Korea’s Mirae is getting deep into Texas
In today’s roundup of regional news headlines, South Korean investment firm Mirae buys a warehouse in Texas, Singapore’s Wee Hur plans to sell a stake in its student accommodation fund, and the offer price for a Melbourne office complex up for sale by Blackstone and Brookfield is predicted to reach $1.5 billion.
Mirae Buys Houston Distribution Centre for $190M
South Korea’s Mirae Asset Global Investments has acquired a 1.5 million square foot (139,355 square metre) distribution centre located on a headquarters campus in suburban Houston for $190 million.
The property is 100% net-leased on a long-term, absolute triple net-lease basis to Academy Sports + Outdoors—one of the leading full-line sporting goods and outdoor recreation retailers in the US. Read more>>
Singapore’s Wee Hur to Sell Stake in Aussie Student Housing Venture
Less than an hour after the Singapore stock market opened for trading on Friday, shares of Wee Hur Holdings soared after the company announced that it was selling a 9.9 percent stake in its student accommodation fund in a deal that was 2.8 times its book value.
Shares of the property developer and builder rose 8.6 percent to S$0.215 ($0.16) at 9.16am, with almost 444,000 shares changing hands. Read more>>
Bids for Blackstone-Brookfield Melbourne Complex Could Surpass $1.5B
Local fund managers are lining up against deep-pocketed offshore bidders to acquire stakes in Melbourne’s Southern Cross towers from Blackstone and Brookfield, a sell-down that could nudge close to A$2 billion ($1.46 billion) and become one of the largest such deals yet in the city’s CBD.
Along with the sheer scale of the potential investment in the two Bourke Street towers — a major vote of confidence in the long-term recovery of the city’s office market after two years of intermittent lockdowns — pricing on the deal will be just as closely watched as a benchmark for office tower values. Competition for the assets is expected to push the yield to 4.5 percent or below. Read more>>
CDL, MCL Kick Off Sales of Singapore Condo Project
City Developments Ltd and MCL Land will start marketing a 407-unit condominium, Piccadilly Grand, this weekend, in the first of a batch of upcoming launches that will be closely watched to gauge sentiment and demand in Singapore.
The 99-year leasehold project in the Farrer Park area would be the first major private residential development to come to market since cooling measures were introduced four months ago. Read more>>
Keppel Corp Posts Higher Q1 Profit
Singapore-listed Keppel Corporation logged higher net profit for the first quarter ended March from a year ago, with three key segments putting up a better showing.
Group revenue grew 9 percent year-on-year to S$2.07 billion (now $1.5 billion), led by higher contributions from the energy and environment segment. The other key segments, asset management and connectivity, also registered improved performance, Keppel said Thursday in a business update. Read more>>
Digital Core REIT Posts $12.1M in Q1 Distributable Income
Singapore-listed Digital Core REIT on Thursday posted $12.1 million in first-quarter distributable income, beating its initial public offering forecast of $11.9 million by 1.9 percent.
Gross revenue was 0.1 percent lower than its IPO forecast, at $26.5 million, for the first-quarter period. Read more>>
Sabana REIT Reports 85.2% Portfolio Occupancy in Q1
Sabana REIT reported business updates for its operations in the first quarter, citing “healthy” portfolio occupancy in the first three months of the year.
Sabana REIT said its portfolio occupancy hit 85.2 percent during the period. Excluding 1 Tuas Avenue 4, which is marked for redevelopment, occupancy would have been 88.2 percent. Read more>>
Evergrande to Present Payment Proposal to Onshore Bond Holders
China Evergrande Group’s onshore unit will next week meet with holders of an onshore bond to vote on a proposed interest payment extension, the latest attempt to gain time to ease liquidity stress.
That proposal comes after Zhenro Properties’ key onshore unit won investor approval to push back repayment of the majority of a RMB 627 million ($97 million) asset-backed security tranche by a year. Read more>>
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