In today’s roundup of regional news headlines, Mapletree is reportedly in talks on the launch of a Singapore-listed student housing REIT, key stakeholders of the Myer Melbourne store make plans to cash out, and Adidas closes its shop in Hong Kong’s Central district.
Mapletree Investments is exploring the listing of a student housing REIT in Singapore that could raise about $1 billion, according to people familiar with the matter.
The company, which is owned by Singapore state investment fund Temasek Holdings, is in preliminary discussions with prospective advisors on the offering plan, the people said. An initial public offering could take place as soon as next year, said one of the people, who asked not to be identified as the information is private. Read more>>
A controlling stake in one of Melbourne’s best-known retail destinations, the Myer Melbourne store in the heart of the Bourke Street mall, is soon to hit the market as two of its co-owners, GIC and Nuveen, test demand for trophy assets after a year of turmoil.
It is understood that the two global investment houses — GIC is Singapore’s sovereign fund while Nuveen is an arm of Teachers Insurance and Annuity Association of America — have bided their time as the COVID-19 disruption hit major malls hard this past year. Read more>>
Adidas is exiting Hong Kong’s Central business district. The German sportswear giant signed a HK$4.34 million ($560,000) a month, or HK$52.1 million a year, lease for the 13,000 square foot (1,208 square metre) shop at 36 Queen’s Road in 2015. Removal staff were seen dismantling shelves and putting away stock on Wednesday.
“After a thorough review we have decided to close the Adidas Brand Center on Queen’s Road,” the company said on Wednesday. “We continue to have a strong presence in Hong Kong, with more than 20 Adidas stores and multiple franchise stores.” Read more>>
Units of Dasin Retail Trust rose two Singapore cents or 2.8 percent to 74.5 Singapore cents ($0.06) as of 11.41am on Thursday on news that ARA Asset Management could acquire a 5 percent stake in the Chinese mall landlord and a 50 percent stake in its trustee-manager.
The Business Times understands that this is a move to bring international partners to the underloved Chinese-sponsored REIT sector. ARA Asset Management would bring to the table its network of institutional investors, banking relationships and best practices such as in corporate governance, so that the trust sponsor, Zhongshan Dasin Real Estate, can focus on operating and improving the assets. Read more>>
Funds available to Eagle Hospitality Real Estate Investment Trust (EH-REIT) are “depleting … on a daily basis”, as it costs money to maintain and operate the existing hotel properties.
And DBS Trustee, which as the trustee of EH-REIT has been saddled with the task of looking after the interests of the various stakeholders of Eagle Hospitality Trust (EHT), said there are few options available. Read more>>
Presenting innovative technology products and solutions, 10 startup companies have been selected from nearly 300 submissions from 42 countries and cities to join PropXTech, a corporate innovation programme jointly launched by Sino Group and Ping An Smart City.
The organisers and participants share the belief in driving the development of the proptech industry, innovate real estate in the region and contribute to smart cities in all aspects from property development to management. Read more>>
Ascendas India Trust saw net property income rise 5 percent in the first quarter to INR 2.11 billion ($28 million) from INR 2.02 billion in the year-ago period.
In a business update after trading hours on Wednesday, the property trust attributed the increase to lower property expenses but said it was partly offset by lower total property income. Read more>>