Asia’s biggest fleet of warehouses is on the block and GLP has narrowed bidders down to a lucky few – but they’re not saying who just yet. Also in the news today, ale-addled Brits who lose their passports in Bangkok will soon need to travel a bit further after Central Group agreed to buy the current embassy site for $571 million, and a LaSalle REIT is buying up warehouses around Tokyo. Read on for all these stories and more.
Global Logistic Properties Ltd., a backbone of the logistics industry in the U.S. and China, said it has narrowed down the bidders for a potential buyout.
Among those that have expressed interest in the $9.5 billion warehousing giant are private-equity firms Blackstone Group LP and Warburg Pincus LLC, people familiar with the process have said, as well as a management-led consortium. Read more>>
Central Group has set a new Thai real estate record in its successful bid for the British Embassy Bangkok site.
Central will pay more than THB20 billion (US$572 million) for the 23-rai plot of land on Wireless Road in Ploen Chit, adjacent to its existing Central Embassy shopping mall. The company plans to construct a mixed-use project on the land, which – given the land price tag – will undoubtedly require a very tall office and apartment complex in order to recover the capital investment. It will connect to Central Embassy. Read more>>
LaSalle Logiport REIT is buying a Tokyo-area logistics property from fellow Tokyo firm Logistics Feeder 1 Godo Kaisha for 11.95 billion yen ($106.6 million), according to an announcement on Friday from LaSalle Logiport.
The real estate investment trust is buying the so-called Kawagoe Logistics Center, which is located in Kawagoe, Saitama, outside of Tokyo. The company reached an agreement to buy the property on Feb. 24 and plans to close on March 1. Read more>>
Some Chinese developers are playing a game of cat-and-mouse with local governments by delaying the launch of new home sales in the hope of riding out tightening measures in the property market that have dampened prices in some major cities.
They hope that when authorities start to relax some restrictions, buyers will clamour to buy new homes and they can release more supply at higher prices. Read more>>
Fourteen developers have submitted bids for a plot of MTR Corp land next to Wong Chuk Hang station and the old Wong Chuk Hang Estate on Hong Kong island, the tender for which closed at 2pm on Monday.
MTR Corp said it was the highest number of bids they have ever received for property tenders at stations along rail lines. Read more>>
Chinese luxury hotel company Wanda Hotels & Resorts has signed an agreement with Turkish developer Mar Yapi to build Wanda Vista Istanbul, scheduled to open by end-2018.
The Philippe Starck-designed property will offer 150 guestrooms and suites, and will be located in a business district. The new hotel is also situated a five-minute drive from Ataturk International Airport and 25 minutes away from the city centre. Read more>>
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