Ascott CEO Lee Chee Koon is increasing the company’s US footprint
While China’s Xi-change on cross-border investment grabs attention, investors from Singapore and other Asian markets continue to snatch up property assets in far away places. At the top of the headlines today, Singapore’s Ascott becomes the country’s second property firm to buy a US serviced apartment firm this year, and Thai-Singaporean developer Frasers Centrepoint says its building A$190 million in Melbourne sheds. Read on for all these stories and more.
CapitaLand’s Ascott Buys Out US Competitor for $34M
CapitaLand’s wholly owned serviced residence business unit The Ascott will acquire an 80 per cent stake in US accommodation provider Synergy Global Housing for S$46.7 million (US$33.7 million), it announced on Monday (Jul 24).
The deal will triple The Ascott’s portfolio from more than 1,000 units to around 3,000 units in the US. The company has been a partner of Synergy to cross sell units since 2013. Read more>>
Sunac Plans $537M Share Placement to Help Fund Wanda Deal
Sunac China, one of the country’s most indebted developers, is raising up to HK$4.2 billion (US$537 million) in a share placement after it agreed to buy Dalian Wanda Group’s tourism projects for 43.8 billion yuan last week.
Sunac China is selling 220 million shares, priced between HK$18.33 to HK$19.10 each in a top-up placement, according to the terms revealed. Read more>>
Frasers Centrepoint Developing A$190M in Melbourne Warehouses
The Australian unit of Frasers Centrepoint Ltd is developing over A$190 million (S$205 million) worth of new industrial assets in Melbourne. In a media release on Tuesday (July 25), Frasers Property Australia said it has seen “unprecedented demand” for new warehouses in two of its Melbourne industrial parks.
Four new tenants have committed to 10-year leases in new purpose-built facilities in The Key Industrial Park in south-east Melbourne, while one firm has purchased a 16,000 sq m warehouse there. Read more>>
Did Disney’s Pirates and Princesses Scupper Wanda’s Theme Park Dreams?
Chinese billionaire Wang Jianlin visited Shanghai Disney land last fall to see for himself attractions drawn from the Disney catalog, from Star Wars and Pirates of the Caribbean to Snow White and the other fairy-tale princesses.
Mr. Wang, whose competing theme parks lean toward stomach-churning thrill rides, had voiced contempt for Disney’s bringing its brand of Americana to China. “One tiger is no match for a pack of wolves,” he said in a 2016 TV interview. He described plans to build as many as 20 theme parks in China in a growing showbiz empire that included AMC Entertainment Holdings Inc. and Legendary Entertainment, a Hollywood production and finance company. Read more>>
Gaw Said Seeking $179M in Korean Funding for US Deals
Hong Kong-based real estate private equity firm Gaw Capital Partners is seeking a fresh 200 billion won (US$179.41 million) funding from Korean institutional investors for investing in the US, the Maeil Business news reported on July 24.
This is the third round of funding after Gaw’s successful investments in US properties in recent years. Gaw looks to raise half of the US Value Add Fund worth 400 billion won from large Korean investors such as pension funds and mutual aid associations, the report said. Read more>>
Hong Kong Corporates Turning Offices into Co-Working Spaces
It’s Monday morning at Campfire Creative in Wong Chuk Hang, on the south side of Hong Kong Island, and there’s not a long face in sight. Nobody’s watching the clock, pining for the weekend, hoping the boss won’t catch them goofing off. Instead, sparks fly as start-up spirit and entrepreneurial energy ripple through the fashionably tricked out industrial space.
“Passion breeds productivity, and productivity creates an exciting atmosphere, a place where you feel inspired to work,” says Campfire co-founder and chairman Albert Fung. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply