Big things are happening in Asia Pacific’s real estate world today as Singapore’s sovereign wealth fund boosts its logistics investments in Australia, ESR opens one of Japan’s biggest sheds ever, and an Indian builder opens a data centre that can power more than 50,000 servers.
Also in the news, a Hong Kong actor takes a mega-loss on a southside home and China Evergrande wants to sell off a commercial portfolio. Keep reading for all these stories and more.
Dexus has continued with its plan to increase exposure to the booming logistics sector with the acquisitions of two large sites in Sydney and Melbourne for a combined A$173.5 million.
It has bought the two assets through its 51 per cent-owned unlisted Dexus Australian Logistics Trust, which is co-owned by the Singapore sovereign wealth find GIC, bumping its industrial and logistics portfolio to A$5 billion. Read more>>
ESR Cayman Limited today announced the completion of ESR Amagasaki Distribution Centre (“ESR Amagasaki DC”) in Greater Osaka which, with a GFA of 388,570 sqm (117,542 tsubo), is the largest domestic consumption logistics warehousing project in Japan as well as in APAC.
Strategically located in the Greater Osaka Metropolitan area, the six-storey, state-of-the-art facility epitomises the highest quality specifications as well as the human-centric and sustainable designs for which ESR properties are renowned. The development is a landmark project for ESR’s RJLF2 Japan development fund and key co-investment partners. Read more>>
Yotta Infrastructure, a subsidiary of Hiranandani Group, today announced the opening of its largest data centre, NM1, at Mumbai’s Panvel data center park. The data centre offers 7200 racks and 50MW of power with 48 hour backup.
The centre was inaugurated online by Maharashtra chief minister Uddhav Thackeray and minister of electronics and information technology and communications Ravi Shankar Prasad. Read more>>
The former home of actor and singer Nicholas Tse in Hong Kong’s Southern district recently sold for a loss of up to HK$14 million (US$1.8 million), casting a shadow over the city’s luxury housing market.
The 2,583 sq ft house in The Redhill Peninsula was this week sold for HK$60 million, or HK$23,229 per square foot, according to agents. Its former owners bought the house for HK$70 million in 2012, according to Land Registry documents. When expenses such as stamp duties and commission are included, their loss on the property amounts to about HK$14 million. Read more>>
China Evergrande Group, the nation’s No 2 property developer by sales, will sell a bulk of its commercial properties in an effort to lower its debt ratio, a person with knowledge of the matter said on condition of anonymity.
Local media first reported Evergrande was selling around 200 properties including office towers, shops, hotels, shopping malls, hospitals and convention centres across China. Read more>>
Multinational companies surrendered more office space in Hong Kong last quarter as the economy deteriorated amid the pandemic, pushing the city’s vacancy rate to the highest in 15 years, according to Cushman & Wakefield.
Foreign companies made up of 61 per cent of the total surrender of office stock in the second quarter, up from 47 per cent in the previous quarter, the property agency said in a briefing with reporters on Tuesday. Cushman didn’t name any of the firms vacating space. Read more>>
More retail property in Hong Kong will be left vacant in the second half of the year as large global fashion and luxury brands consolidate their stores or leave the city, property consultancy CBRE said on Wednesday.
The property consultancy said overall vacancy rate in the tier-one streets climbed to 13.5 per cent in the first six months, a four-year high, while high street rents dropped 15.2 per cent. It expected rents to decline another 5-10 per cent in the rest of the year. Read more>>