A pair of Asian funds targeting US properties lead today’s collection of real estate headlines from around the region as Mitsubishi Estate hopes to cash in on the US capital region’s thirst for data and Korea’s Mirae Asset aims for a $900 million warehouse fund.
Also in the news today, China’s Dalian Wanda is hoping to flog its Australian movie theatres and the saga of Sababa REIT takes a new turn as a founder of the Singapore-listed trust is fined for harassment.
Mitsubishi Estate aims to build seven US data centers near Washington DC by around the end of the decade at an estimated cost of 200 billion yen ($1.83 billion).
The Japanese developer sees data centers as a prime growth business considering the increasing demand from tech giants like Google and Apple. Mitsubishi Estate will construct the first two centers by February 2024 in a joint investment with equipment leaser Tokyo Century. Read more>>
Mirae Asset Global Investments Co. is set to launch a 1 trillion won ($900 million) blind pool fund to invest in US logistics facilities, into which the South Korean investment firm’s sister companies will inject 500 billion won.
Mirae Asset has recently signed a memorandum of understanding with Korean pension and savings funds to raise the other half of the fund, according to a report from the Maeil Business Newspaper. Mirae confirmed the report on Apr. 29. Read more>>
Wanda Film, part of the Dalian Wanda group, has appointed financial advisers in Australia and may be preparing to sell the Hoyts cinema chain, according to local reports.
According to the Australian Financial Review newspaper, investment bank Credit Suisse has been appointed by Wanda to find bidders for Hoyts. The bank’s task force, it says, is led by co-head of investment banking James Disney who has already informally been scouting for buyers. Read more>>
The former chief strategy officer and head of investor relations of Sabana Real Estate Investment Management was fined $8,000 yesterday for harassment.
Tay Chiew Sheng, 45, a co-founder of Sabana Reit, pleaded guilty to two counts of harassment. Another two similar charges were taken into consideration during sentencing. Read more>>
Real estate investors and landlords of older assets may be missing out on income opportunities and cost savings if they do not upgrade or repurpose their buildings, according to a JLL report.
Across the Asia-Pacific, rental rates for aged and outdated buildings are 10-40 per cent lower than well-managed, up-to-date properties in similar locations, the real estate consultancy’s research found. Read more>>
Mapletree Industrial Trust’s trustee on May 3 priced S$300 million of perpetual securities at 3.15 per cent.
In a bourse filing on Tuesday morning, MIT’s manager said its inaugural perp issuance drew “strong participation from a broad spectrum of investors”, resulting in oversubscription which led to a tighter price from the initial guidance of 3.375 per cent. Read more>>
Blackstone Group Inc expects demand for residential apartments to be resilient in some parts of Asia as millennials are renting their homes rather than buying them.
Housing markets in major cities in Australia, China and Japan are booming, spurred by low interest rates and improving sentiment among investors who believe the worst of the pandemic is likely over. Retention and renewal rates for apartments have been topping expectations, according to Alan Miyasaki, head of Asia real estate acquisitions. Read more>>