GIC chief executive Lim Chow Kiat
GIC teams with a Canadian REIT to buy a North Vancouver industrial project, with that deal leading today’s headline roundup. Also in the news, Singtel’s Nxera secures financing for a Singapore data centre and Temasek’s SeaTown lends $100 million to Chinese developer Hopson.
GIC and Dream Industrial REIT Buy Vancouver Project for $100M
A joint venture between Singapore sovereign fund GIC and Toronto-listed Dream Industrial REIT has purchased an industrial project in North Vancouver for C$143 million ($99.7 million), according to a local news account.
The JV acquired the 27.5 acre (11.1 hectare) industrial site from Vancouver-based developer Wesbild, according to a report by industry portal Storeys, with properties on the site said to be 99.9 percent occupied across their 860,000 square feet (79,897 square metres) of lettable area. Read more>>
Singtel Unit Nabs $475M Green Loan for Tuas Data Centre
Singtel’s regional data centre arm, Nxera, has secured a S$643 million ($474.9 million) five-year green loan to finance the development of its DC Tuas project in Singapore. The loan for the 58-megawatt facility was arranged by DBS, OCBC, Standard Chartered, HSBC and UOB, which are financing the loan and have been appointed as green loan coordinators.
The loan proceeds will go towards funding the development and capital expenditure of DC Tuas, which has already received Green Mark Platinum certification from Singapore’s Building and Construction Authority and Infocomm Media Development Authority. Read more>>
Temasek’s SeaTown Lends $100M to Mainland Developer Hopson
Chinese builder Hopson Development has obtained a new private loan of $100 million to refinance a facility that backed the purchase of some property in Hong Kong, according to people familiar with the matter.
SeaTown, a subsidiary of Singapore state investor Temasek, provided the one-year loan to Hopson, said the people, who asked not to be identified discussing private matters. The facility is set to mature around the end of November or early December, the people said. Read more>>
Gemdale Sells California Office Complex at 14% Loss
A US unit of Chinese developer Gemdale has sold a California office campus at a 14 percent loss, four years after buying the Calabasas property from a Fortress Investment Group-backed fund, according to public statements.
Gemdale USA sold 4500 Park Granada, a 222,667 square foot (20,686 square metre) office park to special-situations-focused Cross Ocean Partners and fund manager Palisade Group for $69.4 million, according to a statement by the buyers. Gemdale had acquired the property in 2021 for $79 million. Read more>>
Frasers Property Reassures on Finances as Gearing Rises to 86.4%
Frasers Property’s net gearing reached 86.4 percent at the end of 2024, up from 83.4 percent three months earlier, mainly due to capital expenditure led by Frasers Logistics and Commercial Trust’s acquisition of an industrial property in Singapore.
The group noted that it is “well-positioned to repay and/or refinance all debt due over the next 12 months” and that a high proportion of fixed-rate debt mitigates the effects of high interest rates. Read more>>
Gordon Tang Buyout of Suntec REIT Rejected by Investors
Mysterious mainland money manager Gordon Tang and wife Celine have failed to take over Suntec REIT, as their shareholding fell short of the 50 percent threshold at the offer closing date
As of 5.30pm on Friday, the total number of units owned, controlled or agreed to be acquired by their investment holding company, Aelios, amounted to about 1.1 billion, or 37.4 percent of the total issued units. Read more>>
Singapore’s Ong Beng Seng Adds Cancer Battle Amid Court Fight
Property tycoon Ong Beng Seng, who is facing two charges related to former transport minister S Iswaran’s case, has been diagnosed with bone marrow cancer, CNA understands.
Two people close to Ong confirmed his condition, with one saying he has multiple myeloma. This is a rare type of bone marrow cancer characterised by abnormal expansion of malignant plasma cells in the bone marrow. Read more>>
NTT Launches Kolkata Data Centre
NTT has launched a new campus in India’s Kolkata featuring two data centres, the Japanese group announced this past week on LinkedIn.
The company broke ground on its Kolkata campus in early 2023 and said at the time that the facility would go live in 2024. Read more>>
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