Cargo 25 North Colonnade (Image: Knight Frank)
London’s collapsing office market may have cost Blackstone an opportunity to sell a Canary Wharf tower to an Asian investor, with that story leading Mingtiandi’s headline roundup today. Also making the list, units in a Singapore listed REIT of US office properties drop over 40 percent and WeWork seeks fresh cash as it struggles to exit lease commitments.
Blackstone Sale of Canary Wharf Building to Asian Investor Stalls
Blackstone has aborted a plan to sell a Canary Wharf office building to an Asian investor as fears about the future of the district weigh heavily on buyer sentiment.
The private equity firm was in negotiations to sell Cargo 25 North Colonnade, which is the new home of BP’s oil trading unit, to the unnamed Asian entity last year, but that deal has now collapsed, people with knowledge of the process said. Blackstone now expects to hold on to the building until sentiment improves, the people added, asking not to be identified as the process is not public. Read more>>
Keppel Pacific Oak US REIT Stock Drops Over 40% to All-Time Low
Units of SGX-listed Keppel Pacific Oak US REIT plunged by more than 40 percent on Thursday, following the manager’s shock announcement that it would suspend distributions for the next two years.
Keppel Pacific Oak US REIT’s manager announced a recapitalisation plan before the markets opened on Thursday, after its leverage rose to 43.2 percent amid a decline in portfolio valuation in 2023. Read more>>
WeWork Seeks Fresh Cash With Bankruptcy at ‘Critical Juncture’
Co-working giant WeWork is seeking fresh financing in order to finish negotiating rent cuts with landlords and exit bankruptcy, it revealed in a court filing.
The beleaguered company needs the funds mainly to pay rent on office spaces used by its customers, while it deliberates which buildings around the world to keep and which to shed as part of its Chapter 11 reorganisation. Read more>>
Equinix Expects Strong Adjusted Core Earnings on Data Centre Demand
Equinix on Wednesday forecast adjusted core earnings for fiscal 2024 above market expectations on signs of strong demand for its data centre services as more companies opt for cloud infrastructure.
Shares of the company rose about 2 percent in extended trading. The forecast fuels optimism that client spending on data centres is expected to continue throughout 2024 as more companies seek to infuse AI technology and automation into their workloads. Read more>>
Retail Element of Swire Miami Project Now 100% Leased
Brickell City Centre’s retail space is now fully leased, developer Swire Properties told investors last week.
Some of the space may be allocated to prospective tenants who have signed letters of intent, the report said. Read more>>
Developer China South City’s Woes Test State Support Once Again
China South City Holdings’ notes plummeted at a record pace after the builder defaulted on a dollar bond for the first time, reflecting fresh concerns over the extent of government support for the beleaguered sector.
The Shenzhen-based developer’s dollar bond due in December tumbled 17 cents to 25 cents on the dollar, set for its biggest one-day drop ever, according to Bloomberg-compiled prices. Four other of its dollar notes — three of which are due this year — all dropped by more than 10 cents. Read more>>
China’s Biggest Problem Is Lack of Confidence, StanChart CEO Says
China is facing a confidence deficit as its economy undergoes massive transition and concern grows over its ongoing property crisis, a top banking CEO said Monday while onstage at Dubai’s World Governments Summit.
“China’s biggest problem to me is a lack of confidence. External investors lack confidence in China and domestic savers lack confidence,” Bill Winters, CEO of emerging-markets-focused bank Standard Chartered, told CNBC during a panel discussion. Read more>>
India’s Godrej Properties Acquires Land Parcel in Hyderabad
Mumbai-based Godrej Properties has acquired 12.5 acres (5 hectares) of land in Rajendra Nagar in Hyderabad.
The land is estimated to provide 4 million square feet (371,612 square metres) of saleable area comprising mostly apartments with a revenue potential of INR 35 billion ($421 million). Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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