A warehouse complex leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that a Warburg Pincus-backed logistics specialist has sold the trio of industrial properties in Melbourne for A$20 million ($13 million), as the company sells off non-core assets following the purchase of local investment firm Propertylink, and its portfolio, six months ago.
In other news around the region, a media kingpin turned property developer has pumped S$50 million into a Japan-focused aged care fund, while India’s Oyo hotels says it will expand even faster.
Elsewhere, a Singapore-based startup is rolling out another 11 hotels to add to its chain of budget hotels.
Asia-based logistics platform ESR has stepped up its trading activity with the sale of a large industrial landholding in Melbourne’s south-east to a private developer for A$19.75 million.
Warburg Pincus-backed ESR has become increasingly busy after taking over ASX-listed fund manager Propertylink this year. Last week, it put an office building at Liverpool in Sydney on the market with a price tag of $50 million. The company also sold a joint venture development in Melbourne’s south-east earlier this month to Singapore property group Ascendas REIT for A$111 million. Read more>>
Singapore Press Holdings (SPH) has partnered real estate asset manager Bridge C Capital to set up a fund focused on investing in aged care and healthcare assets in Japan.
SPH will invest seed equity of up to S$50 million in the fund, which will acquire assets like senior housing, nursing homes and medical office buildings in Japan. Read more>>
Japanese tech conglomerate SoftBank may be struggling with its investments in WeWork and Uber, but its stake in Oyo Hotels & Homes continues to pan out well … for now.
In its latest round, Oyo raised $1.5 billion in Series F funding. Oyo CEO Ritesh Agarwal through his holding company RA Hospitality Holdings put $700 million into the company as primary capital, financed by a consortium of Japanese banks. Read more>>
Property fund Ascendas India Trust is set to buy a one million square foot office building for approximately INR 7.5 billion ($105 million) in northern Bangalore, making it one of the major deals this year in the country’s biggest commercial office market, people familiar with the matter said.
Ascendas India Trust, which is the man funding vehicle in India for CapitaLand, has entered into a forward purchase agreement with Hyderbad-based Garden City Realty, which owns the seven acre land parcel on which the office tower is expected to be developed. Read more>>
Singapore-based hospitality start-up RedDoorz will expand its portfolio of 18 budget hotel properties in Singapore to 29 by the end of 2020, it said on Tuesday (Oct 15).
The five-year old hotel management and booking platform operates both franchise and lease models for its hotels in Singapore.
RedDoorz said its expansion plan will make it the second-largest hotel chain in Singapore. Read more>>
A territorial dispute between Hanoi and Beijing is denting Chinese investors’ demand for Vietnam’s luxury homes.
Under Vietnamese law, foreign buyers are required to submit their passports to secure a document from the government to grant them ownership of a flat. Since Chinese passports depict the disputed Paracel Islands – known as Xisha in Chinese, and Hoang Sa in Vietnamese – as Chinese territory, buyers from mainland China typically encounter difficulties in securing ownership. Read more>>
Hong Kong’s old private estates will obtain a total of HK$2 billion ($254.9 million) subsidy to upgrade their parking facilities to enable the charging of electric vehicles, Hong Kong’s environment minister announced.
“One obstacle faced by private residences when considering the upgrade is who should bear the costs, as not all residents own electric vehicles,” said Secretary for the Environment Wong Kam-sing. “This measure should be able to help with this problem.” Read more>>