DBS cutting back its footprint in One Island East in Hong Kong’s Quarry Bay
In today’s roundup of regional news headlines, DBS joins the caravan of global banks fleeing office space in Hong Kong, Singapore-listed Manulife US REIT secures its first green loan, and Eagle Hospitality Trust unitholders seek representation in a US Bankruptcy Court.
DBS Joins Global Banks Surrendering Hong Kong Office Space
DBS Group Holdings is set to join UBS Group and other global banks in giving up office space in pricey Hong Kong, as more companies adopt work-from-home arrangements.
DBS is surrendering some floors in Swire Properties’ One Island East tower in Quarry Bay, according to people familiar with the matter, who asked not to be identified because the information is private. The lender will release two of the eight floors it currently occupies, one of the people said. Read more>>
Manulife US REIT Obtains US$250M Green Loan From DBS, OCBC
Manulife US REIT has obtained a five-year $250 million unsecured sustainability-linked loan from DBS and OCBC.
The facility is the REIT’s first sustainability-linked loan. It will use the loan for general corporate and working capital purposes, including refinancing existing loan facilities in connection with the REIT’s green buildings. Read more>>
EHT Securityholders Seek Representation in US Bankruptcy Case
Nine securityholders with a collective stake of 6.1 percent in Eagle Hospitality Trust have registered their interests in the US Bankruptcy Court for the District of Delaware, as EHT entities seek Chapter 11 bankruptcy protection there.
Documents lodged showed that these securityholders of EHT, who are members of an ad hoc equity committee, are represented by the firms Brown Rudnick and Blank Rome. Read more>>
WeWork Said to Seek SPAC Deal After Losing Reported $3.2B in 2020
WeWork lost $3.2 billion last year, the office-sharing startup disclosed in a presentation shown to prospective investors as part of a pitch for $1 billion in investment and a stock market listing, a person familiar with the matter told Reuters.
The company’s losses narrowed from $3.5 billion in 2019, and it plans to go public at a valuation of $9 billion including debt through a merger with a special purpose acquisition company, according to a person directly briefed on the presentation that was sent out to existing and potential new investors. Read more>>
Henderson Land Reports Rise in Profit for 2020, Doubles 2021 Pipeline
Henderson Land Development, the third-largest developer in Hong Kong, said Tuesday that it would more than double the amount of residential units available for sale this year to 8,100 homes.
The company, which reported a 1.8 percent increase in its core profit for 2020, said the roll-out of mass vaccinations and economic stimulus measures across the world would boost public confidence in global economic recovery. Read more>>
MP Lodha Is Richest Property Tycoon, Says Hurun India
Despite the pandemic-induced plunge in realisations, the number of new rupee-billionaires in the realty world continued to swell, adding eight new entrants to Hurun India’s list of the 100 richest realty developers.
The list has been topped by developer and politician Mangal Prabhat Lodha of Macrotech for the fourth year in a row. Read more>>
$36B Worth of Real Estate Could Be Listed Under India REITs
India’s REIT market is set to enter a period of prolonged growth, with more REITs forecast to be listed in 2021 and beyond, said a report released by JLL.
The global real estate service firm said $36 billion worth of real estate is suitable to be listed under REITs. India currently has three listed REITs that are traded on bourses: Embassy Office Parks, Mindspace Business Parks and the recently listed Brookfield India Real Estate Trust. Read more>>
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