CapitaLand Selling German Office to REIT for €133M

CapitaLand Group CEO Lee Chee Koon happy to be selling an office in Frankfurt to CapitaLand Commercial Trust

A German office building leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that a major Singapore developer is selling an asset in a city famous for sausages to its primary commercial REIT for $150 million.

In other news across the region, a state-owned Guangdong developer is aiming to raise $800 million from a Hong Kong REIT listing, and a Softbank-backed Indian hotel chain is buying up a co-working venture as it takes aim at the country’s flexible office market.

All these stories and more await you below.

CapitaLand Selling German Office to REIT for €133M

CapitaLand Commercial Trust (CCT) will acquire an effective 94.9 percent interest in the holding companies of a freehold office building in Frankfurt, Germany, from its sponsor CapitaLand and Lum Chang Holdings.

The purchase consideration will be €133.4 million euros ($150 million), the manager of the real estate investment trust (Reit) said on Wednesday morning (July 17). Read more>>

China Merchants Shekou Targets $800M REIT Listing in Hong Kong

China Merchants Shekou Industrial Zone Holdings Company is planning an initial public offering of a real estate investment trust in Hong Kong, the city’s first REIT listing in five years, according to people with knowledge of the matter.

The company has engaged potential advisers for the share sale and aims for a listing as soon as this year, the people said, asking not to be identified because the information is private. The share sale could raise about $800 million, the people said. Read more>>

SoftBank-Backed OYO Buys Co-working Startup Innov8 for $30M

Indian hotel startup Oyo said on Tuesday it has bought local co-working venture Innov8, as the SoftBank-backed hospitality chain looks to venture into the commercial real estate business under the brand name Oyo Workspaces.

Oyo will buy innovate for $30 million in an all-stock deal, a person with knowledge of the development said. Read more>>

Hong Kong Office Leasing and Commercial Property Investment Fall

Hong Kong’s commercial property investment and office leasing activities both weakened during the second quarter, hurt by the ongoing US-China trade conflict, real estate consultancy CBRE said on Tuesday.

Transaction volume of commercial property totaled HK$21.1 billion ($2.7 billion), 6.2 percent lower than the first quarter, with investment volume by Chinese investors falling to the lowest quarterly total since Q3 2015, CBRE said. Read more>>

CBRE GI Legal Exec Falls to Death in Singapore Shopping Mall

The 35-year-old man who fell several floors to his death at Ngee Ann City shopping mall on Sunday has been identified as Mr Aman Demoz Solomon, an American who was working in Singapore for a real estate investment management company.

According to his profile on professional network LinkedIn, Mr Solomon had been based in Singapore since February last year as general counsel and chief compliance officer for real estate investment management firm CBRE Global Investors Asia Pacific. Read more>>

Singapore Shopping Centre Put on Market for S$255M

Singapore Shopping Centre has put itself on the collective sale market with a reserve price of S$255 million ($188 million).

The seven-storey retail and office development, located at 190 Clemenceau Avenue opposite Dhoby Ghaut MRT, spans a land area of 2,449.8 square metres. It is zoned for commercial use under DMP19 with a plot ratio of 4.2+. Read more>>

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