6 Gracechurch Street in the City of London (Image: Quadrant)
A Singapore-based investor teams with the UK’s Quadrant on an office acquisition in the City of London, with that deal leading today’s headline roundup. Also making the list, South Korea’s Mirae Asset Securities prepares to exit a Vietnam skyscraper investment and Singapore’s LHN adds to its co-living portfolio.
Singapore Family Office Joins Quadrant for London Office Buy
British property investor Quadrant and a private Singapore-based family office have acquired 6 Gracechurch Street in the City of London from USS for an undisclosed price. The acquisition is the first deal to be completed by Quadrant and the family office, which are looking to amass and asset-manage a portfolio of high-quality offices in central London.
USS completed an extensive refurbishment of the 47,000 square foot (4,366 square metre) building in 2023. The property has a weighted average unexpired lease term of 7.8 years and is fully let to tenants including BT, Gaws of London and Partner Reinsurance. Read more>>
Korea’s Mirae, Co-Investors Seek to Sell Hanoi Tower for Over $749M
South Korea’s Mirae Asset Securities and shareholders in the three-building complex Landmark72, which encompasses the second-tallest skyscraper in Vietnam, are eyeing handsome profits as global reinsurance firm Aon, the property’s owner, seeks to sell a 100 percent stake in the asset for more than KRW 1 trillion ($748.5 million).
The NYSE-listed reinsurer is in talks with potential bidders to sell a full stake in the property, located in Nam Tu Liem, one of the newest districts of Hanoi, according to investment banking sources in Seoul. Read more>>
Singapore’s LHN Adds 250 Keys to Co-Living Portfolio
LHN said Thursday that it had secured 250 more keys across projects in Singapore’s 260 Upper Bukit Timah Road and 141 Middle Road in the third quarter this year.
The group manages 2,784 keys across its Coliwoo co-living projects in the city-state and its Soho projects overseas, up from the 2,534 the company had in the first half of the year. Read more>>
Executive Condo Site Up for Tender in Singapore
An executive condominium site that can yield 560 housing units in Singapore’s Tampines Street 95 is up for sale, tendered by the Housing and Development Board. The plot comes out of the confirmed list of the government land sales programme for the second half of 2024, and the tender will close on 24 October.
Recent tenders for EC land have seen firm interest and bullish top bids even as developers turn more conservative and risk-averse on private-housing sites. Market watchers expect at least four, and up to eight, bids for the Tampines site, with estimates ranging between S$650 and S$750 ($497 and $573) per square foot of built area. Read more>>
Abu Dhabi’s Mubadala Invests in Data Centre Platform Yondr
Abu Dhabi state investor Mubadala has invested in London-based data centre developer Yondr Group, the fund’s latest foray into a sector that is expected to benefit from booming demand for cloud services and AI tech.
Global cumulative data centre demand is expected to grow at a CAGR of 11 percent by 2032, driven by advancements in AI, 5G technology and the Internet of Things. Mubadala’s investment, alongside Apollo Global Management’s, will support Yondr’s ambitious growth strategy, the sovereign wealth fund said. Read more>>
Mainland Developer China South City Issues Profit Warning
Hong Kong-listed developer China South CIty said Thursday that it expects to suffer an after-tax loss of HK$4 billion to HK$4.5 billion ($510 million to $580 million) for the first six months of 2024.
The troubled homebuilder attributed the shortfall primarily to decreased sales and delivery of properties during the period, as well as to fair value losses on its investment portfolio and other factors. Read more>>
Canadian Takeover of 7-Eleven Likely to Face Japanese Government Review
The proposed acquisition of Japanese retail giant Seven & i Holdings by Canadian convenience store giant Alimentation Couche-Tard is subject to review by the Japanese government to assess any potential threats to national security, sources close to the matter said Thursday.
The operator of the 7-Eleven convenience store chain is covered by the Foreign Exchange and Foreign Trade Act, which governs foreign investment in Japanese companies to prevent leaking technologies that could be diverted for military purposes. Read more>>
Bank of Korea Opens the Door to Rate Cuts
South Korea’s central bank kept interest rates unchanged Thursday but revived expectations for an imminent policy easing that some economists see happening as soon as October as growth concerns overshadow inflation worries.
The Bank of Korea held the benchmark interest rate at 3.5 percent in a unanimous decision, an outcome expected by 38 out of 40 economists surveyed by Reuters. Governor Rhee Chang-yong, however, said four of the bank’s seven voting members were open to a rate cut within the next three months. Read more>>
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