversible environmental damage. Read more>>
Gothic-Style Industrial Building for Sale in SG at S$28M
The Mill, an industrial building located at 5 Jalan Kilang in Bukit Merah, has been launched for sale via private treaty for S$28 million, exclusive marketing agent The AlvinChooSales Group of ERA Realty Network told The Business Times (BT).
Completed in 2017, the Neo-Gothic six-storey property sits on a plot spanning 11,800 square feet (sq ft). It has a gross floor area (GFA) of 27,000 sq ft with a plot ratio of 2.5, zoned for B1 or light industrial use. Read more>>
Singapore Business Park Rents to Rise as Firms Cut Costs
Rents for business parks in the city fringe in Singapore are projected to rise as more firms seek out business parks with Grade A office specifications in a bid to cut their real estate costs.
In the third quarter of 2020, rents of business parks in the city fringe stood at S$5.91 per square foot per month (psf/month), up 0.2 per cent quarter on quarter and 2.4 per cent higher from a year ago, according to data from real estate services firm Cushman & Wakefield. Read more>>
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