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CBRE Leads Asia Brokerage Wins with €1B Beijing Office Deal Mingtiandi Broker Battle

2019/11/04 by James Hatton Leave a Comment

CBRE advised on the acquisition of the Ronsin Technology Center

CBRE tops the deal charts in this week’s edition of Mingtiandi’s roundup of brokerage wins with a victory in Beijing that saw the property consultancy firm facilitate the €1 billion acquisition of a 131,000 square metre (1.4 million square foot) office complex from a Warburg Pincus-backed developer.

In Hong Kong, CBRE was reported to have scored a pair of industrial wins – the HK$880 million sale of Milo’s Industrial Building in Kwai Chung to Sun Hung Kai Properties’ data centre unit Sunevision, as well as the HK$500 million disposal of the Remex Centre in Mong Kok to Kerry Properties.

And in Singapore, Savills, CBRE, and Huttons Asia all won new appointments.

Keep reading for all the details on which brokerages won deals this month, and if your team has capital markets or leasing victories to report, please contact us here at Mingtiandi.

Mainland China

CBRE advised on the acquisition of the Ronsin Technology Center in Beijing’s Chaoyang district by a joint venture between Alpha Investment Partners’ Alpha Asia Macro Trends Fund III and Allianz Real Estate, according to an announcement on the company’s official WeChat account. The joint venture, which is 62 percent held by Allianz, with the remainder held by the Alpha Fund, purchased an 85 percent stake in the office project last month from Warburg Pincus-backed D&J China for €1 billion ($1.1 billion). Read more>>

Hong Kong

CBRE is said to have brokered the sale of Milo’s Industrial Building at 2-6 Tai Yuen Street in Kwai Chung, according to market sources. A local media account reports that Sun Hung Kai Properties’ technology unit SUNeVision, which is a co-location data centre provider, paid HK$880 million for the 195,000 square foot (18,116 square metre) property, which occupies a site area of 20,000 square feet, or the equivalent of HK$4,500 per square foot. Read more>>

CBRE is said to have brokered the sale of several floors in the Remex Centre industrial building at 42 Wong Chuk Hang Road, according to market sources. A company controlled by Kerry Properties’ head of Hong Kong, Chu Ip-Pui, paid HK$499.7 million for the 53,800 square feet of space, or about HK$9,293 per square foot. Read more>>

remex centre

CBRE brokered Kerry’s purchase in the Remex Centre

Cushman & Wakefield has been appointed as the sole agent for the sale of 181-183 Sai Yee Street in Mong Kok by public tender. The property, which occupies a site area of 3,310 square feet and is zoned for residential and commercial use, has an indicative price of HK$380 million, or around HK$12,800 per square foot based on the total permissible gross floor area of 30,000 square feet. Read more>>

JLL has been appointed to broker the sale of a residential and commercial property at 12 Shing On Street in Sai Wan Ho by public tender. The seven storey asset, which occupies a 700 square foot site and a leasable area of around 3,801 square feet, has the potential to generate a monthly passing rent of HK$165,000, according to a local media report. Read more>>

Singapore

CBRE has been appointed as the exclusive marketing agent for the sale of a residential development site at 62 Florence Road, off Upper Serangoon Road, according to an announcement by the company. The site, which is a ten minute walk from the Kovan City neighbourhood, can be developed into a 20-unit five-storey project and is available at an asking price of S$13.5 million. Based on a plot ratio of 1.4, the 15,871 square foot site can be redeveloped into a 22,219.4 square foot project or around S$607.6 per square foot of built space at the asking price. Read more>>

Savills has been appointed as the sole marketing agent for the sale of an industrial property at 26 Kallang Avenue located ten minutes from Lavender and Bendemeer metro stations. Occupying a 54,000 square foot site with a 60-year leasehold tenure effective from 1990, the property has an asking price of S$30 million, or around S$224 per square foot, based on the gross floor area of approximately 134,000 square feet. Read more>>

Knight Frank has been appointed to market a pair of industrial properties along Leng Kee Road in Singapore through Expressions of Interest, according to an announcement by the company. The consultancy is accepting EOI for the two properties along a strip of auto showrooms near Redhill MRT through 3 December, with 3 Leng Kee Road carrying an asking price of S$15 million, and 19 Leng Kee Road available for S$23 million.

Huttons Asia has been appointed as the sole marketing agent for the relaunch of the collective sale of Katong Plaza at 1 Brooke Road. Approved for redevelopment as a 345-key hotel, the property occupies a 34,044 square foot site with a 9,999-year leasehold. The asking price for the development is S$188 million, or the equivalent of S$1,947 per square foot after factoring in the development charge, according to the agent. On a per key basis, the asking price equates to S$544,928 per key. Read more>>

Research for this story was provided by Li Yanxia and Iris Poon. Mingtiandi’s Broker Battle series is published twice monthly on Tuesdays.

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Filed Under: Real Estate Professionals Tagged With: Broker Battle, CBRE Group, Cushman & Wakefield, Featured, JLL, Knight Frank, Milo’s Industrial Building, Remex Centre, Savills, weekly-sp

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