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Kenedix Office closes ¥9.50B buy; Invincible Investment settles 5-asset sale

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Kenedix Office closes ¥9.50B buy; Invincible Investment settles 5-asset sale

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

Japan

* Kenedix Office Investment Corp. completed Jan. 31 its ¥9.50 billion acquisition of the JN Building office asset in the Kannai area of Yokohama. The 14-story building has a total leasable area of over 10,000 square meters.

* Invincible Investment Corp. raked in approximately ¥5.46 billion after it completely divested three residential properties and two office buildings under separate agreements.

The company sold to an unidentified buyer the Harmonie Ochanomizu, Growth Maison Ikebukuro and Capital Heights Kagurazaka residential assets in Tokyo as part of a six-asset portfolio that it agreed to shed in December 2017 for an estimated ¥6.97 billion. During the same month, Invincible Investment also signed deals to sell the Cross Square NAKANO property in Tokyo and the Ohki Aoba Building in Miyagi for ¥1.35 billion and ¥721 million, respectively.

* Kenedix Real Estate Fund Management Inc. entered into an agreement on behalf of Kenedix Retail REIT Corp. for the acquisition of the newly opened Ozeki Tokiwadai supermarket in Tokyo for roughly ¥1.26 billion. The proposed purchase of the asset from JRP7 GK, also a subsidiary of Kenedix Inc., is expected to be carried out Feb. 13, according to a news release.

* Thakral Corp. Ltd. invested in its third office building in Osaka by splashing cash into the 82%-leased Legal Itachibori Building. The Singapore-listed company made the investment in the nine-story asset, with a net lettable area of 3,869 square meters, through its Thakral Japan Properties Pte. Ltd. investment vehicle.

Other geographies

* A consortium involving an indirect subsidiary of First Sponsor Group Ltd. acquired the 254-room Hilton-Rotterdam hospitality asset in the Netherlands from Park Hotels & Resorts Inc. under a deal that values the property at about €51.0 million.

The five-star freehold asset managed by Hilton International (Nederland) BV has an aggregate land size of 3,800 square meters and features eight meeting facilities with 1,533 square meters of space, a fitness and wellness area, an executive lounge, and an underground basement with 31 parking spaces.

Additional coverage

Australian union group takes Sydney site on the block for north of A$100M

Cache Logistics plans its largest deal in Australia with 9-asset portfolio buy

Report: HNA Group aims to tackle debt via 100B yuan sale of assets in H1'18

Mixed-use asset in Singapore hits market with S$270M asking price

Singapore residential towers up for collective sale with S$288M reserve price

As of Jan. 31, US$1 was equivalent to ¥109.27.