NTT UD REIT Investment executive director Takeshi Oodera
One of Singapore’s busiest activist investors seeks to boost its stake in a Japanese REIT, with that tender offer leading today’s headline roundup. Also making news, Tokyo-listed Kenedix REIT announces fresh acquisitions and China promotes a Hong Kong airport mega-project.
Singapore’s 3D Launches $160M Unsolicited Tender to Boost Stake in NTT UD REIT
Singapore-based 3D Investment Partners launched a $160 million unsolicited tender offer on Tuesday to boost its stake in Japan’s NTT UD REIT Investment, saying the trust’s portfolio was undervalued.
The activist fund manager is seeking to lift its stake to about 13 percent from the current 2.2 percent. Its holding would be for pure investment purposes and it has no plans to control the business through voting rights or executive appointments, according to a filing submitted by its proxy Citco Trustees. NTT UD REIT Investment units surged nearly 10 percent to trade at JPY 135,500, more than 3D’s per-unit offer price of JPY 131,890, which is about 7 percent higher than Monday’s close. Read more>>
Japan’s Kenedix REIT Buys Tokyo Apartments, Kanagawa Nursing Home for $34M
Tokyo-listed Kenedix REIT announced to the stock exchange on Thursday that it has decided to acquire an apartment building in the capital and a nursing home in Kanagawa prefecture’s Kawasaki city for a total of JPY 5.24 billion ($33.9 million).
Kenedix REIT intends to pay JPY 1.5 billion to acquire KDX Residence Suginami Honancho from sellers including Daiwa House Industry and JPY 3.73 billion to purchase Sompo Care Laviere Motosumiyoshi from the trust’s sponsor, Kenedix Inc. Read more>>
Hong Kong’s Mainland Masters Push for $13B Airport Mega-Project
A $13 billion project to turn Hong Kong’s airport into a sprawling city-within-a-city could serve as a test case for how much the local business community is willing to spend to show its loyalty to the Chinese government.
“We envisage that our airport will not be just a place for passengers to board their planes, or a portal for entering Hong Kong,” Fred Lam, chairman of Airport Authority Hong Kong, said at a presentation on 16 January. He said it would be a “landmark of its own and also a world-leading destination attracting visitors from within Hong Kong, its prosperous Greater Bay Area, as well as major markets in Asia and around the world.” Read more>>
Tokyo-Listed Developer Hulic Says Targets Achieved in 2024
Japanese development heavyweight Hulic announced its 2024 results on Thursday, saying it had achieved its fiscal 2025 profit target of JPY 150 billion ($970 million) a year ahead of schedule.
The company noted that it has now achieved 16 straight years of profit, while setting a target of JPY 180 billion in ordinary profit by fiscal 2027. Read more>>
Singapore’s URA Plans to Add 1,000 New Homes in Toa Payoh East
A major housing development is set to transform Toa Payoh East, with over 1,000 new homes expected to be built on a 3.6 hectare (8.9 acre) site at the intersection of Kim Keat Avenue and Toa Payoh East. The location previously housed Singapore’s first golf driving range within a public housing estate.
The Urban Redevelopment Authority announced the proposed amendment to the Master Plan 2019 on 24 January, designating the site for residential use with a plot ratio of 4.1. Read more>>
India’s Embassy REIT Says on Track to Hit Leasing Targets
Embassy REIT, India’s first publicly listed property trust, is progressing well towards its leasing guidance of 6.5 million square feet (603,870 square metres) and net operating income of INR 32.8 billion ($380 million) for 2024-25.
Growing demand, particularly from global capability centres, is seen as a key driver, with anchor markets like Bangalore, Mumbai and Chennai maintaining over 90 percent occupancy, said Embassy REIT CEO Ritwik Bhattacharjee. Read more>>
Hong Kong Holds Rates Steady in Lockstep With US Fed
Hong Kong’s monetary authority kept its key interest rate unchanged in lockstep with the US Federal Reserve, taking a breather after last year’s three cuts, in the first monetary policy decision of 2025.
The Hong Kong Monetary Authority maintained its base rate at 4.75 percent on Thursday, in line with market expectations. Hours earlier, the Fed left its target rate in the range of 4.25 to 4.5 percent, following the first Federal Open Market Committee meeting of the year. Read more>>
India Capability Centre Market to Grow by a Quarter, Says JLL
The number of global capability centres in India will exceed 2,500 over the next three to four years, as against over 1,950 now, according to JLL.
As of December there were more than 1,950 GCCs in the country, accounting for more than one-third of the occupied office stock in the top seven markets of India, the consultancy said. Read more>>
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