GIC Closes in On Oxford Fairmont Hotels Deal and More Asia Real Estate Headlines

A Canadian hotels portfolio leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that Singapore’s sovereign wealth fund is in advanced talks to acquire a stake in the $1.5 billion set of North American hostelries.

In other news from Southeast Asia’s richest city-state, the US branch of Hong Kong’s Great Eagle has snapped up a Munich office complex for $386 million, while a pair of S-REITs have finished merging, creating a combined property portfolio of $5 billion.

Meanwhile in India, US co-working giant is preparing to lease a million square feet of office space in Hyderabad.

GIC Closes in On Oxford Fairmont Hotels Deal

Singapore’s sovereign wealth fund, GIC, is nearing a deal to buy a majority stake in Oxford Properties Group’s Fairmont portfolio, which consists of four of Canada’s most iconic hotels, according to people familiar with the matter.

The talks are advanced and a deal could be announced in coming weeks, said the people, who asked not to be identified because the negotiations are private. The exact price of the transaction couldn’t immediately be determined but any deal is expected to value the whole portfolio at about C$2 billion ($1.5 billion), the people said. Still, it’s possible no agreement will be reached. Read more>>

US Unit of Hong Kong’s Great Eagle Buys Munich Property for €350M

Pacific Eagle, the US-based affiliate of Hong Kong’s Great Eagle Group, has acquired the Ludwig commercial complex in Munich.

According to market information, the property was sold by Allianz Real Estate for €350 million ($386 million). The Boston Consulting Group occupies two-thirds of the 27,000 square metres of office space and, together with Allianz (which leases about 19 percent of the property), the global management consulting firm is the main tenant in the building. Read more>>

OUE C-REIT and OUE H-Trust Complete S$6.9B Merger

The merger of OUE Commercial Real Estate Investment Trust (C-REIT) and OUE Hospitality Trust (H-Trust) was completed yesterday.

This came after the trust scheme of arrangement was approved by investors in both trusts and the High Court’s sanction last month. The merger will create one of the largest diversified Singapore real estate investment trusts (S-Reits), with total assets of about S$6.9 billion ($5 billion). Read more>>

Fragrance Group Buys Singapore Apartment Block for S$141M

Fragrance Group is acquiring Min Yuan Apartments, through its wholly-owned subsidiary Fragrance Victory, for S$141 million ($102 million).

Located at 62 Waterloo Street, Min Yuan Apartments has a tenure of 999 years a land area of 1,359 square metres (14,628 square feet) with a plot ratio of 4.2. Read more>>

WeWork to Lease 1M Sq Ft in Hyderabad

WeWork India is in the process of taking up around 1 million square feet of office space in Hyderabad. The facilities will be spread across four locations in Hyderabad, including the IT hub of Gachibowli.

The company plans to double its space to 6 million square feet by the end of this year. Read more>>

China Vanke August Sales Rise 15%

China Vanke reported its contracted sales amounted to RMB 44.1 billion ($6 billion) in August, up 15.1 percent year on year.

The company achieved a contracted sales area of 2.77 million square metres last month, according to a statement issued by the company. Read more>>

SK Securities Teams Up with Blockchain Startup to Tokenize Real Estate

Korean financial services company and stockbroker SK Securities announced a partnership with blockchain startup Kasa Korea which is developing a platform for tokenizing real estate.

They plan to collaborate on the ‘Digital Real Estate Beneficiary Distribution Platform’ service. Read more>>

Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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