In today’s roundup of regional news headlines, Canada’s Ivanhoe Cambridge teams up with Embassy Group on an Indian office joint venture, Singapore-listed Keppel REIT seeks to raise cash from a private placement, and Hong Kong Disneyland prepares to reopen as the city relaxes social-distancing rules.
Ivanhoe Cambridge, a real estate subsidiary of Canada’s second-largest pension fund, and Embassy Group have signed an agreement to set up a commercial office platform, said two people familiar with the development, requesting anonymity.
The platform will be set up as an alternative investment fund and is awaiting regulatory approval. “It’s an 80:20 joint venture platform with a development timeline of five years,” said one of the two people. “Ivanhoe Cambridge will put in $150 million to start with, and Embassy’s contribution will be $30 million. It will also provide existing land parcels for some projects.” Read more>>
Hiranandani Group is to construct six Yotta hyperscale data centres in West Bengal, India.
The firm says it will invest INR 8,500 crore ($1.1 billion) to buy a 100 acre (40.5 hectare) site at Uttarpara, Kolkata from Hindustan Motors to build six Yotta data centre buildings totalling 250 megawatts. Read more>>
Keppel REIT’s manager on Thursday proposed a private placement of between 235.6 million and 242.8 million new units at an issue price of between S$1.112 and S$1.146 per new unit to raise at least S$270 million ($203.3 million) in gross proceeds.
The manager said in a bourse filing that it will use about S$262.5 million or 97.2 percent of the gross proceeds to partially fund the real estate investment trust’s S$651.5 million acquisition of Keppel Bay Tower from sponsor Keppel Land, the property arm of Keppel Corporation. Read more>>
Walt Disney announced Wednesday that its Hong Kong park will reopen to guests on Friday.
Hong Kong Disneyland has been closed since 2 December. The reopening will be the company’s third since the COVID-19 pandemic hit in March and surged several times. Hopefully, as the vaccine takes hold internationally, it will be the last. Read more>>
Following the completion of independent valuations by CBRE and Savills, Cromwell European REIT reported that 95 properties in its portfolio have been valued at an aggregate of €2.13 billion ($2.57 billion) as of 31 December 2020.
This represents an overall 2.2 percent fair-value increase from the REIT portfolio’s previous valuation as of 30 June 2020, its manager announced on Thursday. The latest aggregate valuation also represents an overall fair-value increment of €45.4 million. The total valuation increment for the full year ended 31 December 2020 was €20.5 million. Read more>>
Heeton Holdings announced that it expects to report a net operating loss for the year ended 31 December 2020, as its businesses were impacted by the continued spread of COVID-19.
In a pre-market bourse filing on Thursday, the property developer said movement and travel restrictions led to its malls and hotels experiencing decreases in rentals, room occupancies and rates, and corresponding revenue across the locations where it operates worldwide. Read more>>
As the government starts relaxing COVID-19 social-distancing rules, the 12 Hong Kong shopping malls managed by Sun Hung Kai Properties — including Park Central and Mikiki — are launching all-day discounts to lure shoppers, with special offers such as shopping coupons, points rewards and free parking given out after 6pm.
Customers welcome the greater flexibility as restaurant dining times have been extended to 10pm and eateries can allow four people to share a table rather than two. Read more>>