Lendlease Global Commercial REIT is taking full ownership of PLQ mall (Image: Lendlease)
While Mingtiandi hosts its annual Tokyo forum we are glad to bring you news from Singapore, Hong Kong and beyond, as a Lendlease-sponsored REIT moves to pick up the 70 percent stake it does not yet own in a Singapore mall from the Abu Dhabi Investment Authority. Also making the list today is a Singapore residential land sale and McDonald’s selling its first shop in its Hong Kong portfolio sale.
Lendlease REIT Buying Remaining Stake in Singapore Mall From ADIA for $189M
The manager of Lendlease Global Commercial Real Estate Investment Trust said on Wednesday that it has signed an agreement to acquire the remaining 70 percent of PLQ Mall that it does not own for S$246.8 million ($189 million).
The vendor is understood to be sovereign wealth fund Abu Dhabi Investment Authority (ADIA). In a related statement, the REIT said the proposed transaction will be fully financed via S$270 million to be raised from a private placement of units priced at S$0.597 to S$0.616 each. Read more>>
Chinese-Backed Kingsford Places Top Bid of $703M for Keppel Club Site in Singapore
The first government land sale (GLS) plot offered out of the former Keppel Club site garnered just three bids at a tender that closed on Tuesday (Nov 4), fewer than market watchers had expected to see. But the bid prices were within expectations.
Chinese-backed developer Kingsford Group placed the top bid of S$918.3 million ($702.6 million) or about S$1,326 per square foot of built area for the 99-year leasehold private housing site, which can yield about 745 private homes. Read more>>
McDonald’s Sells First Asset in Hong Kong Portfolio Liquidation
McDonald’s Corp has sold a shop in Hong Kong’s Yuen Long area via public tender for HK$77.4 million ($9.9 million), the fast-food chain’s first since it announced an asset-disposal plan in July.
The three-storey, 9,695 sq ft property in Yuen Long Trade Centre was handed over to the buyer, Acc Investment, on Monday, according to data from the Land Registry. The sale fetched the company more than eight times its investment of HK$9.3 million in 1987. Read more>>
New World, Vanke Debt Shocks Spook China Market
New World Development Co. and China Vanke Co., two of the most closely watched distressed Chinese property names, are again forcing investors to reckon with the fallout from the country’s real estate crisis.
About two weeks after New World said it wasn’t undertaking a liability management exercise, the Hong Kong distressed builder unveiled a $1.9 billion bond swap plan that includes haircuts for creditors — particularly holders of its perpetual bonds. Read more>>
Mori Trust Looking for Partners for Japan Rental Living Platform
Mori Trust Co. is looking for overseas partners to launch condominiums in Japan that can be rented out like hotel rooms, its chief executive officer said, as the company seeks to profit from the nation’s tourism boom.
The developer, one of the two companies descended from the Mori real estate empire, has said it will invest JPY 1.2 trillion ($7.8 billion) in projects through the fiscal year starting April 2030. A move into condo hotels is part of that spending plan. Those are condominiums typically with luxury hotel-like facilities — such as concierge desks and room service — that owners can rent out when they are away. Read more>>
Blackstone-Backed India Retail REIT Touts Acquisition Pipeline of 10 Malls
Blackstone-backed Nexus Select Trust, India’s first publicly-listed retail real estate investment trust, said on Tuesday that it has a robust acquisition pipeline of ten shopping malls and centres, including one greenfield development, as part of its growth strategy.
Three of these assets are currently under due diligence, and the transactions are expected to be closed in the next 5-6 months. The potential acquisitions are spread across the metros and beyond. Read more>>
Manulife US REIT Says Occupancy Falls to 68%
The manager of Manulife US REIT on Wednesday reported portfolio occupancy of 68.2 percent for its third quarter ended September, down from 68.4 percent in the previous quarter.
Some 81,000 square feet of leases were executed in Q3, making up 2.3 percent of the portfolio’s net lettable area, said the manager. Year to date, about 206,000 square feet of leases were signed. Read more>>
Seoul Office Deals Reached $4.1B in Q3 on Way to Record Year
Office transactions in the Seoul Metropolitan Area reached KRW 5.9 trillion ($4.1 billion) in the third quarter, surpassing 5 trillion won for the second straight quarter, according to Savills on Monday.
The pace of deals is expected to push this year’s total to an all-time high, with several transactions expected to close by year’s end, real estate analysts say. Demand for trophy assets led transaction growth as large business groups sought new headquarters amid renewed inflows of foreign capital. Read more>>
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