Microsoft’s main UK campus will soon be owned by Korean investors
Mainland China’s investor may have faded from the global stage, but their competitors from around the region are still playing a major part in real estate investments in key markets, as illustrated by a Korean investor’s recent role in a £100M UK deal. Also in the news, more Singapore office space is hitting the market, while there are still a few optimistic homeowners hoping for a big windfall through a collective sale. Read on for all these stories and more.
Korea’s AIP Backs £100M Buy of Microsoft UK HQ
The Valesco Group, the London headquartered European real estate investment manager, together with AIP Asset Management, the Seoul headquartered asset manager, have exchanged contracts to buy Microsoft’s UK HQ campus in Reading – formerly owned by Mapeley – for a gross purchase price of £100m.
The price represents a net initial yield of circa 6.6%. The investment is backed by a consortium of South Korean institutional investors. Read more>>
Three Floors in SG Office Tower Hit the Market for $45.5M
Three freehold office floors of The Octagon at 105 Cecil Street have been put up for bulk sale via tender, marketing agent Cushman & Wakefield announced on Monday (Oct 1). The tender exercise for the 14th, 15th and 17th floors of the 25-storey office building will close on Nov 1, 2018, at 3pm.
The Octagon is located at the junction of Boon Tat Street and Cecil Street, within walking distance of the Raffles Place and Telok Ayer MRT stations, and has two levels of basement car parks for season parking. Read more>>
SG Condo Owners Make Second Try at S$1.1B Collective Sale
Faber Garden is relaunching a collective sale exercise today at the same reserve price of $1.18 billion at which its first attempt closed without a sale six months ago. The public tender will close at 3pm on Oct 31.
The collective sale committee’s (CSC) minutes last month noted that members “reached a unanimous consensus” to relaunch the tender, “in view that there is no competing land supply around the same vicinity as Faber Garden”. Read more>>
ESR’s Phil Pearce on a Mission to Save Aussie Sheds
Phil Pearce, head of ESR Australia, has a mission to help create a new, long-term investor in the industrial property sector.
And he has already made his mark with an indicative non-binding offer for PropertyLink worth about $693 million. In turn, PropertyLink has made a similar non-binding tilt for Centuria Industrial Fund, in which ESR also has a stake. Read more>>
Death Gets a Bit More Painful in China
Dying can be an expensive business in China. A shortage of space in big cities and an ageing population have combined to dramatically push up the cost of laying someone to rest.
Now the government has stepped in with new rules designed to curb the skyrocketing price of storing a loved one’s ashes after death. In some major cities, this has outpaced the growth in property prices. Read more>>
China’s Real Estate Engine Lost Some Steam in Q3
The red-hot property bull run seen across China’s smaller cities may be tiring out, as government curbs intended to tame runaway prices rattle the housing sector, one of the economy’s most important drivers.
In second-tier cities, transaction volume of second-hand homes has plunged over the past two months. Frenetic new home sales are beginning to lose energy. And home prices have slid in some places, too. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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