Ucommune is bravely going where WeWork has gone before
Coworking déjà vu leads Mingtiandi’s roundup of Asia real estate headlines today with the news that China’s biggest shared office provider has filed paperwork for an initial public offering in the US, just three months after WeWork shelved its IPO.
In other news around the region, Singapore’s UOL is consolidating a site on North Bridge Road in the city, a German retailer has taken a step closer to completing the sale of its China business and a Korean investor has committed $130 million to the $1.3 billion purchase of a European logistics portfolio. Elsewhere, a former Cushman & Wakefield executive has been appointed to head up a UK-based investment firm’s Singapore office.
China Co-working Provider Ucommune Files for US IPO
China’s biggest shared workspace provider Ucommune on Wednesday filed paperwork with the US securities regulator for an initial public offering, months after WeWork shelved its IPO amid severe investor concerns over its mounting losses. The preliminary filing with the US Securities and Exchange Commission did not give any details of the size of the offering.
Ucommune has shared workspaces in 200 locations across 44 cities, led by Beijing, Shanghai, Hong Kong, Los Angeles and New York, according to its website. The company posted net loss of 572.8 million yuan ($81.38 million) for the nine months ended Sept. 30 on revenue of 874.6 million yuan. Read more>>
UOL Buys Singapore’s KH KEA Building for S$79.3M
UOL Group is acquiring KH KEA Building along North Bridge Road, which is located next to the company’s Odeon Towers, for $79.3 million. Located next to Bras Basah Complex, the 9-storey commercial building sits on a land area of 435.2 sqm and has a net lettable area of around 22,075 sqft.
UOL Group says it intends to explore the possible amalgamation of the 999-year leasehold KH KEA Building and Odeon Towers as well as potential asset enhancement works. Read more>>
Korea’s POBA Commits KRW 160B to $1.3B European Logistics Portfolio Buy
The Public Officials Benefit Association (POBA), Danish pension fund PFA and real estate investment firm Patrizia AG have co-invested KRW 800 billion ($670 million) to acquire a logistics portfolio of $1.3 billion in Europe.
They signed the deal on 5 December with BentallGreenOak, an investment company, to buy 42 logistics assets which are expected to yield more than four percent per year, according to sources with knowledge of the matter on 11 December. Read more>>
Metro Expects to Net €1.5B from Sale of China Business and Real Hypermarkets
Metro expects net proceeds of €1.5 billion($1.65 billion) from the sale of a majority stake in its China business and its struggling Real hypermarkets unit, both of which it said it hopes to close soon, the German wholesaler said on Wednesday.
Metro said last week it is entering exclusive talks on the sale of Real hypermarkets unit to a consortium of property investors X+Bricks and the SCP Group. It agreed the sale of a stake in its Chinese operations to local retailer Wumart in October. Read more>>
Country Garden’s Risland Strikes Deal to Build 700 Aussie Homes
Property developer and billionaire Lang Walker has taken another step towards developing Sydney’s next new housing suburb in South East Wilton, striking a development partnership with Risland Australia to build its first 700 homes.
Walker Corporation formalised the arrangement with Risland – formerly Chinese-backed Country Garden Australia – to co-develop the subdivision within NSW’s next big housing growth corridor 80 kilometres south-west of the Sydney CBD. Read more>>
Singapore Condo Rents up in November, HDB Rents Fall
Rents for non-landed private homes in Singapore rose in November from the previous month, while those for HDB flats slipped, though they were both higher as compared to a year ago. Overall condo rents increased 1.2 percent from October, up by 4.6 percent year on year. However, they are still 16 percent below their peak in January 2013.
Rents in the suburbs, or the outside central region (OCR) climbed the most, with a 1.6 per cent increase from October to November, while rents in the core central region (CCR) rose 1.2 per cent. Rents in the rest of the central region (RCR) also gained 0.7 per cent. Read more>>
Investment Advisory Firm Alvarium Officially Unveils Singapore Office
London-based investment firm Alvarium has hired real estate veteran Priyaranjan Kumar to head its new Singapore office, the company said on Wednesday.
Mr Kumar was regional executive director, capital markets, Asia Pacific at Cushman & Wakefield, where he has been for almost 20 years before joining Alvarium. He will be responsible for expanding Alvarium’s relationships with investors and operating partners. Read more>>
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