A skyscraper down under leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that a three-way joint venture between a major Australian property group, a Tokyo-based developer and the real estate arm of a mainland China insurer has secured Salesforce as anchor tenant for its $1.3 billion commercial tower development.
In other news around the region, a Singapore-based property conglomerate has announced its intention to more than double its AUM in India to $5 billion, while a Lendlease-backed real estate investment trust has seen its IPO subscribed at the highest rate recorded by a Singapore REIT in the past five years.
Elsewhere, WeWork’s loss is our gain, says a rival of the US co-working giant.
A joint venture between Lendlease, China’s Ping An Real Estate and Japan’s Mitsubishi Estate Asia has launched its A$1.9 billion ($1.3 billion) skyscraper at Sydney’s Circular Quay with the signing of CRM software provider Salesforce as the anchor tenant.
The deal is expected to spur more leases in the precinct, which is undergoing a A$5 billion transformation as it adopts the moniker of the gateway to the country’s biggest city. Read more>>
Citing India as one of the group’s key markets, mainboard-listed property heavyweight CapitaLand on Tuesday said it plans to more than double its assets under management (AUM) in the country to S$7 billion ($5 billion) by 2024, from S$3.3 billion currently.
To achieve this, CapitaLand will invest capital towards growing its development pipeline, and work with capital partners to expand its fund management business over the next five years, it said. Read more>>
Lendlease Global Commercial REIT’s initial public offering has ended with its public offering 14.5 times subscribed, the REIT’s manager announced on Tuesday night.
Lendlease had offered 387.5 million units at S$0.88 ($0.63) each. Of this, 22.7 million units were offered to the public, with 13,640 valid applications for 330.4 million units received. The subscription rate of 14.5 times was the highest for a Singapore REIT in the last five years, said the manager. Read more>>
WeWork plans to spin off or sell two more of its recent acquisitions — SpaceIQ and Teem — in addition to others that have been reported, according to a source familiar with the matter.
After replacing its CEO and shelving its IPO, the company is looking to boost its balance sheet and focus on its core co-working business. As was reported last week, the company is looking to spin off Managed by Q, Meetup and Conductor, and it has already received interest, according to a source. Read more>>
Boustead Projects Limited’s 51 per cent-owned JV company, BP-TPM LLP, is buying IBM’s manufacturing facility in Singapore’s Tampines for S$77.4 million ($56 million).
Completed in 2010, the three-storey light industrial building has a gross floor area of 430,999 square feet (40,041 square metres). Read more>>
WeWork’s decision to abandon its initial public offering and the resulting turmoil at the shared office space provider has created an opportunity for major competitor IWG, said the shared office provider’s founder and Chief Executive Mark Dixon.
He said that potential tenants looking for office space and landlords looking for partners are heading for IWG because it has a sound and sustainable business that is profitable. This contrasts with the large losses reported by WeWork in its filings for the IPO, which also triggered questions about whether its business model worked. Read more>>
The owners of Cascadale condominium in Changi are making a second attempt at an en bloc sale at the same reserve price of S$270 million ($195 million), market agent JLL said on Tuesday.
The 25-year-old freehold property in District 16 was first launched for collective sale in May this year. Read more>>