GLP’s Japan REIT is expanding its portfolio
In today’s roundup of regional news headlines, GLP J-REIT raises $253 million via its accelerated global offering, South Korea’s Hana Alternative Asset Management eyes a 9.83 percent return on a US property loan, and luxury home rents resume their rise in Hong Kong.
GLP Japan REIT Raises $253M to Acquire Four Logistics Assets
Japanese real estate investment trust GLP J-REIT has raised JPY 28 billion ($253 million) through its first accelerated global offering to international and domestic investors for the acquisition of four logistics assets in the Tokyo metropolitan area and the Greater Osaka area.
Singapore-based GLP said the AGO is a first among J-REITs and attracted strong interest from high-quality Japanese and international investors. Read more>>
Hana Alternative Logs Over 9% Return on US Residential Project
South Korea’s Hana Alternative Asset Management is estimated to have achieved an annualized return of 9.83 percent from the $51.5 million mezzanine loan it provided for a luxury residential development in Boston.
For the $950 million construction in Boston’s Seaport District, Hana had arranged the loan investment in April 2019 as part of a $300 million mezzanine tranche originated by Cottonwood Group, a US real estate developer. Read more>>
China Home Price Growth Slowed in June
New home prices in China rose at a slower pace in June, data showed on Thursday, as government measures to cool the heated housing market further tapped the brakes on growth.
Average new home prices in 70 major cities grew 0.5% in June from a month earlier, down from a 0.6% rise in May, according to Reuters calculations based on data released by the National Bureau of Statistics. Read more>>
Fortune REIT Secures Second Sustainability-Linked Loan
ARA Asset Management Fortune Ltd, the manager of Fortune REIT, on Thursday announced that it had secured a five-year sustainability-linked loan amounting to HK$1.5 billion ($193 million) from OCBC Bank.
The loan will be used to refinance Fortune REIT’s existing club facility and for general corporate funding purposes. The interest margins of the loan facility are tied to a set of predetermined environmental, social and governance targets, including reduction in electricity consumption, greenhouse gas emissions and waste at its properties. Read more>>
Korean Funds Weigh Overseas Real Estate Exits In H2
Domestic office buildings and logistics centres dominated South Korean institutions’ property transactions in the first half of this year, with fierce competition driving their prices to record highs while pulling returns lower.
In the latter half of the year, cross-border real estate deals are expected to lead property transactions as Korean asset managers weigh exits from overseas real estate to capitalise on the price increases of the last few years. Read more>>
IPO-Rich Mainlanders Boost Hong Kong Luxury Housing Market
Luxury home rents are back on the rise in Hong Kong, ending eight straight quarters of decline, as mainland Chinese executives, flush with funds from successful local IPOs, drive leasing transactions at the top end of the market, say property agents.
Rents for luxury homes jumped 5 percent in April and May after falling as much as 13.5 percent from a record high in August 2019, according to data from the Rating and Valuation Department. Read more>>
3M India Leases 17,000 Sq Ft From WeWork in Bengaluru
Co-working major WeWork India has given 17,000 square feet (1,579 square metres) of office space in Bengaluru to US conglomerate 3M’s Indian subsidiary amid rising demand for flexible workspace from large corporates.
3M India has signed an agreement to establish its headquarters at WeWork’s Prestige Central building in Bengaluru. Read more>>
Evergrande in the Mix for Hong Kong Hotpot Corruption Controversy
Top officials who violated COVID-19 rules “sacrificed family time” for a work-related hotpot dinner attended by an executive of developer China Evergrande, Hong Kong’s security chief said as government critics raised questions of corruption.
Director of Immigration Au Ka-wang, Customs and Excise Commissioner Hermes Tang and Under Secretary for Security Sonny Au admitted last week to attending a dinner at a private Wan Chai club in early March after Stand News revealed that the trio were fined by police for violating the four-person seating limit at restaurants. Read more>>
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