In today’s roundup of regional news headlines, a Korean asset manager buys nearly half of an office asset in midtown Manhattan, PGIM Real Estate exits an investment in Seoul, and a Warburg Pincus affiliate takes a stake in an operator of student housing in India.
South Korea’s JR AMC has signed a $140 million agreement to buy a 49.9 percent stake in a New York office building from JPMorgan Asset Management.
Once the deal is completed next month, the Korean asset manager will transfer the equity interest to JR Global REIT, a real estate investment trust listed on the Korea Exchange, within the year, according to investment banking sources. Read more>>
PGIM Real Estate has sold the Jung-An Building office asset in Seoul to an undisclosed buyer.
Sources told IPE Real Assets that PGIM and its partners sold the asset to a South Korean fund manager for KRW 105 billion ($93 million). Read more>>
Good Host Spaces, an Indian owner-operator of purpose-built, on-campus student housing, announced that Baskin Lake Investment, an affiliate of private equity giant Warburg Pincus, has become a significant shareholder in the firm through acquisition of HDFC’s 24.48 percent stake, along with a primary investment in the company.
Existing shareholders Goldman Sachs and Baskin Lake will support the future growth of Good Host by investing additional capital to fund the company’s growth objectives. Read more>>
China Evergrande Group raised about HK$10.6 billion ($1.4 billion) selling shares in its electric vehicle unit, the latest effort by the nation’s most indebted developer to boost capital, Bloomberg reports.
The sale amounts to about 2.7 percent of outstanding shares in China Evergrande New Energy Vehicle Group, the real estate firm said in a filing to the Hong Kong stock exchange on Thursday. Evergrande NEV tumbled as the shares were sold at a 20 percent discount. Read more>>
Hwa Hong Corporation has announced that via its wholly-owned subsidiary, Singapore Warehouse Company, it has committed to invest £15 million ($21 million) in Shorea Capital London Office Fund.
As the name of the fund suggests, it will be investing in “value-add opportunities” in the central London commercial property market. Read more>>
Chinese policymakers have revived efforts to roll out a much-anticipated property tax as part of a drive to tame soaring home prices that are beyond the affordability of the young generation.
The Finance Ministry said it had attended a high-level meeting with the Budget Commission of the Standing Committee of the National People’s Congress, the Housing Ministry and the State Taxation Administration to solicit opinions from city representatives, experts and scholars on a pilot scheme for implementing the real estate tax. Read more>>
Sasseur REIT, which owns outlet malls in China, posted a 31.9 percent rise in its distribution per unit to 1.759 Singapore cents for the first quarter ended 31 March 2021 from 1.334 Singapore cents a year earlier.
Distributable income for the first quarter rose 47.8 percent to S$23.6 million ($17.7 million now) from S$16 million a year earlier. This was propelled by “strong business recovery” from the COVID-19 pandemic, as well as asset-enhancement initiatives, resulting in greater diversity in trade mix and operational efficiencies, the manager said. Read more>>
APAC Realty’s net profit for the first quarter ended 31 March more than doubled year-on-year to S$7.5 million ($5.6 million now), owing to revenue gains from an increase in transaction volumes in the new-home and resale segments.
The surge was driven mainly by local buyers, young couples and HDB upgraders amid strong global liquidity and a low-interest-rate environment, APAC Realty said in its first-quarter business update. Read more>>