William Tay, executive director and CEO of CapitaLand Ascendas REIT’s manager
One of Singapore’s busiest listed trusts leads today’s look at real estate news from around the region, with CapitaLand Ascendas REIT completing a UK logistics acquisition. Also in the news, a tender for a Singapore rental residential project receives 13 bids and a US private equity firm aims to double its India bets.
CapitaLand Ascendas REIT Completes UK Logistics Acquisitions
CapitaLand Ascendas REIT announced to the Singapore Exchange on Wednesday that it has completed its purchase of a pair of logistics sites in England’s East Midlands area.
The REIT managed by CapitaLand Investment had announced its $274 million acquisition of the plots from DHL just over a week ago, adding to its existing 38 logistics assets in the UK. Read more>>
Singapore Bungalow Park Project Draws 13 Bids for Master Tenancy Deal
A state tender for a cluster of heritage properties in Singapore’s Moulmein Road drew a strong turnout when it closed in August, attracting 13 bids vying for master tenancy of the 44 buildings on the site.
The state-managed buildings stand in a park-like compound on a 985,350 square foot site with an estimated gross floor area of 139,705 square feet (12,979 square metres). Of the 44 buildings, 23 are subject to addition and alteration guidelines to retain the character of the site. Read more>>
Apollo Vows to Double India AUM in Next Three Years
Apollo Global Management plans to double its assets under management in India to $4 billion over the next three years, as it looks to capitalise on the booming private credit market — an opening also attracting other global giants.
“India is a big opportunity for global private credit funds like us, as traditional banks cannot fund the entire economic growth story,” said Matthew Michelini, head of Apollo’s Asia Pacific business. Read more>>
China’s JD Opens Dubai Warehouse Bringing UAE Network to Six Facilities
China’s JD.com on Monday announced the opening of a Dubai warehouse as its first asset investment in the emirate. Spanning more than 10,000 square metres (107,639 square feet), the project is the e-commerce giant’s sixth in the United Arab Emirates.
The Dubai project was launched after JD last month announced a development plan for a 70,000 square metre logistics hub in Abu Dhabi. Read more>>
Shanghai’s Lujiazui Group Sells Pudong Rental Apartment Project to State Fund for $131M
The first rental residential project in Shanghai’s Qiantan area has been transferred to a state-owned investment fund for RMB 945 million ($131 million), according to a local media account.
Developed by SOE developer Lujiazui Group following a tender in 2014, the 57,943 square metre (623,693 square foot) project sold for the equivalent of RMB 15,929 per square metre. Read more>>
Chairman of Mainland Developer Vantone Detained, Shares Swoon
Shares of Vantone Neo Development Group dropped after the Chinese developer said chairman Wang Yihui has been detained by the police.
Vantone closed 7.6 percent lower in Shanghai on Tuesday. Its shares had been volatile recently, surging more than 50 percent earlier this month after the firm revealed plans to take over chipmaker Sudo Information Technology. Read more>>
Hong Kong Developer Parkview Gets Three-Month Extension on $940M Loan
Hong Kong’s Parkview Group has secured a three-month extension on a $940 million loan that was due on 15 August, according to people familiar with the matter, giving the developer more time to work on a refinancing deal with banks.
The loan, backed by the Parkview Green complex in Beijing’s Chaoyang district, will now mature in November, the people said, asking not to be identified discussing private matters. Parkview risked a potential default had it not managed to secure the extension, as lenders would have had the option to demand immediate repayment when the facility matured. Read more>>
Mainland Student Demand Drives Hong Kong Residential Yields to 13-Year High
Rental yields in Hong Kong rose to their highest level in more than 13 years in June, fuelled by strong leasing demand from mainland Chinese students, even as falling mortgage costs made property ownership more affordable compared with renting, according to Centaline Property.
The Centaline Rental Index Yields, which tracks residential rental yield, rose for a second straight month to 3.56 percent in June, the highest since November 2011, according to data released Monday. 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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