IGIS Marketing NPS-Owned Seoul Mall for $294M and More Asia Real Estate Headlines

Korean retail leads today’s headline roundup, with IGIS Asset Management seeking a buyer for a shopping mall in the heart of Seoul. Also in the news, Australia’s Aware Super fund buys a Melbourne industrial estate and discounted rent lures clothing chain Mango to Hong Kong’s Central.

IGIS Marketing Seoul Shopping Mall Backed by NPS for $294M

IGIS Asset Management is seeking to sell a Seoul mall backed by South Korea’s National Pension Fund for up to KRW 400 billion ($293.6 million).

IGIS has sent requests for proposals to major property sales advisors to unload Noon Square, which the Seoul-based asset manager owns through a fund, in Myeong-dong, a popular tourist spot in the capital, according to investment banking sources. Read more>>

Australia’s Aware Super Buys Melbourne Industrial Estate for $401M

Investment fund heavyweight Aware Super is forging deeper into the logistics market as it seeks to ride the dual trends of e-commerce and population growth, with its property arm buying an industrial estate in Melbourne for A$600 million ($401.1 million).

The move is the largest single asset purchase in the sector for about 15 years and puts the A$150 billion fund on track to further boost its property holdings by also developing out parts of the sprawling Austrak Business Park as the fund generates more returns from non-traditional areas of property such as logistics and living. Read more>>

Mango Rents Shop in Hong Kong’s Central at 60% Off

Spanish fast-fashion label Mango has rented a 19,000 square foot (1,765 square metre) store in Hong Kong’s prime Central district, people familiar with the matter said, the latest in a slew of global brands returning to the shopping hub, lured by lower rent.

Mango’s new two-floor store will be at Asia Standard Tower on Queen’s Road Central, which has been left largely vacant since 2020 when its last long-term tenant, British brand Topshop, moved out, according to the people who asked not to be identified discussing a private deal. Read more>>

Singapore Timber Building Sprouts Mould Problem

When the Gaia building at Singapore’s Nanyang Technological University opened last year, it was heralded as a revolutionary step towards a greener future. The massive structure — 450,000 square feet (41,806 square metres) — was constructed from sustainably harvested timber beams and panels. But these days, students and faculty are more focused on an unexpected downside: mould sprouting from all that wood. “It makes me feel a little grossed out,” said fourth-year student Grace Ng.

The problem highlights issues that can bedevil timber structures worldwide. While companies from Walmart to Microsoft have explored wood as a sustainable construction material, mouldy timber in buildings has contributed to sickness, damage and legal battles from London to Melbourne. Read more>>

Ambani’s Reliance Infrastructure Launches Real Estate Division

Reliance Infrastructure Ltd has announced the incorporation of a new subsidiary, Reliance Jai Properties Private Ltd, expanding its footprint in the real estate sector, the company announced in an exchange filing.

The new subsidiary — established as a wholly owned subsidiary of Reliance Energy Ltd, which is itself a subsidiary of Reliance Infrastructure — was officially incorporated on 12 August with an authorised and paid-up share capital of INR 100,000 ($1,190). Read more>>

Administrator of Evergrande’s Onshore Liquidation Seeks Details From Creditors

The administrator of a major Evergrande onshore unit has asked creditors to provide details about the debt the embattled developer owes to them ahead of the first creditor meeting to be held on 14 November, official filings showed.

The Guangzhou Intermediate People’s Court ruled last week that Evergrande unit Guangzhou Kailong Real Estate must enter into bankruptcy and liquidation proceedings and appointed a liquidation group as the company’s administrator, according to a court filing. Read more>>

Embassy Group’s India Hospitality Arm Plans Franchise Model by 2025

Bengaluru-based Olive by Embassy, the hospitality and co-living arm of Embassy Group, plans to roll out its franchisee business model by next calendar year, co-founder and CEO Kahraman Yigit told Moneycontrol.

“Currently, we have the tech-backed support system and the ability to manage properties remotely, which makes the franchisee model highly scalable,” Yigit said. “We are planning to include about one lakh (100,000) keys by 2030 out of which about 30 percent will be managed in-house and the rest will be franchisees.” This will enable the company to foray into Tier II and III cities and to expand its portfolio in India, he said. Read more>>

Singapore Charges Former Citibank, Julius Baer Bankers in Laundering Case

Singapore charged two bankers Thursday for their alleged role in abetting clients responsible for a $2.2 billion money-laundering ring, marking the first time that criminal charges have been laid against finance professionals since the scandal came to light.

Wang Qiming, 26, and Liu Kai, 35, who are both Chinese nationals, stand accused of helping their wealthy clients launder billions in real estate, cryptocurrencies and other assets. Read more>>

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