GLP Alfalink Sagamihara is fully leased to more than 30 companies with a workforce of over 5,000 employees
In today’s roundup of regional news headlines, industrial specialist GLP completes a large warehouse complex in Japan, and Singapore-based Evolution Data Centres plans to develop a 34-megawatt Bangkok facility with Thailand’s Central Pattana.
GLP’s $1B Alfalink Sagamihara Complex Fully Leased Upon Completion
GLP on Tuesday announced the completion of GLP Alfalink Sagamihara, a massive-scale logistics campus in Greater Tokyo.
Built at a total investment cost of JPY 150 billion ($1 billion), the project spans a gross floor area of 680,000 square metres (7.3 million square feet) across four buildings. Read more>>
Evolution Signs JV Deal With Central Pattana to Build Bangkok Data Centre
Evolution Data Centres has signed a joint venture agreement with Central Pattana, one of the largest property developers in Thailand, to design, build and operate a state-of-the-art carrier-neutral data centre in central Bangkok.
The partnership will see the development of a new 34-megawatt carrier-neutral data centre facility. It will provide infrastructure to support the digital economy and meet growing demand for cloud and data centre services in Thailand. Read more>>
China Weighs Broad Stimulus With Property Support, Rate Cuts
China is considering a broad package of stimulus measures as pressure builds on Xi Jinping’s government to boost the world’s second-largest economy, according to people familiar with the matter.
The stimulus proposals, drafted by multiple government agencies and partially reported by Bloomberg News earlier this month, include at least a dozen measures designed to support areas such as real estate and domestic demand, the people said, asking not to be named because the matter is private. Read more>>
Pimco Says Stronger Support Needed for Rebound in China Property
China’s beleaguered property sector needs a more comprehensive policy approach and a wider usage of different funding channels for a meaningful recovery, according to Pacific Investment Management.
“Confidence is elusive so far and may require nationwide messaging rather than city-specific announcements,” said Stephen Chang, managing director and portfolio manager at Pimco Asia. Read more>>
Hong Kong Landlords Enjoy Market Rebound as Students Return
Landlords in Hong Kong are enjoying the benefits of an economic reopening and demand from mainland Chinese students as rentals in the private housing market climbed for a fourth straight month to the highest level in 15 months.
Rents increased 1.4 per cent in May to 112.78 from a month earlier, according to the Centa-City Rental Index compiled by Centaline Property, which tracks 138 housing estates across the city. The rise was the most since a 1.94 per cent jump recorded in August 2018. Read more>>
Wanda’s Founder Fights to Save Empire After $40B Wealth Destruction
Just last year, billionaire Wang Jianlin had appeared to cement his reputation as one of the few remaining Chinese property tycoons to sidestep a wave of debt defaults sweeping the industry.
The Dalian Wanda Group founder was confident enough in his financial position to offer help to a fellow Chinese mogul who wanted to sell a portfolio of shopping malls for RMB 700 million ($98 million), according to people familiar with the matter. Wang, 68, planned to fold the malls into his commercial management unit in preparation for an initial public offering, the people said, asking not to be named discussing private information. Read more>>
Cromwell European REIT in Advanced Talks to Sell Milan ‘Trophy Asset’
Singapore-listed Cromwell European REIT’s manager has disclosed that it is in advanced negotiations to sell Piazza Affari 2, its office asset in Milan.
The announcement comes after a real estate news site reported Friday that the asset would change hands for close to €100 million ($108 million). Read more>>
Man Detained After Climbing to 72nd Floor of South Korea’s Tallest Building
A British man was detained after climbing more than halfway up the world’s fifth-tallest skyscraper in Seoul with only his bare hands on Monday, authorities said.
More than 90 emergency personnel were dispatched to the 123-storey Lotte World Tower after the man was spotted scaling the building on Monday morning, the Seoul fire agency said. Read more>>
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