Today’s collection of top real estate stories sees investors from one of Southeast Asia’s smallest nations continue to a play an outsized role in Australian capital markets as developer Hiap Hoe picks up a Perth hotel and office building, while in India a joint venture partner of US giant Blackstone says it will sell a 50 percent stake in two of its office properties to an unnamed, but famous, real estate investor. Meanwhile, Hong Kong’s market show further signs of slowing, and there’s much more news if you just keep reading.
Hiap Hoe has entered into a sale and purchase agreement to acquire the 224-room Aloft Perth hotel and an office building for A$100 million (S$99.2 million) from BAAC Pty Ltd, an affiliate of Australian manufacturing, building and construction company BGC (Australia) Pty Ltd.
“The directors believe the property presents a prime investment opportunity, with high occupancy levels and a diverse mix of bluechip tenants,” the company said in a statement before market open on Friday. Read more>>
Indiabulls Real Estate Ltd Friday announced plans to sell 50 percent stakes in two office assets in Gurugram to a global investment firm.
In a regulatory filing, the Mumbai-based developer said it has “entered into a non-binding term sheet with a globally renowned real estate investor to divest its 50 per cent stake in two office assets in Udyog Vihar, Gurugram, aggregating 7,84,000 sq ft leasable office space”.
The company did not name the global investor and disclose the deal value. Market experts said that deal value could be at an enterprise value of Rs 500 crore ($68.6 million). Read more>>
The number of new private homes approved for sale in Hong Kong in the last quarter hit a 14-year record high after a market-cooling measure took effect in June, according to the government.
The news came as prices in the world’s most expensive property market continued to drop, with those of properties on the pricier Hong Kong Island suffering a bigger dip. Read more>>
Real estate developer Prestige Estates Projects Ltd has abandoned a plan to sell a stake in its office portfolio to Singapore’s sovereign wealth fund GIC Pte Ltd. The Bengaluru-based company signed a term sheet with GIC in February to sell a 40% stake in a clutch of office projects for about Rs 2,000 crore. The transaction was expected to close within 60-90 days, Prestige said at the time.
“Unfortunately, we couldn’t proceed with the transaction due to certain important aspects and the deal has been shelved,” Venkat K. Narayana, chief executive of Prestige Estate Projects, said in a call with analysts on Wednesday to discuss quarterly earnings. He said the company is not actively in talks with other investors to raise capital, after failing to reach a deal with GIC. Read more>>
Ascendas-Singbridge Group and its joint venture partner Saigon Bund Capital Partners yesterday (November 1) handed over the first office tower at the OneHub Saigon in District 9 to its first tenants, IKEA Purchasing & Logistics Southeast Asia and AAH Corporation.
The six-storey tower, which has a total lettable area of 10,199sq.m, has attracted strong leasing interest from companies in the information technology, business process outsourcing, finance, and back office outsourcing sectors, according to the developers. Read more>>
Embassy Office Parks, a joint venture between Blackstone and Embassy group, is looking to float the public issue of its real estate investment trust (REIT) early next year, a source has said. This will be the country’s first public issue of REIT.
REITs are like mutual funds, whose units can be traded on exchanges. They are tax-efficient instruments as 90 per cent of profits are distributed as dividends. Market experts were expecting the approvals from Sebi to come around Diwali this year. Read more>>
Keppel Land’s indirect subsidiary Ibeworth has converted 49 per cent of its 500 billion Vietnamese dong (S$30 million) convertible bonds issued by housing developer Nam Long Investment Corporation (NLG) into shares of NLG, at a price of 18,142 dong per share.
Following this, Keppel Corporation now owns, through Ibeworth, some 10 per cent of the total enlarged number of issued shares excluding treasury shares of NLG, up from about 5 per cent of the total number of pre-conversion issued shares. Read more>>