In today’s roundup of regional news headlines, Singapore-listed ESR-Logos REIT enters a deal to sell an aerospace training facility, Chinese developers continue to raise funds via discounted share sales, and CPPIB, together with Indian partner L&T sell an infrastructure joint venture for $329 million.
ESR-Logos REIT Selling Singapore Aerospace Training Facility for $5.3M
The manager of ESR-Logos REIT on Monday announced that it has agreed to sell 70 Seletar Aerospace View in northeastern Singapore for S$7.1 million ($5.3 million).
The divestment of the 4,992 square metre (53,733 square foot) aerospace training facility is not expected to have a material impact on E-Log’s net asset value and distribution per unit for the financial year ending 31 December 2022. The net proceeds from the divestment will be deployed to repay outstanding borrowings and/or fund general working capital requirements. Read more>>
CIFI, Agile to Raise Funds With Discounted Share Sales
CIFI Holdings on Tuesday became the latest Chinese developer to raise funds by selling new shares at discounted prices, while Agile Group announced its second such capital raising since November.
After a raft of government measures supported their share prices, a number of developers including heavyweights like Country Garden have since November turned to top-up share placements. Read more>>
CPPIB, L&T Selling India Infrastructure JV for $329M
The Canada Pension Plan Investment Board, along with its partner, India’s Larsen & Toubro last Friday signed an agreement to sell their L&T Infrastructure Development Projects Ltd joint venture, along with its subsidiaries, to Epic Concesiones for INR 27.2 billion ($329 million).
L&T IDPL is a joint venture of L&T and the Canada Pension Plan Investment Board, holding 51 and 49 percent respectively which has developed a portfolio of tollway projects across India, including the L&T-Chennai Tada Tollway. Read more>>
Wheelock to Roll Out 2,000 Flats Next Year
Hong Kong’s Wheelock Properties plans to launch five projects offering a total of 2,000 flats next year.
Among them, Phase 3A of Koko Hills in Lam Tin or flats at the Park Peninsula in Kai Tak may be the first to be put up for sale. Read more>>
Digital Realty, Equinix Seek to Expand Singapore Capacity Under Green Pilot
At least two data centre operators are looking to expand capacity in Singapore under new criteria drawn up by the local authorities to manage the sector’s carbon footprint in July.
They are US-based Digital Realty and Equinix, among the largest in the world. Both firms have confirmed with the Straits Times that they have made submissions to the local authorities to expand their current capacity. Read more>>
Singapore’s En Bloc Deadlock to Continue in 2023
Many of Singapore’s residential collective sale sites will likely remain unsold next year, as a mismatch in price expectations between buyers and sellers continues. The situation is exacerbated by factors such as high replacement cost for homeowners and uncertain macroeconomic conditions for developers, as well as property cooling measures.
This year, 12 collective sale sites were sold out of 36 put on the market. According to a compilation done by Colliers, the deals done as of 5 December were worth close to S$2.6 billion ($1.9 million). For comparison, S$2.3 billion worth of deals were done last year. Read more>>
Property Crisis Pressures Vietnam to Act Before It’s Too Late
Time is running short for Vietnam to prevent a worsening property-sector credit crunch from derailing one of the world’s fastest economic expansions.
With about $4.6 billion of developer notes tracked by Vietnam’s bond association coming due next year, the firms will struggle to meet obligations without government support, according to local real estate executives and analysts. Funding has all but dried up after an anti-graft campaign spooked investors and authorities froze new bond issuance across the industry. Read more>>
HSBC AM Launches Real Assets Fund to Beat Inflation
HSBC Asset Management has announced the launch of HSBC Global Diversified Real Return Fund, a diversified portfolio with a focus on liquid real assets that aims to deliver returns exceeding the US inflation rate over the long term.
The composition of the fund focuses heavily on real assets, such as property equities, infrastructure equities, inflation-linked bonds, commodities and gold, which make up around 60 percent of its portfolio. Read more>>
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