Country Garden’s Risland Australia striking a deal to sell its remaining landholdings in Sydney
China’s Country Garden leads today’s headlines from around the region with its Australia subsidiary striking a deal to sell its stake in the developer’s last Aussie project. Also in the news, Macquarie Asset Management and PSP Investment are reportedly preparing to sell Aussie data centre operator AirTrunk, and Marina Bay Sands commits $750 million to the next phase of its reinvestment programme.
Country Garden to Sell Remaining Project in Australia
The Australian arm of troubled Chinese property giant Country Garden, Risland Australia, has struck a deal to sell its remaining landholdings in Sydney, a move that will mark the developer’s full exit from Australia.
Avantaus (previously known as Sunglow), another Chinese-backed private developer with a presence in Australia, has placed an option to buy the remaining parcels of land at the housing estate of Wilton Greens in Sydney’s southwest for A$240 million ($157 million). Read more>>
Macquarie Said to Be Preparing for $8B Sale of AirTrunk
AirTrunk’s owners are planning to kick off a process to sell the Australian data centre operator, people familiar with the matter said, in what could be one of Asia Pacific’s biggest digital infrastructure deals this year.
AirTrunk’s backers including Macquarie Asset Management and PSP Investments could seek a valuation of A$12 billion ($7.9 billion) in a potential sale, one of the people said, asking not to be identified because the matter is private. Other options include selling a controlling or partial stake, the people said. Read more>>
Marina Bay Sands Commits $750M to Phase 2 of Reinvestment Programme
Marina Bay Sands announced Thursday that it will invest $750 million in the second phase of its ongoing reinvestment programme, with a focus on enhancements to its third hotel tower, the hotel lobby, as well as the rooftop Sands SkyPark.
This comes on top of the $1 billion committed for the first phase, which is now in its final stages and has entailed a complete refurbishment of the other two hotel towers. Read more>>
WeWork’s Korea Downsizing Plan to Hit Office Market
WeWork plans to downsize its business in South Korea, according to banking sources on Sunday. Market watchers say investors that lease offices to the co-working space giant face a risk of vacancies.
WeWork Korea has sent letters to its landlords requesting adjustments to their lease agreements. The company has selected Alvarez and Marsal, a financial services firm specialising in turnaround management, to deal with the contract modifications. Read more>>
Greenland Apartment Complex in Sydney ‘at Threat of Collapse’ After ‘Serious Defects’
A four-tower retail and residential development in northwest Sydney is “at threat of collapse” after defects in the load-bearing concrete were identified by the state building commission.
The basement and ground floor of a Macquarie Park development at 23 Halifax Street were found to have “serious damage” and spalling in the concrete, due to “defective workmanship”, the New South Wales Building Commission said in a work rectification order made public this week. Read more>>
Japan’s Mizuho Hunting for Deals to Bolster Asset Management Business
Mizuho Financial Group is in talks with overseas asset managers about deals as the major Japanese banking group looks to more than double its assets under management to $1 trillion within 10 years, a senior executive told Reuters.
Mizuho, which has JPY 70 trillion ($474.7 billion) in assets under management, aims to join “the trillion-dollar club” within a decade, the head of its asset management business, Noriyuki Sato, said in an interview. Read more>>
Bank of Ireland Reportedly in Talks to Sell Hana Loan on London Building
The diverging fates of two London office blocks located less than a mile apart highlights how landlords with older properties and looming vacancies are facing the most pain.
The buildings, both acquired by Korean investors who splurged on European real estate in the years leading up to the pandemic, are currently under negotiation. While one has lost significant value as a result of rising rates, its imminent sale shows the prime office market is finding a floor. The other — which is facing potential vacancy and substantial upgrades — could indicate what lies ahead for all but the best buildings. Read more>>
Singapore’s Guoco Midtown Opens with Retail Space Fully Leased
GuocoLand has opened its 50,000 square foot (4,645 square metre) retail and lifestyle space at Guoco Midtown on Beach Road with a 100 percent take-up rate, the Singapore-listed property group said Wednesday.
The retail-lifestyle component is part of the integrated mixed-use development that includes 770,000 square feet of Grade A office space, the 219-unit Midtown Bay luxury residences and the 558-unit Midtown Modern, all connected to Bugis MRT Interchange Station. Read more>>
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