In Mingtiandi’s latest roundup of regional news headlines, Singapore’s Mapletree adds a Japanese warehouse facility to its logistics trust, a South Korean-led joint venture makes its own logistics purchases in middle America, and Singapore’s Metro Holdings launches a student housing fund to acquire properties in Britain.
Mapletree Logistics Trust (MLT) has acquired a newly built freehold logistics facility in Hiroshima, Japan for JPY 6.37 billion ($62 million), the trust manager announced on Monday.
Completed in November 2020, Higashi Hiroshima Centre is a two-storey single-block dry logistics facility with a total gross floor area of 26,948 square metres (290,066 square feet) sited on freehold land of approximately 85,660 square metres. It is located in the Shiwa industrial and logistics cluster, an established industrial and logistics park, and is adjacent to the Sanyo Expressway, which provides access to Hiroshima city centre and Hiroshima Airport. Read more>>
South Korea’s IGIS Asset Management Co and Hana Financial Investment Co have jointly acquired three pre-completed logistics centres in the US for $390 million, which are under a long-term lease to Amazon, the company sources said on Monday.
They made the purchase via a joint venture with the US real estate developer Scannell Properties. The warehouses are located respectively in Stafford, Virginia; Kansas City, Missouri; and Lakeville, Minnesota. Under a 15-year contract with the US online retail giant with an extension option, the properties are scheduled to be completed in the second half of next year. Read more>>
Singaporean property group Metro Holdings has set up a new student accommodation fund named Paideia Capital UK Trust with property player Lee Kim Tah Holdings and construction and engineering group Woh Hup Holdings to acquire properties in the UK.
The fund, which has a first close of £60 million ($80.6 million), will acquire its first purpose-built student accommodation (PBSA) seed property known as Red Queen, Warwick for £21.5 million, Metro said in a bourse filing on Monday. Read more>>
Hong Kong’s COVID-hit economy has claimed another co-working office space operator.
Victory Offices, an Australian firm, has pulled down the shutters on its Hong Kong operations just over a year after its launch. The company closed its 25,000 square foot (2,323 square metre) space on the 76th floor of the iconic The Center last week, the SCMP has confirmed. Read more>>
The manager of CapitaLand Retail China Trust (CRCT) launched CapitaMall Nuohemule on 20 December with an occupancy rate of 100 percent.
The mall’s more than 200 committed tenants opened for business on the first day, which attracted a footfall of about 100,000 shoppers, close to four times the daily traffic of CapitaMall Saihan, based on the average daily traffic measured in November 2020. Read more>>
It managed to overcome the first and second world wars, the Great Depression, a fire, SARS and global financial crises.
Yet even a megastore like the 160-year-old Robinsons could not withstand the devastating effects of the COVID-19 pandemic. Read more>>
The sales of parking spaces in Hong Kong jumped 37 percent in the first 18 days of this month, as investors encouraged by the removal of the double stamp duty on non-residential property returned to the sector.
About 410 parking spaces have changed hands in this period, rising from 299 during the same period in November, according to Land Registry data. Only 237 parking spaces changed hands during a trough in the whole month of February. Read more>>