Country Garden and Sunac are said to be pursuing bids for JLL’s China property management business
In today’s roundup of regional news headlines, JLL China’s property management business reportedly attracts several local suitors, ESR-REIT looks to raise cash to fund acquisitions in Singapore and Australia, and the owner of The Straits Times prepares to spin off its media business so it can focus on real estate.
JLL China Eyes $500M From Sale of Property Management Biz
JLL’s property management business in China has attracted prospective suitors, including Country Garden Services Holdings, as the US firm seeks more than $500 million in a sale, according to people familiar with the matter.
The property management arm of Chinese developer Country Garden Holdings is working with an adviser to evaluate a potential offer, said the people, who asked not to be identified as the information is private. China Resources Mixc Lifestyle Services and Sunac Services Holdings have also shown interest in the asset, the people said. Read more>>
ESR-REIT to Raise $112M for Singapore, Australia Buys
ESR-REIT is looking to raise about S$150 million ($112.4 million) via a private placement and preferential offering to fund its S$119.2 million acquisition of a Tanjong Penjuru logistics facility, as well as asset enhancement initiatives for properties in Tai Seng and Ang Mo Kio.
The REIT has also obtained a S$68.5 million unsecured loan to finance the acquisition of a 10 percent interest in a GIC-majority-owned Australian logistics investment for A$60.5 million ($46.9 million). Read more>>
Singapore Press Holdings Goes All Real Estate in Restructuring
Singapore Press Holdings, a newspaper publisher and real estate company, said Thursday that it would spin off its troubled media business into a not-for-profit entity, CNBS reports.
The company’s media business includes English broadsheets The Straits Times and The Business Times, as well as Chinese newspaper Lianhe Zaobao. Read more>>
HK Home Prices to Rise This Year, Says S&P
Hong Kong’s residential prices will rise by as much as 5 percent this year, US rating agency S&P Global Ratings said on Wednesday.
The agency said buoyant housing demand, a chronic shortage of land and housing supply, and a consistently low interest rate environment will support price rises. It joins a chorus of industry observers, which has forecast that Hong Kong residential prices will rise this year. Read more>>
Retail Investors Underwhelmed as SF REIT IPO Opens in Hong Kong
SF REIT, a spinoff of Chinese courier giant SF Holdings, was met with a lukewarm response upon its Hong Kong IPO.
Mom-and-pop investors placed HK$407 million ($52.4 million) worth of orders through margin financing, meaning its retail portion was oversubscribed only 0.52 times, data from 11 local brokers showed. Read more>>
Mapletree Industrial Trust Manager Touts Diversified Tenant Base
Despite the challenging operating environment amid the uncertain nature of the ongoing COVID-19 pandemic, Mapletree Industrial Trust remains resilient because of its large and diversified tenant base, its manager said Wednesday.
The manager said in a corporate update filed with the Singapore Exchange that this diversification ensures that the trust is not overly dependent on any single tenant or trade sector while it focuses on tenant retention to maintain a stable portfolio occupancy. Read more>>
Frasers Logistics & Commercial Trust’s H1 DPU Up 9.5%
Frasers Logistics & Commercial Trust on Thursday posted a 9.5 percent rise in distribution per unit to 3.8 Singapore cents for the first half ended 31 March from 3.47 Singapore cents for the comparative period the year before.
This came amid record revenue for the period, boosted by contributions from Frasers Logistics Trust’s merger with Frasers Commercial Trust in April 2020. Read more>>
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