A CitzenM hotel in Seattle, Washington
In today’s roundup of regional news headlines, Dutch hotel firm CitizenM raises $1 billion from a club of investors including Singapore’s GIC, Hong Kong-based GR properties sells a Los Angeles-area apartment complex, and shares of Chinese property platform Beike curiously surge after a woeful earnings report.
GIC, APG, KRC Invest $1B in Dutch Hotel Chain
CitizenM, a lodging company based in the Netherlands, has raised $1 billion from investors to open new hotels after some financial fallout from the pandemic, the firm confirmed to Commercial Observer.
After word came that the company was positioning itself for greater expansion in spite of the continued threat of COVID-19, Ernest Lee, head of development and investments at CitizenM’s North American division, told CO that it would expand because it thought the hospitality industry would soon bounce back. Now it’s explaining how: with $1 billion from investors GIC, APG and KRC Capital. Read more>>
Hong Kong’s GR Properties Sells LA Apartments for $161M
Clarion Partners and Cityview have partnered up to acquire Empire Landing, a 276-unit multifamily development in Burbank, California for $161 million.
The two investment and development firms announced the deal and said they are planning a comprehensive renovation of the gated, garden-style community at 1901 North Buena Vista Street. Property records show it was owned by an entity named Washington LP, which is tied to GR Properties USA, a US affiliate of Hong Kong-listed GR Properties. Read more>>
Singapore’s TE Capital Doubles Money on Melbourne Office Deal
TE Capital Partners has nearly doubled its money selling an office building in Melbourne’s East Burwood suburb after four years.
The Country Fire Authority headquarters at 8 Lakeside Drive, within the Tally Ho business park, is trading for $35.8 million — a sub 4.5 percent yield. Telstra occupies part of the three-storey building, which was refurbished this year. Read more>>
Hongkongers Less Optimistic on Home Price Rises Says Citi Survey
Hong Kong home prices might see a downward adjustment after peaking in August, as fewer Hongkongers remain optimistic about price rises in the coming year, according to a Citibank survey.
The number of people who expect property prices to rise further fell to 38 percent in the third quarter from 54 percent in the previous three-month period, according to the Citi Residential Property Ownership Survey released Thursday. The figure was, however, still higher than the previous year’s result of 23 percent in the same period. Read more>>
Beike Shares Jump After Reporting $276M Loss
New York-listed shares of Chinese residential real estate agency KE Holdings are up nearly a quarter since the firm announced Monday that it had plunged more than RMB 1.7 billion ($276 million) into the red, on the back of a one-third decline in existing-home sales.
The rally, which suggests markets may have expected worse results from the Tencent-backed firm, comes as the liquidity crisis at developer Evergrande continues to spook the property market, regulators and investors, and amid tight regulations on mortgage issuance and house prices. Read more>>
Singapore’s Q Investment Partners Prepares for Japan Housing Foray
Q Investment Partners will soon dip its toes into the Japanese residential scene, while doubling down on its key markets of UK purpose-built student accommodation and US co-living properties.
The Singapore-based private equity real estate firm plans to enter Japan next year, with an initial focus on multi-family housing and student accommodation, said chief executive and co-founder Peter Young. Read more>>
Frasers Property Back in the Black for H2
While the global real estate industry has generally “bottomed out” in terms of recovery from the COVID-19 pandemic, Frasers Property chief executive Panote Sirivadhanabhakdi stressed that capital and liquidity management will remain at the top of the group’s list of priorities as the sector continues to face uncertainties in the form of “small ups and downs” as a result of the coronavirus crisis.
Some of these uncertainties include changes in behaviour of users and consumers, he said on a Friday call with reporters and analysts to discuss the company’s latest financial results. Read more>>
Alibaba’s Cainiao to Launch SE Asia Warehouse Network
Alibaba Group’s logistics division, Cainiao Network, has announced plans to establish a smart warehouse network in Southeast Asia, which will cover a total land area close to 2.5 million square metres (26.9 million square feet) across Vietnam, Indonesia, Malaysia and Singapore.
The network will comprise Cainiao Hubs, also known as cHubs, and be strategically located near key transport nodes and manufacturing hubs to tap into the regional ecosystem’s connectivity to global markets. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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