Conrad Seoul hotel
Brookfield is putting the Conrad Seoul hotel on the market for over $370 million to lead our headline roundup today. Also in the news, AirTrunk aims to develop a new data centre in Osaka as the company’s third project in Japan, and Colliers sees Hong Kong commercial property investment plunging 65 percent this year.
Brookfield Looks for Buyer for Conrad Seoul at Over $370M
Brookfield Asset Management is seeking to sell the five-star Conrad Seoul hotel for more than KRW 500 billion ($369.5 million), tapping real estate investment firm JLL as a financial advisor, banking sources said Tuesday.
The Canadian alternative asset manager acquired the International Finance Center Seoul, comprising the luxury hotel, three office towers and a shopping mall, for KRW 2.55 trillion from AIG in 2016. Located in the capital’s Yeouido financial district, the landmark has 506,314 square metres (5,449,919 square feet) of floor area. Read more>>
Goldman Sachs Q3 Profit Falls on Real Estate Hit
US investment bank Goldman Sachs reported a fall in third-quarter profits on Tuesday, noting net losses in equity investments compared with a year ago.
The bank reported profits of $1.9 billion, down 36 percent from the same period last year. Net revenue was essentially unchanged in this timeframe, at $11.8 billion. Read more>>
ESR Buys Land in Nagpur, Will Invest $48M to Build Logistics Park
ESR Group on Tuesday said it has acquired 58 acres (23 hectares) of land in India’s Nagpur to build a logistics park and will invest INR 4 billion ($48 million) in the construction and development.
ESR said the land has a total development potential of 1.4 million square feet (130,064 square metres). Read more>>
AirTrunk to Build 20MW Data Centre in Osaka
APAC-focused data centre firm AirTrunk is to develop a new facility in Osaka. Announced this week, OSK1 will be the company’s third data centre site in Japan and first outside of the Tokyo region.
Set in west Osaka, the facility will offer 20 megawatts of capacity across a 16,500 square metre (177,605 square foot) building with 5,400 square metres of technical space. Read more>>
KIC Criticised for Relying on Foreign Managers for Alternative Investment
Korea Investment Corporation entrusted most of its money for investments in alternative assets such as real estate and private equity to foreign managers, causing calls for more assignments to local financial companies for such deals.
The world’s 14th-largest sovereign wealth fund allocated $28.1 billion to 137 offshore asset management companies for alternative investments last year, or 99.6 percent of its $28.3 billion total entrusted funds for such investments, according to Jung Taeho, a lawmaker of South Korea’s main opposition Democratic Party. Read more>>
Hong Kong Commercial Property Investment to Drop by 65%: Colliers
Investment in Hong Kong commercial property this year is likely to fall 65 percent year-on-year to HK$26 billion ($3.33 billion), a 15-year low, as a slow economic recovery in the city and mainland China as well as elevated interest rates weigh on sentiment, property consultancy Colliers said.
As recently as July, Colliers had estimated in a report that investment in office, retail and industrial spaces, serviced flats and hotels would reach HK$35 billion, a forecast well below the HK$73.4 billion worth of deals recorded in 2022 but stronger than the latest estimate. The report tracked property investment deals worth at least HK$100 million. Read more>>
Thailand’s MQDC to Open Co-Working Centre in Gurugram
Thailand-based Magnolia Quality Development Corporation will soon open its second co-working centre in India and has taken on a lease for 42,000 square feet (3,902 square metres) of office space in Gurugram.
MQDC already has one co-working facility in South Delhi and is opening its second facility, Whizdom Club India at Golf Course Road in Gurugram, next month. Read more>>
Orchard Road Rejuvenation Needs to Go Beyond Retail
Rejuvenating Orchard Road will require creativity on the part of the various developers undertaking mega mixed-use developments there.
Market watchers said they hope to see the area turn into a lifestyle destination incorporating not just the usual retail offerings, but also luxury homes and hotels, offices, as well as healthcare and lifestyle facilities. Read more>>
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