India takes the lead in Mingtiandi’s roundup of real estate headlines today as a Blackstone-backed REIT aims to add $903 million in office assets to its portfolio. The manager of Asia’s biggest REIT also gets some ink as it renegotiates leases amid market turmoil.
Student housing also makes the news, as another Singaporean investor stocks up on specialised assets in Germany. Elsewhere, the rating of a Mumbai Trump Tower developer is cut to junk.
Embassy Property Developments could raise as much as INR 65 billion ($903 million) from the sale of office space to Embassy Office Parks REIT, its real estate investment trust joint venture with Blackstone, said people aware of the matter. The space is in Bangalore’s Embassy TechVillage project.
“We have received the offer from the Embassy sponsor and have some time to decide on it,” Embassy Office Parks Reit CEO Michael Holland said. Read more>>
Singapore Press Holdings (SPH) is diversifying its purpose-built student accommodation portfolio beyond the UK, with a €15.6 million ($18 million) acquisition in Bremen, Germany.
SPH’s wholly-owned subsidiary Straits Nine has entered into an asset purchase agreement with Liberty Living (Galileo Residenz) for the proposed acquisition. Read more>>
Link REIT, Asia’s largest real estate investment trust, is discussing rent relief with tenants at ten of its malls in Hong Kong after the city’s ongoing unrest has disrupted transport and forced many shops to close early or stay closed for days.
“Out of the 126 properties that we have in Hong Kong, we have around 10 properties where we have seen the need to have discussions with our tenants, and we’re doing that on a tenant-by-tenant basis, depending on times of closure,” said Nicholas Allen, the chairman of Link Asset Management, Link REIT’s manager. Read more>>
A Trump Tower developer in Mumbai, India’s financial hub, has been cut by Moody’s Investors Service further into junk, reflecting deepening problems for the country’s real estate sector.
Macrotech Developers, earlier known as Lodha Developers, has been cut by one step to Caa1, which indicates that the firm’s debt obligation is subject to very high credit risk. The company’s $325 million bonds mature in March next year. Read more>>
CapitaLand’s co-working brand Bridge+ is expanding to the CBD, in the group’s upcoming Grade A office development at 79 Robinson Road. This will be the second outlet of Bridge+ in Singapore.
Scheduled to open in the third quarter of 2020, Bridge+ 79 Robinson Road will cater to fintech companies and startups. Read more>>
Sabana Shari’ah Compliant Industrial REIT and ESR-REIT, two Singapore-listed real estate investment trusts, are being urged to merge by activist fund Quarz Capital Management.
Quarz began buying into Sabana REIT in 2018 and controls around four percent to five percent of the firm, chief investment officer Jan Moermann said. Read more>>
A 20-storey office and retail property in the heart of Singapore’s financial district is up for collective sale via tender.
Situated on a 2,035.4 square metre site with a 999-year land tenure (effective from 20 April 1826), the reserve price of S$780 million translates to an estimated land rate of S$2,833 per square foot per plot ratio. Read more>>