An early investor in one of Asia’s largest logistics developers leads today’s real estate headlines from around the region with news that the South Korean company has wheeled some $408 million in cash out of its pre-IPO investment in ESR.
Korean investors are also making headlines in the US with one of the nation’s largest investment banks said to be closing in on a $120 million purchase of a student housing asset in Texas and GLP’s India partner, Indospace has acquired a new site in Gurgaon.
South Korea’s SK Corp. has sold part of its stake in ESR Cayman Ltd., an Asian logistics real estate developer, for KRW 480 billion ($408 million) as it moves to secure funds for other areas of growth.
The mainstay of the SK Group, the country’s third-largest conglomerate, said on Sept. 17 that it sold 140 million shares or 4.6% of ESR for HK$22.5 per share in a block deal. The Korean oil refiner bought a total of 11% in the logistics property developer for about 490 billion won in 2017. Read more>>
Korea Investment & Securities Co. Ltd. is close to acquiring a new student housing building near the University of Texas at Austin (UT Austin) for 140 billion won ($120 mn), said a company source on Sept. 16.
If the deal goes through, the transaction will become Korea Investment’s third purchase of US student housing portfolios totaling 1 trillion won within a year. Read more>>
Warehouse and logistics park developer IndoSpace, the real estate arm of Everstone Group, is in talks to acquire a 135 acre land parcel in Gurgaon for $38M, two people aware of the development said.
The land parcel, along national highway 8, belongs to Gurgaon-based developer Uppal Group and several other partners who own stake in it. Read more>>
The Farrer Park Company Pte Ltd has obtained a S$120 million green loan from United Overseas Bank Limited (UOB), the first such loan for a healthcare facility in Singapore. The loan is issued under the UOB Real Estate Sustainable Finance Framework and will be used to re-finance Connexion, Singapore’s first integrated healthcare and hospitality complex which houses the Farrer Park Medical Centre, Farrer Park Hospital and One Farrer Hotel.
The loan supports The Farrer Park Company’s continued efforts in ensuring that it is environmentally responsible in its operations. One of the features already implemented in Connexion’s design is the use of low-emissivity glass to reflect heat and to keep cool air within its premises for more efficient energy consumption. Connexion’s management also actively monitors energy and water consumption and pursues opportunities to lower its carbon footprint. Read more>>
Eagle Hospitality Trust (EHT) has served “pay/perform or quit” statutory notices to its master lessees in US states which have those requirements.
It means each master lessee is being made to pay the outstanding rent and/or perform the defaulted non-rent obligations within a deadline of between three and 15 days, according to the applicable state law. Read more>>
The Asia Pacific (APAC) region is an interesting market to be in right now, according to Chris Street, the EVP of Market Development at Princeton Digital Group (PDG). Certainly, PDG has put its money where its mouth is, growing from zero to 18 data centers that are either operational or in development within just three years.
“The APAC region has the largest GDP across the world,” said Street to DCD. He is convinced that the digital growth in the region will not only be rapid but will be sustained: The middle class is growing across the region, and as disposable income grows by leaps and bounds, it is driving up consumption in terms of e-commerce and digital content. Moreover, businesses here also place a higher level of emphasis on a digital-first approach, he says. Read more>>
China’s property foreclosures soared this year, as deteriorating job prospects and shrinking income amid the worst economic contraction in decades combined to weigh down on borrowers’ repayment ability, putting an end to the country’s debt-fuelled real estate rally.
As many as 1.25 million homes were foreclosed in China as of September 16, according to the Taobao e-commerce platform operated by this newspaper’s owner Alibaba Group Holding, compared to 300,000 in 2019 and 180,000 foreclosures put on the platform in 2017. Read more>>
The upcoming “golden week” holiday will come as a relief for Macau’s struggling casinos and hotels, as hordes of Chinese tourists are expected to travel to the gaming destination after restrictions for visitors from across the mainland are eased from next week.
Initial hotel bookings indicate that things are starting to look up for the former Portuguese colony’s economy, which depends heavily on mainland Chinese tourists. Read more>>