JLL Brokers $221M Keppel REIT-PGIM Deal in Seoul and More Asia Agency Wins Mingtiandi Broker Battle

Seoul takes centre stage in Mingtiandi’s latest accounting of Asia’s biggest brokerage wins with JLL assisting with a KRW 252.6 billion trade for an office asset in the Korean capital’s central business district as activity also picks up in Hong Kong.

Cushman & Wakefield, Colliers International and CBRE also claim wins in the latest edition of Mingtiandi’s bi-weekly listing of the latest brokerage deals in the region, and if you know of victories that should be included in our next column, just send any details you may have right here.

Investment Brokerage

Korea

JLL in April brokered Singapore-listed Keppel REIT’s acquisition of Seoul’s T Tower office building from PGIM Real Estate for KRW 252.6 billion ($221 million). Keppel REIT Management entered into an agreement with a value-add strategy fund managed by PGIM to acquire a 99.38 percent stake in the 228,000 square foot 28-storey building in the city’s central business district. Read more>>

Hong Kong

CBRE assisted the founder of Asia Property, Tsoi Chih-Chung, in the sale of a 2,852 square foot (265 square metre) unit in the Centre, according to an announcement by the company in late April. The room on the 22nd floor sold for HK$99.67 million ($12.7 million), or approximately HK$34,950 per square foot. Read more>>

JLL brokered the sale of a seaview residential property in Stanley for Eltee Enterprise Limited. The 8,792 square foot asset, which includes three duplex units and an underground car park, is located at A-C10 Tai Tam Road in Stanley, and was sold to Sure Profit Corporate Limited for HK$350 million. Read more>>

Savills brokered the compulsory sale of the property at 13 and 13A Liberty Avenue in the Ho Man Tin area on behalf of China Vanke. The mainland developer acquired the remaining space in the mixed residential and commercial property, which occupies a 2,445 square foot site, at a valuation of HK$249 million. Read more>>

In late April Savills brokered the compulsory sale of the remaining space in a pair of residential buildings in Kowloon’s Hung Hom area at a combined valuation of HK$1.1 billion on behalf of Henderson Land Development. The sale gave Henderson 100 percent ownership in the buildings covering a 7,000 square foot site on Whampoa Street and a 5,625 site on Baker Street, which it plans to redevelop into a larger project combining residential and commercial elements. Read more>>

Mainland China

JLL announced as the end of April that it had partnered with local asset appraisal company Guoyoudazheng to assist Cainiao Alliance with the Alibaba-backed logistic platform’s RMB 5 billion ($740 million) securitised debt offering. The RMB 1.07 billion first phase of the offering, which was marketed as a REIT, was issued on the Shanghai Stock Exchange, at an interest rate of 4.45 percent carrying an AAAsf rating. Read more>>

Cushman and Wakefield brokered the sale of four floors of a commercial building at 666 West Huaihai Road in Shanghai, for buyer Pamfleet and seller Blackstone at a value of RMB 410 million. The Hong Kong fund manager purchased floors 25 to 28 of the Citypoint office building in Changning district from the US private equity giant paying just under RMB 61,500 per square metre for the 6,667 square metre space.

Cushman and Wakefield brokered the sale of the Pufa Building in Shanghai in January, acting on behalf of buyer CapitaLand Group and seller HNA Group, with CapitaLand acquiring the 41,773 square metre office building for RMB 2.752 billion ($350 million).

Singapore

Cushman & Wakefield, acting as marketing agents, recently assisted in the S$148 million ($109 million) sale of Realty Centre, an office building in Tanjong Pagar. The 12-storey freehold building, which is built on a site of about 11,000 square feet, was sold to Singapore-listed The Place Holdings for redevelopment as a mixed-use commercial and residential tower. Read more>>

New Investment Brokerage Appointments

JLL is acting as the sole agent for the sale by public tender of a pair of industrial buildings in Hong Kong Island’s Chai Wan area valued collectively at HK$2.5 billion ($320 million). The tender for the Gee Tung Chang Industrial Building and the Gee Wing Chang Industrial Building on Fung Yip Street is set to close on 15 May 2019. Read more >>

Savills has been appointed to broker the sale of the 23rd, 25th and 27th floors of the Exchange Tower office building in Kowloon Bay. The three high zone floors have an approximate total gross floor area of 81,300 square feet, and are being made available with existing tenancies at an estimated price of HK$15,500 per square foot, with a aggregate asking price of HK$1.26 billion. Read more>>

JLL has been appointed sole agent by PathLab Medical Laboratory Ltd for the sale of two floors of a commercial tower in Wanchai. The second and third floors of the Henan Building, located at 90-92 Jaffe Road, cover 9,760 square feet in total, and are valued together at HK$244 million. Read more>>

JLL has been appointed to broker the sale of 5 Cassia Road, a luxury house in Yao Yat Cheun, Kowloon. The tender for the 8,747 square foot property, which offers a saleable area of 12,683 square foot, will close on 31 May 2019. Read more>>

JLL will broker the sale of six luxury houses in Sai Kung built on a 32,000 square foot plot known as Silver Crest Villa with a total saleable area of approximately 11,075 square feet. The tender for the properties at 9 Silver Crest Road will close on 31 June 2019.

CBRE has been appointed as the exclusive agent for the sale of three adjoining office units with 999-year tenure at Peninsula Plaza, in an expression of interest exercise. The agency is marketing the commercial property with a combined area of 4,262 square feet at the indicative price of S$9.29 million with expressions of interest due on 29 May 2019. Read more>>

Leasing

CBRE has been appointed by developer Hang Lung as the sole agent for the leasing of the office element of its Wuhan Hang Lung Heartland 66 commercial complex. Hang Lung’s tenth project on the mainland, the LEED-certified Heartland 66 has 150,000 square metres of office space within a 460,000 square metre mixed-used project. Read more>>

Colliers’ South China Office Building Services has been appointed by Vanke as exclusive agents for the leasing of its Binhai Cloud Center, in the Che Kung Temple area of Futian District. Promoted as Vanke’s first super grade A office building in Shenzhen the project has a total leasable area of 54,000 square metres. 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.