Mapletree Buys Brisbane Logistics Site for A$95M and More Asia Real Estate Headlines

A Singapore-listed real estate investment trust leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the REIT has purchased a logistics development site down under for $64 million.

In other news around the region, a Seoul-based financial group has underwritten a $145 million loan on a hotel project in New York that has been in a state of limbo since 2013, while a Softbank-backed budget hotel chain is expected to continue making losses until 2022.

Elsewhere, a Tokyo-based developer has signed a $33 million luxury retail deal in Bangkok.

Mapletree Buys Brisbane Logistics Development Site for A$95M

Listed Singaporean property REIT Mapletree Logistics Trust has bought 36 hectares of industrial land on Brisbane’s outskirts in a deal worth about A$95 million ($64 million) as institutional investors look beyond Sydney for better value.

It is understood the trust has agreed to terms with the vendor Pointcorp for the sale of the site, which will be part of the proposed 157 hectare Crestmead Logistics Estate, south of the Logan Motorway corridor in Brisbane. Read more>>

Hana Financial Underwrites $145M Loan for Stalled NYC Hotel Project

Hana Financial Investment has underwritten a luxury hotel development in New York with a $145 million loan, saving the project from bankruptcy, as South Korean brokerage firms are venturing into value-add and opportunistic real estate projects beyond overpriced properties.

The loan for the 96-room hotel development at 456 Greenwich Street in Tribeca consists of a $95 million senior tranche for resale to global investors and a $50 million mezzanine loan for domestic investors, according to a Hana Financial source. Read more>>

Losses to Continue at SoftBank-Backed Oyo Until 2022

SoftBank-backed Oyo Hotels and Homes’ internal projections showed it may not make a profit in India and China until 2022, even as the India-based hotel chain revealed a six-fold rise in losses during fiscal year 2019.

The losses highlight rapid expansion by Oyo into China, the United States, the United Kingdom and other markets, which has made the six-year-old startup one of the world’s biggest hospitality brands by room count. Read more>>

SoftBank’s Valuation Methodology Under Fire after $4.6B WeWork Hit

In early 2018, the founders of Chinese artificial intelligence start-up SenseTime Group flew to Tokyo to see billionaire investor Masayoshi Son.

As they entered the offices, Chief Executive Officer Xu Li was hoping to persuade the head of SoftBank Group to invest $200 million in his three-year-old start-up. Read more>>

Mitsubishi Signs THB 1B Luxury Retail JV

Central Pattana (CPN), the SET-listed retail and property developer under Central Group, has teamed up with Mitsubishi Estate, one of Japan’s leading developers, to increase the competitiveness of Central Village luxury outlets in Southeast Asia.

The company on Tuesday signed a joint venture agreement worth THB 1 billion ($33 million) with Mitsubishi Estate through the latter’s Singapore-based subsidiary Mitsubishi Estate Asia for a collaboration to operate Central Village in Thailand. Read more>>

SG-Listed Developer Puts KL Travelodge on the Market

CATALIST-listed Singapore company ICP Ltd has put Travelodge City Centre, located near Central Market in Kuala Lumpur, up for sale as part of a strategy to become asset-light. The property is ICP’s sole hotel asset in Malaysia and was rebranded a Travelodge in November last year.

Formerly known as Hotel Geo Kuala Lumpur, the property was purchased for RM85.5 million from Geo Metal Sdn Bhd in September 2017. It was then upgraded to the standards of the Travelodge brand. Read more>>

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