Brookfield’s REIT portfolio is anchored by Kensington office park in Mumbai
In today’s roundup of regional news headlines, the India-focused trusts sponsored by Canadian giant Brookfield and Singapore’s CapitaLand report healthy financial results.
Brookfield India Real Estate Trust’s Q4 Net Operating Income Up 60%
Brookfield India Real Estate Trust reported a 60 percent year-on-year rise in net operating income at INR 240.5 crore (now $29 million) in the October-December quarter, helped by an improvement in operating lease rentals, an increase in common area maintenance margin and income support of INR 18.3 crore.
The REIT saw a 43 percent annual rise in operating lease rentals in the quarter at INR 62.2 crore with the addition of new office space in Gurugram, while new leasing and contractual escalations also added to income. Read more>>
CapitaLand India Trust Reports 9% Rise in H2 DPU
The manager of Singapore-listed CapitaLand India Trust has reported a distribution per unit of 3.91 Singapore cents for its second half ended 31 December 2022, up 9 percent from year-earlier levels.
DPU for the full year rose 5 percent to 8.19 cents. The higher DPU was mainly due to CLINT’s higher portfolio occupancy and income contribution from acquisitions. Read more>>
Morgan Stanley Appoints Aronovitch as Southeast Asia CEO: Memo
Morgan Stanley has named David Aronovitch as its chief executive for Southeast Asia as part of its efforts to strengthen its franchise in the region, according to a memo seen by Reuters.
With the appointment, Ronald Ong, a veteran banker with a career spanning three decades, will focus on his role as the chairman of Southeast Asia, the memo shows. Both will move into their new roles in the coming weeks, according to the memo. Read more>>
Lendlease Global Commercial REIT’s H1 DPU Up 2.1%
The manager of Singapore-listed Lendlease Global Commercial REIT posted a distribution per unit of S$0.0245 for the first half of financial 2023 ended in December, up 2.1 percent from the corresponding period a year ago.
Distributable income rose 95.9 percent to S$56 million (now $42.3 million), the manager said. Read more>>
Bain Sees China Luxury Market Turning Positive Before March
Luxury consumption in China will resume its upward trajectory before March as China lifts pandemic-related restrictions on movement, according to a new report by Bain & Co.
Luxury consumption will recover once COVID-19 subsides, mall traffic improves and consumer sentiment rebounds, Bain said. The consultancy expects sales comparable to 2021 levels some time between the first and second half of 2023. Read more>>
More Singapore Homes Could Be Auctioned as Bankruptcy Petitions Rise
More homes in Singapore could be up for auction this year as the number of bankruptcy petitions rises, according to Knight Frank.
This comes amid the higher cost of living, rising interest rates and the reduction of pandemic support measures, the consultancy said in its latest report on the auctions market. Read more>>
China Property Crash Seen Cooling Consumer Spending
Even for a famously frugal nation, Chinese people saved a lot last year. Stuck at home due to COVID restrictions, they socked away a record $2.6 trillion.
Now that life is returning to normal, hopes are high that consumers will spend with a vengeance, providing a much-needed boost to the world’s second-largest economy, the impact of which would be felt around the world. Read more>>
India Property Players See Short-Term Setback From RBI Rate Hike
The real estate sector stakeholders think the 25 basis points hike in the repo rate by the Reserve Bank of India will have an adverse impact on the affordable housing segment. But if the RBI measure results in more stability in the economy, that can in turn increase consumer confidence and demand for the sector in the medium term, sector experts say.
“The outrageous hike of 250 basis points since May 2021 needs to be warranted before it turns negative for the ascending Indian economic growth curve,” said Niranjan Hiranandani, managing director of Hiranandani Group. Read more>>
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