In Mingtiandi’s latest roundup of regional news headlines, a Singaporean trust prepares to sell a shopping centre for S$110 million, GLP forms a China fund to buy Shanghai port assets, and McDonald’s breaks ground on an industrial park in Hubei province.
Frasers Centrepoint Trust (FCT) will divest Anchorpoint shopping centre for S$110 million ($82.5 million) to unrelated third parties, the manager said on Wednesday in a bourse filing.
FCT’s trustee entered into two sale and purchase agreements with each of the undisclosed purchasers for the proposed sale of two strata lots (together with the accessory lots) to each buyer. These lots collectively comprise the shopping centre. Read more>>
GLP has established a new China fund to invest in a port-based logistics park in Shanghai. The closed-end GLP China Value-Add Venture III (CVA III) fund held a single closing to create a RMB 4.5 billion ($690 million) fund.
Teresa Zhuge, executive vice chairman of GLP China, told IPE Real Assets that the new fund was the group’s third China-focused value-add fund in GLP’s logistics real estate series. She added that GLP CVA III is GLP China’s first RMB offshore-and-onshore parallel fund. Read more>>
Advance Apartment at 8 Lorong 25A Geylang has been sold to an undisclosed local consortium for S$26.5 million ($19.9 million) after a second attempt at a collective sale.
The S$26.5 million sale price translates to a land rate of S$877 per square foot per plot ratio or S$861 after factoring in the 7 percent bonus balcony gross floor area and a corresponding estimated development charge of about S$3 million. Read more>>
MTR Corp has received 37 expressions of interest from developers for Wong Chuk Hang station package five property development, although the fourth wave of COVID-19 infections continues to weigh on local property market sentiment.
The developers include CK Asset, Henderson Land Development, Sun Hung Kai Properties, Country Garden and China Jinmao. Read more>>
With regard to the selection of SC Capital as the replacement manager of Eagle Hospitality REIT (EH-REIT), Urban Commons, the sponsor of Eagle Hospitality Trust (EHT), believes that SC Capital’s current proposal will very likely provoke disagreements among various interested parties. This could initiate a chain of reactions and is highly risky for securityholders.
The sponsor has provided recommendations and DBS Trustee ignored the proposals to save the REIT. A substantial amount of EHT’s cash, about $25 million, has been spent on professional consultants who are, surprisingly, not collaborating with the sponsor to find a way forward for the benefit of securityholders. The sponsor believes that all interested parties should work together to resolve issues for the good of all securityholders. Read more>>
McDonald’s has broken ground on a RMB 1.5 billion (US$221 million) smart supply chain industrial park in Hubei province.
By jointly investing with suppliers — including Tyson, Bimbo, New HAVI, Zi Dan and commercial property developer China Fortune Land Development — the company will leverage the industrial park to deliver products to its vast consumer base in China’s midwestern region. Read more>>
The Singaporean government has launched 3.86 hectares (9.54 acres) of industrial land across six sites under the industrial government land sales (IGLS) programme for the first half of 2021, the Ministry of Trade and Industry announced on Tuesday.
Three sites are on the confirmed list and another three are on the reserve list, similar to what was offered in H2 2020. However, the total site area for H1 2021 is less than the 4.4 hectares in H2 2020. Read more>>