Clint’s industrial facilities in Mahindra World City, Chennai
CapitaLand India Trust is moving forward with a $21.6 million Chennai acquisition now that the pair of warehouses have been completed and leased, with that story leading Mingtiandi’s headline roundup today. Also in the news, Ping An wins a long-term lease for a London property and Korean banks can look forward to some fresh losses on overseas real estate deals.
CapitaLand India Trust Updates $21.6M Chennai Acquisition
CapitaLand India Trust has updated its acquisition of two industrial facilities in Mahindra World City, Chennai, for INR 1.8 billion ($21.6 million) – or below their total open market value of INR 1.9 billion as at 30 November, 2023.
On Tuesday, Clint’s trustee-manager said it expects the transaction to be fully funded by debt and internal cash resources. Read more>>
Lloyd’s Strikes Deal with Ping An to Stay at London HQ Through 2035
Lloyd’s of London has struck a new deal with Chinese insurer Ping An to remain at its One Lime Street headquarters until 2035, four years longer than its original lease agreement.
Lloyd’s said the lease extension would let it keep renovating workspaces, with both parties agreeing to invest in decarbonising and improving the energy efficiency of the building over the next five years. Read more>>
Top Korean Banks Face Losses on Overseas Real Estate Deals
South Korea’s top commercial banks — KB Kookmin, Shinhan, Hana, Woori and NongHyup — are facing a potential risk of suffering losses in overseas real estate investments amid a slowdown in the global property market following persistent high rates.
The balance of overseas real estate funds sold by the five banks stands at KRW 753.1 billion ($580 million), according to financial authorities. Of the amount, fund products worth KRW 257.1 billion are set to expire next year. Read more>>
Real Estate Companies Lead List of Distressed Korean Ventures
The number of companies showing signs of financial distress came to 231 this year, up 46 from the previous year, due in large part to soaring borrowing costs, government data showed Monday.
Real estate-related companies topped the list of financially unstable entities, followed by wholesale and commodity sales at 19, machinery and equipment at 18, rubber and plastic manufacturers at 18 and metal processing at 18. Read more>>
IOI Properties Eyes Tropicana’s Malaysia Retail, Hospitality Assets
IOI Properties signed a sale and purchase agreement last week to buy W Kuala Lumpur from Tropicana Corp for MYR 270 million ($57 million). But the two companies have yet to end talks as two more assets have been put on the negotiating table.
IOI Properties is said to be keen on buying Tropicana Gardens Mall in Kota Damansara, Selangor, and Courtyard by Marriott Penang, which together are valued at between MYR 800 million and MYR 1 billion. Read more>>
Wharf Hotel Arm Eyes More Openings in China and International Markets
Wharf Hotels, the hospitality arm of developer Wharf Holdings, is expanding its footprint in mainland China as the country’s tourism sector rebounds, in a move that also reflects its anticipation of higher occupancy ratios and increased room rates as corporate spending surges.
The company, which owns hotel brands Niccolo, Marco Polo and Maqo, is also considering new outlets both at home and abroad. Read more>>
Coliwoo Opens 15th Singapore Co-Living Location
Coliwoo has opened its 15th co-living property, the Coliwoo Hotel Pasir Panjang, a four-storey establishment at 404 Pasir Panjang Road. The brand, a co-living subsidiary within the real estate management services group LHN Group, disclosed in its announcement last September that it had acquired the Pasir Panjang property for $30 million.
The Pasir Panjang Road property spans 16,626 square feet (1,544 square metres) and is a freehold estate. Formerly the location of the Pasir Panjang Inn hotel, the group acquired the property vacant. Read more>>
Singapore’s Elite Commercial REIT Launches $35.4M Private Placement
Elite Commercial REIT launched a fully underwritten non-renounceable preferential offering at £0.27 per unit to raise about £28 million ($35.4 million).
The gross proceeds will be mainly used to repay debt and reduce gearing, strengthening the REIT’s balance sheet, said its manager on Tuesday. 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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