Temasek chairman Lim Boon Heng speaking at the event (Image: Temasek Holdings)
Singapore’s growing interest in continental Europe leads today’s real estate headlines from around Asia as Temasek Holdings opens in Paris. Also in the news, the Lion City’s Elite Commercial REIT is rebranding and expanding its investment focus and India’s K Raheja buys the country’s first mall from a unit of ‘retail king’ Kishore Biyani’s empire.
Temasek Boosts European Presence with Opening of Paris Office
Singapore government investment manager Temasek Holdings launched an office in Paris on Thursday, adding a French location to a European presence which already includes addresses in London and Brussels.
Representing a pillar of the government force behind Mapletree Investments, CapitaLand Group, Keppel Ltd and other elements of ‘Singapore Inc,’ at an event attended by deputy prime minister and minister for finance Lawrence Wong, Temasek chairman Lim Boon Heng said, “Our exposure to the EMEA region has grown almost five times since 2011 (in Singapore dollar terms), reflecting the dynamic opportunities and innovation we see here.” Read more>>
Singapore’s Elite Commercial REIT Expanding into Student Housing, Data Centres
The manager of Elite Commercial REIT announced on Monday that the Singapore-listed trust will be expanding its investment targets to include student housing and data centre assets.
The manager of the trust, which until now has focused on office properities leased to UK government entities, said it is also planning to change the name of the listed vehicle to Elite UK REIT. One of the trust’s sponsors, Sunway RE Capital has been active in Great Britain’s student housing sector, including acquiring an asset in Southampton in February of last year. Read more>>
K Raheja Purchases SoBo Central Mall in South Mumbai for $57M
K Raheja Corp has purchased Sobo Central Mall in South Mumbai’s Haji Ali area from Kishore Biyani’s Bansi Mall Management Company for INR 4.76 billion ($57 million), according to property documents accessed by Propstack.com.
The 9,873 square metre (106,272 square foot) mall near Haji Ali was India’s first shopping mall but Bansi Mall Management has been under financial stress after being sued for repayment of over INR 7 billion in unpaid debt. Biyani is known for ventures including Pantaloon Retail, Big Bazaar, and the Future Group. Read more>>
DLF to Invest $263M in Gurugram Shopping Mall
Realty major DLF has started construction of its new 2.6 million square feet (241,547 square metres) shopping mall in Gurugram at a cost of around INR 22 billion ($263.6 million) as part of its expansion plan amid rebound in retail consumption post-COVID pandemic.
At present, DLF has a retail footprint of around 4.2 million square feet comprising nine properties, including malls and shopping centres, mainly across Delhi-NCR. Around 340,000 square feet of retail portfolio is under DLF Ltd and the rest under the DLF Cyber City Developers Ltd, a joint venture between DLF and Singapore Sovereign wealth fund GIC. Read more>>
Thailand’s Central Group Buys Berlin Department Store From Signa
Thailand’s Central Group said on Friday that it has bought the iconic KaDeWe department store in Berlin from insolvent Austrian real-estate giant Signa.
The 650,000 square foot (60,386 square metre) store is located on one of the German capital’s main shopping streets, and has long been a major draw for tourists. The mall comes along with land of 5,357 square metres and the built up area of 9,873 square metres followed by 1,579 square metres of common area and facilities, according to the documents. Read more>>
Singapore’s CDL Puts St Louis Hotel on the Market as Govt Seizure Looms
The long vacant Millennium Hotel in downtown St Louis, Missouri is being listed for sale on US property website LoopNet.com, after the local government began making moves to seize the property near Busch Stadium.
Shuttered since 2014, the 780-room building was once St Louis’ largest hotel with the city government having last month commenced discussion of plans to seize the property under eminent domain so that the site can be redeveloped. Read more>>
China Cinda Is Said to Plan Up to $800M Bond Sale
China Cinda Asset Management is planning to raise between $500 million and $800 million via a five-year bond offering, said people familiar with the matter.
The bad-debt manager, which is one of China’s biggest, plans to market the bond as early as May, the people said, asking not to be identified as the matter is private. The bond is likely to be issued by Cinda’s offshore subsidiary, China Cinda 2020 I Management Ltd, and guaranteed by China Cinda (HK) Holdings Co, according to the people. Details of the bond offering are still in discussion and subject to change. Read more>>
China’s Zhenro May Fail to Pay $290M Debt Payment This Week
Chinese developer Zhenro Properties said on Friday it does not expect to be in a position to pay the $290 million principal amount on notes set to mature early next week citing “tight liquidity” and “significant financial pressure”.
Zhenro Properties issued the senior notes in early January 2020 with an interest rate of 7.875 percent. “In light of the tight liquidity and significant financial pressure of the group, the company does not expect to be in a position to pay the outstanding principal amount of the January 2020 notes and the accrued and unpaid interest thereon upon its maturity on April 15,” said in an exchange filing. Read more>>
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