PAG Buying Aussie Buildout Firm for A$300M and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Hong Kong private equity firm PAG has reportedly signed a deal to acquire an Australian office design firm, logistics titan ESR begins building a nine-storey warehouse facility near Tokyo’s Haneda Airport, and Hong Kong’s New World Development has started marketing a 28-storey office tower in West Kowloon soon after the city lowered stamp duty on commercial space.

PAG Reportedly Buying Aussie Buildout Firm for A$300M

Buyout giant PAG Asia Capital is expected to help Australian office design, fitout and management group Unispace take on Asia after agreeing a deal of more than A$300 million ($222.7 million) to acquire the company.

Street Talk said PAG and Unispace’s owners, the firm’s founders and current and former executives, signed a binding deal on Sunday morning that will see PAG snap up a 100 percent equity stake in the business. Read more>>

ESR Breaking Ground on 9-Storey Warehouse in Tokyo 

A nine-storey multi-phased development near Haneda Airport will set new standards for modern logistics infrastructure, says ESR.

ESR Cayman Ltd, the largest APAC-focused logistics real estate platform, has commenced construction of the first phase of ESR Higashi Ogishima Distribution Centre in Japan’s Greater Tokyo Metropolitan Area. Read more>>

New World Kicks Off Sales for West Kowloon Office Tower

Hong Kong conglomerate New World Development (NWD) is selling a Grade A, 28-storey office building in the city’s first commercial property sale since it withdrew double stamp duty on non-residential property last month.

The building at 888 Lai Chi Kok Road in West Kowloon will be completed in 2022 and is expected to have a gross floor area of 580,600 square feet (53,940 square metres). It will be priced at HK$13,000 ($1,677) to HK$14,500 per square foot, said the agents, Centaline Commercial and Midland Commercial. The former is operated by Centaline Property Agency, and the latter is Midland Realty’s commercial arm. NWD won the land for HK$4.03 billion in 2017. Read more>>

CapitaLand Integrated Commercial Trust Sells S$250M of 2.15% Notes

A subsidiary of CapitaLand Integrated Commercial Trust has issued S$250 million ($187 million) in 12-year notes with a 2.15 percent coupon rate.

Wholly-owned unit CMT MTN issued the notes, which will mature on 7 December 2032, to institutional and/or sophisticated investors. Read more>>

Suntec REIT Trustee Lands S$900M Loan

The trustee of Suntec Real Estate Investment Trust has entered into a S$900 million ($673.3 million) facility agreement with various banks.

The facility will be used to finance or refinance acquisitions and/or investments, refinance existing borrowings, and/or for general working capital purposes, Suntec REIT’s manager said late Monday night. Read more>>

Thailand Offers Visas for Homebuyers Amid Condo Glut

Thailand will launch a new visa-for-cash plan targeting wealthy foreigners to help rescue the nation’s developers as the coronavirus pandemic worsens a supply glut amid the country’s worst recession on record.

The government will offer five-year residency from 1 January to investors who purchase a completed property worth at least THB 10 million ($331,560) from participating developers, according to Thailand Privilege Card, the state-owned operator of the visa programme. The property, mainly condominiums, must be held for five years. Read more>>

India’s Godrej to Develop Residential Project in Bangalore

Godrej Properties Ltd, one of India’s leading real estate developers, has entered into an outright transaction to purchase a well-located land parcel in Whitefield, Bangalore. Spread across about 18 acres (7.3 hectares), the project will offer 2.4 million square feet (222,967 square metres) of saleable area comprising primarily residential apartments of various configurations.

Whitefield is the largest commercial and residential real estate market in Bangalore, and the land parcel is situated near the proposed metro line connecting Whitefield to Hopefarm Junction. The site offers well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential and commercial spaces in close proximity. Read more>>

Lippo Mall Trust Manager Pushes Forward With Acquisition

The manager of Lippo Malls Indonesia Retail Trust will not be tabling an additional resolution at its extraordinary general meeting (EGM) on postponing voting for the proposed acquisition of Lippo Mall Puri, it said in an exchange filing on Monday morning.

Scheduled for 14 December, the EGM was to seek approval for, among other things, the acquisition of the mall. Read more>>

German Retailer Metro to Try Small Format Strategy in India

The local arm of German wholesale retailer Metro Cash and Carry last week said it would open more small-format stores, largely focused on traders, as kirana shops emerged as key providers of essential items to Indian consumers during the country’s protracted lockdown.

The wholesale retailer that operates 28 stores in the country recently opened its smallest India store in Karnataka’s Tumkur. The retailer that competes with Reliance Market, Walmart’s Best Price stores (now owned by Flipkart) and Lots Wholesale said it would open such stores in the country’s smaller cities, as cheaper real estate and a lack of organised retail in such markets open up new growth prospects. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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