With buyouts still in style, sources in the UK are reporting market chatter about a possible JLL bid for UK-based competitor Savills putting this story at the top of Mingtiandi’s roundup of real estate news. Closer to our Asian home, US theme park operator Six Flags has warned investors that China’s economic slowdown has triggered a one year delay in the opening of its theme parks on the mainland, and a Singapore-listed REIT has added four new properties to its portfolio of European assets. Read on for all the details on these stories and more.
US real estate services giant JLL talking up its deal making ambitions spurred City chatter that UK competitor Savills could be in its crosshairs.
Rumours were stoked by JLL boss Christian Ulbrich telling analysts in an earnings call that he has “never seen a market which has so many availabilities with regards to M&A”. He warned that JLL was “analysing the different opportunities”, claiming that there were many companies “currently interested in finding a new home”. Read More>>
Six Flags Entertainment Corp. SIX -0.24% said it would delay opening new theme parks in China as the country’s economy slows, resulting in lower-than-expected revenue in its latest quarter.
The Grand Prairie, Texas, company said Thursday that the delays shaved off roughly $15 million from its top line, with revenue from expected international agreements, sponsorships and accommodations declining 38% to $14.9 million. The company accounts for projected international revenue in advance. Read More>>
Cromwell European Reit (E-Reit) has acquired a logistics property located in France for 6.9 million euros (S$10.58 million) and three office assets in Poland for 69.38 million euros, with the four assets combined worth US$76.28.
The acquisitions are part of the Reit’s (real estate investment trust) larger acquisition of 23 properties across five countries in Europe for 384.4 million euros, announced last October. Read more>>
UK-based private equity firm Actis plans to launch a $500-million India-focused real estate fund this year, India’s Business Standard reported.
This is the second Asia real estate-focused fund floated by Actis after it raised a $750-million fund to acquire realty portfolio of Standard Chartered Private Equity (SCPE’s) in August last year. SCPE’s portfolio was spread across India, China, South Korea and Southeast Asia. Read more>>
T-Plus, the residential project in Tuen Mun made up of micro homes smaller than a car parking space, said on Friday it will suspend sales with immediate effect, without providing a reason for the halt.
The project, co-developed by mainland developer Jiayuan International Group and local developer Stan Group, announced the freeze after having sold just two units in the 356-unit project since its launch on November 29. Read more>>
Prime office rents in the Central business district are forecast to decline by as much as 7 per cent this year as mainland Chinese companies pare back their expansion plans amid uncertainties ranging from the US-China trade war to cooling domestic economic growth, according to Knight Frank’s latest global outlook report released on Thursday.
“There are already signs of market softening since November, the first time in 29 months. An uncertain China-US trade relationship and the mainland’s own market challenges have curtailed demands from some mainland firms for prime office space,” said David Ji, director and head of research and consultancy for Greater China at Knight Frank. Read more>>