The BentallGreenOak team up in Toronto have some fresh backing for their UK fund
In today’s roundup of regional news headlines, Korean investors pledge more than $240 million to BentallGreenOak’s UK-focused real estate debt fund, Seoul-based Hana Alternative Asset Management trumps 16 Japanese bidders to win an Osaka logistics property, and Singapore’s Keppel Land will acquire a 60 percent stake in a Vietnam housing venture.
Korean Investors Commit Over $240M to BentallGreenOak Fund
A UK-focused real estate debt fund managed by New York-based BentallGreenOak has received a combined £170 million ($241 million) in commitments from three South Korean institutions, including the Korean Teachers’ Credit Union.
The blind pool fund, targeting KRW 1.5 trillion ($1.3 billion), is investing in real estate secured loans of office buildings and logistics and data centres in major cities in Britain. The fund aims to provide an annual return of 9 percent with an investment period of 10 years. Read more>>
Hana Buys Osaka Logistics Centre for $135M
South Korea’s Hana Alternative Asset Management has beat out 16 Japanese bidders to acquire a logistics centre in Osaka for JPY 14.8 billion ($135 million).
The transaction marks the first investment by a South Korean firm in Japan’s real estate market since the outbreak of the global pandemic. It is expected to deliver a return of more than double the 4 percent average of domestic logistics real estate. Read more>>
Keppel Land Buying 60% Stake in $35.6M VN Housing JV
Keppel Land is acquiring a 60 percent interest in Phuoc Kien Construction Investment from Vietnamese developer Phu Long Real Estate for VND 367.5 billion ($21.6 million).
Post-completion, Phu Long will hold the remaining 40 percent interest in the company, which owns a plot of land located at Nha Be District, Ho Chi Minh City for which land use rights certificates have been issued. Read more>>
PropertyGuru to Acquire REA Group’s Malaysia and Thailand Units
Singapore real estate startup PropertyGuru has agreed to acquire all of the shares in REA Group’s operating entities in Malaysia and Thailand, whose sites include iProperty.com.my and thinkofliving.com.
As part of the agreement, Australia’s REA Group, which is majority-owned by Rupert Murdoch’s News Corp empire, will get an 18 percent equity interest in PropertyGuru and appoint a director to its board, the Southeast Asian company said in a statement on Monday. No price has been disclosed for the deal. Read more>>
US Court Won’t Freeze Funds of Former Eagle Hospitality Directors
A US judge labelled some actions of former Eagle Hospitality Trust directors Howard Wu and Taylor Woods as “purposeful and fraudulent”, but ultimately decided that there was no “irreparable harm” for now.
Christopher Sontchi, a bankruptcy judge in the District of Delaware, had decided not to grant Urban Commons Queensway a preliminary injunction to freeze sufficient funds of Wu and Woods to recover $2.4 million. Read more>>
Co-Living Brand Hmlet Checks Out of Australia
Struggling co-living operator Hmlet has fled the Australian market, closing its operations, going into voluntary liquidation, walking out of seven lengthy head leases and leaving A$508,000 ($392,742) in unpaid debts — an amount that administrator KordaMentha believes will increase.
The company’s three main landlords have been hit hardest and are owed more than A$400,000 by Hmlet Australia, according to Australian Securities and Investment Commission documents. Read more>>
Daughter of Former HK Fin Secretary Buys Mid-Levels Flat for $11.06M
A wealthy buyer sharing the same name as the daughter of former financial secretary Antony Leung’s daughter has snapped up a luxury flat in Hong Kong as house prices approach record highs once again.
A flat at the exclusive Regent on the Park in Mid-Levels was bought for HK$85.8 million ($11.06 million) in late April by a Leung Sze Yu — the same name as Leung’s 18-year-old daughter — Land Registry records revealed on Friday. Leung declined to comment when his company was contacted by the South China Morning Post. Read more>>
Get Vaccinated in Hong Kong, Win $1.4M New Apartment
Hong Kong developers are offering a $1.4 million apartment as a prize for residents who have been vaccinated for COVID-19, as local authorities grapple with widespread reluctance to get inoculated.
Sino Group’s philanthropic arm Ng Teng Fong Charitable Foundation and Chinese Estates Holdings are offering a brand-new apartment in their Grand Central project in the Kwun Tong area, the companies said in a statement Friday. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply