United Hampshire US REIT is adding the Upland Square Mall in Pottsdown, PA to its portfolio
In today’s roundup of regional news headlines, Singapore-listed REITs buy a shopping centre and sell a data centre in the US market, Hong Kong’s New World Development issues green and social bonds, and Thailand’s Central Pattana plans to invest in 37 domestic hotel projects.
United Hampshire US REIT Buying Shopping Centre for $85.7M
Singapore-listed United Hampshire US REIT is acquiring a grocery-anchored freehold shopping centre in Pennsylvania for $85.7 million, expanding its footprint in America’s Eastern Seaboard.
The purchase price for Upland Square in Pottstown is 0.3 percent below the independent valuation of $86 million, the trust’s manager said Thursday. Read more>>
Mapletree Industrial Trust Divests Michigan Data Centre for $10M
Mapletree Industrial Trust has divested a data centre property in Michigan for a proposed sale price of $10 million, its manager said Friday.
The four-storey data centre, with a net lettable area of 52,940 square feet (4,918 square metres), is located in Southfield and is part of the Northwestern Office Center office park. It sits on freehold land with a land area of 121,122 square feet. Read more>>
New World Development Sells $700M in Green, Social Bonds
Hong Kong’s New World Development sold a total of $700 million in green perpetual bonds and social bonds, the first such dual tranche issuance in the market, according to term sheets seen by Reuters on Thursday.
The $200 million five-year social bonds were priced at a coupon of 5.875 percent, while the $500 million perpetual green bond had a 6.15 percent coupon. Read more>>
Central Pattana to Invest $288M in 37 Thai Hotel Projects
Thailand’s Central Pattana is rolling out 37 hotel projects in 27 provinces worth a combined THB 10 billion ($288 million) to be managed by Centara Hotels and Resorts, aiming to create 3,900 jobs nationwide.
Wallaya Chirathivat, president and chief executive of Central Pattana, said the five-year investment plan for the group’s hotel business ending in 2026 will strengthen retail-led mixed-use developments, as hotels will be a key part of every project from now on. Read more>>
Shanghai Bucks Trend as China Land Demand Sinks
Land demand from China’s developers mostly decreased in the first round of auctions held by major cities this year, with fewer cities seeing price gains, but sales in Shanghai rebounded after its exit from a COVID-19 lockdown.
Regulators in 2021 started limiting land sales in 22 large cities to three rounds a year to control prices, while curbs on borrowing squeezed already indebted developers, weakening their appetite for land since the middle of last year. Read more>>
Woodlands and Pasir Ris See First Million-Dollar Resale Flats
Prices for Housing Board resale flats in Singapore edged up for the 23rd straight month in May, even as fewer units changed hands, suggesting that demand is continuing to outstrip supply, according to flash data from real estate portals 99.co and SRX on Thursday.
In May, Pasir Ris and Woodlands, a non-mature estate, lodged their first million-dollar HDB resale flats. Read more>>
Shanghai’s First 2022 Land Auctions Signal Real Estate Recovery
Shanghai’s first round of land auctions this year indicates a rebound in the property sector after the city’s two-month lockdown.
Some 36 residential plots were sold within five working days after the lockdown ended on 1 June, resulting in a total of RMB 83.5 billion ($12.5 billion), according to public information. The average premium over the starting price was nearly 3.5 percent. Read more>>
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