In today’s roundup of regional news headlines, Aussie developer Dexus contemplates a full exit from an industrial portfolio it put up for partial sale in June, Hong Kong’s Wharf REIC swings to a loss as COVID hits consumption, and office rents surge in Singapore’s City Hall area.
Australian property heavyweight Dexus is considering a move to completely sell out of the A$800 million ($557.2 million) industrial property portfolio it put on the block in June.
The company went to market seeking a capital partner for a 75 percent stake in the prize portfolio, but bidders have expressed interest in taking full control of the properties. Read more>>
Wharf Real Estate Investment Co swung to a loss in the first half, as revenue declined amid the impact of a COVID-19 outbreak in Hong Kong that weighed on consumption.
The real estate company, which engages in retail, office and hotel operations, said the net loss was HK$1.47 billion ($187.3 million) for the first six months, compared with a HK$2.97 billion net profit in the year-earlier period. Read more>>
Prime US REIT reported a 5.7 percent year-on-year increase in distribution per unit for the first half of 2022 on the back of higher gross revenue and net property income.
DPU for the first half rose to $0.0352 from $0.0333 in the corresponding year-ago period. The higher DPU translates to an annualised distribution yield of 10.5 percent, based on the closing price of $0.675 as of 30 June, the trust’s manager said. Read more>>
Office rents in the City Hall area rose 1.3 percent on a quarterly basis in the April-June period to S$9.82 (now $7.12) per square foot, making it the second highest in rent among Grade A central business district micro-markets, trailing only Marina Bay, Savills said Wednesday.
Average monthly Grade A CBD rents improved by 0.4 percent from the previous quarter to S$9.47 per square foot. Read more>>
China Baowu Steel Group, the world’s largest steelmaker, has made the top 50 of the Fortune Global 500 for the first time, while debt-laden developer China Evergrande and rivals Sunac China and China Resources dropped out of this year’s rankings.
Having expanded through mergers and acquisitions, Baowu ranked 44th in the world with revenue of $150.7 billion, up 28 places from last year. Read more>>
Investment in Asia Pacific commercial real estate fell 17 percent year-on-year in the first half of 2022 on a moderation of deal activity in several of the region’s major economies, JLL said.
“Investment volumes in the first half declined moderately from the high base set in 2021 as external factors emerged, resulting in investors adjusting capital deployment strategies to align with a more aggressive rate tightening cycle,” said Stuart Crow, JLL’s CEO of APAC capital markets. Read more>>
Wahroonga has a new suburb record of A$13.03 million ($9.1 million) after expats returning from Hong Kong bid more than A$2 million over the reserve at auction to secure a grand statement home with a tennis court and a pool.
The house at 27 Braeside Street in the suburb north of Sydney sold in just 24 days, with eight bidders competing for the six-bedroom home. Read more>>
Shares of Macrotech Developers slipped 8 percent to INR 1,010 ($12.69) on the BSE in Thursday’s intra-day trade after nearly 2 percent of the total equity of the Indian developer changed hands on the BSE and the NSE via block deals.
At 09.16am, 3.2 million equity shares representing 0.74 percent of the total equity of Macrotech Developers had changed hands via block deal on the BSE. Up to 10.11am, 6.2 million shares or 1.33 percent of total equity had changed hands on the NSE. The names of the buyers and sellers were not ascertained immediately. Read more>>