Swire has sold a pair of Miami office buildings despite the pandemic
One of Hong Kong’s best-known developers leads the news today with Swire Properties having confirmed that it has sold a pair of office buildings in downtown Miami despite the city being wracked by the COVID-19 pandemic.
Back on the shores of Victoria Harbour another Hong Kong-listed builder is fighting off a debt infection as Goldin Financial Holdings today announced that it has reversed an earlier deal to sell a Kai Tak housing plot, after finding a new buyer. And in Singapore, the well-connected are hooking up with green loans while retail landlords continue to report bad news.
Swire Sells Brickell City Centre Offices to Northwood Investors for $163M
Swire Properties has sold its two office buildings at Brickell City Centre for $163 million. The Hong Kong-based firm sold both 130,000-square-foot buildings to affiliates of the Santa Monica-based Northwood Investors, according to the South Florida Business Journal, which first reported the deal.
The office building at 78 SW Seventh St. sold for approximately $80.3 million; the building at 98 SW Seventh St. sold for $82.7 million, after the offices were first listed on the market in January 2020. Read more>>
Goldin Finds New Buyer for Kai Tak Plot at HK$450M Loss
Cash-strapped Hong Kong developer Goldin Financial Holdings says it has found a new buyer for its waterfront residential plot in Kai Tak, less than two weeks after agreeing to sell the property to an offshore buyer. The change of mind comes with an immediate loss of HK$450 million (US$58 million).
Goldin signed an agreement on Monday to sell the asset known as Kai Tak Area 4B Site 4 in Kowloon for HK$3.48 billion to yet another little-known entity called Yan You, it said in a Hong Kong stock exchange filing on Wednesday. The new deal comes with a profit-sharing plan for residential units and parking spaces in the former airport runway site, it added. Read more>>
SG’s Marina One Project Lands S$1.95B Green Loan
The joint venture between Malaysia and Singapore – M+S – has obtained a S$1.95 billion green loan for its Marina One development.
This is the largest green loan for a real estate firm in the Asia-Pacific, said the developer, which is 60 per cent owned by Malaysian sovereign wealth fund Khazanah Nasional and 40 per cent by Singapore investment firm Temasek Holdings. Read more>>
UOL Group Wins S$120M Green Loan From UOB
UOL Group has secured a S$120 million three-year green loan from United Overseas Bank (UOB) to redevelop the Pan Pacific Orchard hotel. It is the first green loan for the group.
The proceeds will be used to partially finance the redevelopment of Pan Pacific Orchard into a biophilic and zero-waste 347-room hotel. Read more>>
CapitaLand Retail China Trust Cuts Distributions by 41%
CapitaLand Retail China Trust (CRCT) on Wednesday (July 29) posted a distribution per unit (DPU) of 3.02 cents for the half year ended June 30, down 41.4 per cent from the year-ago DPU of 5.13 cents, after capital distribution.
Excluding capital distribution, the year-ago DPU was 5.03 cents. The first half last year included a capital distribution of $1 million arising from the gain from the divestment of the stake in a company which held CapitaMall Anzhen. Read more>>
Ascott REIT Aims to Expand Rental Housing
Ascott Residence Trust (ART) is considering an expansion of its portfolio in the rental housing market as a means of improving its resilience.
“(We’re) a bit more selective in the assets we want to acquire, with a longer stay segment in our portfolio . . . Rental housing has proven itself to be very resilient,” said Beh Siew Kim, chief executive of ART’s managers, at a briefing to discuss the trust’s results for first half ended June 30. Read more>>
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