Korea’s NPS is rapidly becoming one of the world’s largest real estate investors.
In Mingtiandi’s latest roundup of regional news headlines, South Korea’s National Pension Service gives a second big-dollar mandate to a US fund manager, Singapore’s Chip Eng Seng is terminating its schools tie-up with a British partner, and a wealthy Indian family makes a conspicuous apartment purchase in Mumbai.
Korea’s NPS Gives $1B Real Estate Mandate to US Asset Manager
South Korea’s National Pension Service (NPS) has appointed US asset manager Russell Investments for a $1 billion global listed real estate mandate, the pension giant’s latest move to step up exposure to alternative assets.
This is Russell Investments’ second global real estate securities mandate from NPS, the company said in a statement on 24 December. Read more>>
Chip Eng Seng Scraps Kindergarten Tie-Up With Repton
The collaboration between Singapore’s Chip Eng Seng Corp and British firm Repton International Schools to establish international kindergartens in certain Asia-Pacific countries will terminate on 31 March 2021.
This came after Chip Eng Seng reviewed the tie-up in the context of its overall investments in the education business segment, in light of the rapidly changing environment amid the COVID-19 pandemic and other factors, the mainboard-listed company said in a filing on Monday evening. Read more>>
Outlook for APAC Logistics Assets Looks Bright Next Year
Property investment in Asia-Pacific is set to rebound by 15 to 20 percent in 2021, with logistics emerging as the key growth driver amid continuing demand from grocery retailers, health services firms and e-commerce providers, according to JLL.
In a low-return and low-interest-rate environment, logistics is likely to trump offices in most Asia-Pacific markets as investors home in on yields next year, the property consultancy said. Investments in build-to-rent multifamily residential properties, such as student housing, co-living and senior care, will also gain pace in 2021, it added. Read more>>
Singapore’s Starhill Global REIT Obtains S$550M in Debt Financing
The trustee of Starhill Global Real Estate Investment Trust (Starhill Global REIT) has entered into a five-year unsecured S$550 million ($414.2 million) facility agreement with a club of banks.
The agreement is for S$250 million in term loan facilities and S$300 million in revolving credit facilities (RCFs). Of the RCFs, S$100 million is uncommitted, Starhill Global REIT’s manager said on Monday evening. Read more>>
India’s Newest Mortgage Financier Seeks Conservative Growth
India’s newest mortgage lender is in no hurry to catch up in the crowded market.
Instead of aggressively expanding its asset book, Godrej Housing Finance will focus on acquiring 1,000 customers by March to test the sustainability of its systems and processes, said chief executive Manish Shah. Read more>>
Daftary Family Buys Pair of Mumbai Apartments for $13M
The pandemic does not seem to have impacted Mumbai’s super-rich; nor does it seem to be depressing real estate prices, which seem to be going through the roof if recent deals are anything to go by.
In fact, one of India’s costliest real estate deals has just been struck. The Daftary family, proprietors of Bharat Serums and Vaccines Ltd, one of the fastest-growing bio-pharmaceutical companies in India, has bought two apartments in the 22-storey luxury residential building, Carmichael Residences, on Altamount-Carmichael Road, for INR 101 crore ($13 million), sources in the real estate sector told the Free Press Journal. Read more>>
MNCs’ R&D Space Leasing in India Rose 5-Fold From 2014 to 2019
Gross office space leasing by multinational companies to set up R&D centres across major Indian cities stood at 14.13 million square feet (1.31 million square metres) in 2019, a nearly five-fold jump from 2014, as the country remains an attractive destination for global outsourcing, according to Cushman & Wakefield.
The property consultancy recently released its report titled Global Capability Centers — Making India the Cradle of Global R&D, which analyses the Indian global capability centres (GCC) industry, its evolution over the years and key growth drivers. 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.
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