Manulife US REIT CEO Jill Smith has picked some office buildings near DC
Most of the region is on holiday today, but there’s still news to report leading with developers and investors from Asia making acquisitions in the US, Europe and Australia.
In addition to a Singapore-listed REIT buying a pair of office buildings outside of Washington DC, the city’s largest non-government-backed developer appears to be expanding its European ambitions through a REIT investment of its own, and one of China’s top developers is expanding its office portfolio in Sydney. Read on for all these stories and more in Mingtiandi’s headline roundup.
Singapore’s Manulife REIT Buying 2 US Assets for $122M
Manulife US REIT announced Monday that it will shell out $122 million to buy two office buildings near the Fair Oaks Mall in Virginia’s Fairfax county, touting the site as “a 30-minute drive from Amazon HQ2.”
In its announcement to the Singapore stock exchange, the trust, which focuses on US office assets, said it would pay for the acquisition of Centerpointe I and II from Carr Properties through an offering of new units. Read more>>
CDL Pays S$77.7M for Stake in European REIT
City Developments Limited (CDL) has paid $77.7 million to acquire a 12.4 per cent stake in IReit Global and half of the European property trust’s manager.
The developer bought the 50 per cent stake in trust manager IReit Global Group (IGG) for $18.36 million from Tikehau Capital, a European alternative asset management and investment group. Read more>>
Poly Australia Buys Pair of Sydney Office Buildings for A$46M
Real estate investor Australia Poly Holding has scooped up two office buildings on a prime Burwood Highway site for $45.85 million in one of the largest suburban office deals of the year.
The mainland China-backed Poly Holding has taken control of a 2.62 hectare block in Forest Hill, in Melbourne’s east, in a deal that netted the Sydney-based vendor a sharp passing yield of 4 per cent for the two, three-storey buildings on the site. Read more>>
Leighton Rapped for Dodgy Work on Kowloon Cultural Centre
Construction company Leighton Asia is facing questions on work quality at the East Kowloon Cultural Centre, with a report alleging substandard steel bars and fasteners.
The Architectural Services Department confirmed to Ming Pao that five samples of steel bars and fasteners had unacceptable instances of “permanent elongation.” A spokesperson said that the affected batch of materials will not be used in the construction, and additional testing will be conducted. Read more>>
Indian Co-Living Startup Wins Backing Lodha, Godrej
Co-living startup Housr Technologies Pvt. Ltd, which has been operating in stealth mode for the past six months, on Tuesday said it has raised funding from a clutch of senior real estate executives.
Abhishek Lodha, managing director and chief executive of Lodha Group; Pirojsha Godrej, executive chairman of Godrej Group; and Harsh Patodia, president elect of Confederation of Real Estate Developers Association of India (CREDAI) and chairman of Unimark Group, are among those who have backed Housr. Read more>>
Softbank-Backed Oyo Hotels Takes Aim at Student Housing
Oyo Hotels & Homes is entering the lucrative, yet untapped student housing market, as the SoftBank-backed hospitality chain continues to expand its suite of offerings to bring multiple real estate asset classes under its portfolio.
The Gurgaon-headquartered company expects to mark its entry into the sector by next quarter, through its long-term rental and managed residential business, Oyo Life, according to a senior executive in the company. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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