Korean Investors Back $247M Dallas Warehouse Buy and More Asia Real Estate Headlines

Leading Asia’s real estate headlines today, a Korean investor consortium has teamed up with a US private equity firm to buy a warehouse complex near Dallas for $247 million and Singapore’s latest housing stats show prices holding steady as transaction volumes recover.

Also in the news, CapitaLand has secured a new green loan in Singapore, and Shanghai’s Fosun hopes to revive its bankrupt Thomas Cook business as an online travel agency.

Korean Investors Back $247M Dallas Warehouse Buy

Ocean West Capital Partners announced today that it has closed on the acquisition of a brand-new 2.3 million square foot distribution and warehouse facility in Dallas, TX with a purchase price of $246.7 million. The build-to-suit facility is leased long-term to a Fortune 500 investment-grade tenant, and expands the growing industrial joint venture partnership between Ocean West, Tiger Alternative Investors, Ltd, Korea Investment & Securities Co and Vereit, Inc..

Together this investment group has now acquired over $650 million of industrial assets over the past 15 months. This latest acquisition marks the seventh property in its portfolio, which is focused on single-tenant industrial assets with long-term leases to investment-grade rated tenants. Read more>>

SG Private Home Resale Deals Hit 2-Year High in Aug

The number of private non-landed homes resold hit a two-year high last month while prices firmed slightly in what observers see as another sign of the Singapore property market’s growing recovery from the effects of the Covid-19 pandemic.

An estimated 1,052 resale condominiums and apartments changed hands last month – up 7 per cent from July and 36.3 per cent higher than in August last year, according to flash figures from real estate portal SRX Property yesterday. Read more>>

SG Home Rental Deals Tumble in August

Rents for HDB flats and private apartments held steady in August but leasings took a big hit, with rental volumes falling to levels lower than during the circuit breaker period, going by flash data from real estate portal SRX Property on Wednesday.

August leasings for private condominiums and apartments tumbled 20.4 per cent month on month to 2,716 units. This is 47 per cent lower than a year ago and 42 per cent less than the five-year average volume for the month of August. Read more>>

CapitaLand Mall Trust Gets S$200M Green Loan From UOB

The manager of CapitaLand Mall Trust (CMT) announced on September 8 that its $200 million revolving credit facility has been converted into a sustainability-linked loan by United Overseas Bank (UOB).

The loan follows CMT’s first $200 million green loan secured on Oct 1, 2019, to finance the Building and Construction Authority Green Mark-certified properties in its portfolio. Read more>>

Wing Tai Holdings Aims to Buy Back Up to S$85M of Notes

Wing Tai Holdings is proposing to repurchase up to S$85 million worth of notes originally issued under its S$1 billion medium-term note programme.

The property developer said on Tuesday that it wants to buy back up to S$30 million in aggregate principal amount of its 4 per cent notes due 2021, S$25 million of its 4.5 per cent notes due 2022; S$15 million of its 4.25 per cent notes due 2023, and S$15 million of its 4.7 per cent notes due 2024. Read more>>

Fosun to Relaunch Thomas Cook as UK Online Travel Agent

Fosun Tourism is planning to give Thomas Cook’s brand a new lease of life in the global travel market after buying its intellectual property out of UK bankruptcy last year.

The Shanghai-based hospitality group wants to position for a recovery in travel demand by unveiling an online travel booking platform soon, according to a person familiar with its plan. It aims to tap UK travellers as the Covid-19 cases subside. Read more>>

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Note: An earlier version of this story referenced an earlier New York Times article regarding WeWork. That story was included as an oversight and is no longer current. Mingtiandi regrets the oversight.

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