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Gaw Capital, Allianz secure S$945M green loan; Yanlord extends S$1.72B offer

* Gaw Capital Partners' consortium with Allianz Real Estate secured a S$945 million green loan from United Overseas Bank Ltd., DBS Bank Ltd. and Standard Chartered Bank (Singapore) to help finance its nearly S$1.58 billion deal with M+S Pte. Ltd. for the acquisition of the Duo Tower office block and the Duo Galleria retail property in Singapore, IPE Real Assets reported.

* Yanlord Land Group Ltd. extended the closing date for its S$1.72 billion mandatory takeover offer for United Engineers Ltd. to Dec. 30 from Dec. 26.

* Nuveen Real Estate raised more than US$420 million for its Asia Pacific Cities platform and US$60 million for its China outlet mall platform, IPE Real Assets reported. Eight European investors have injected capital into the first fund in 2019, while a Dutch financial services company made the investment in the China-focused franchise.

Greater China

* Sun Hung Kai Properties Ltd. agreed to sell a 25% stake in office towers to be built on a site in Kowloon, Hong Kong, for HK$939.9 million to a company co-owned by members of its founding Kwok family, who are substantial shareholders of the property developer. Sun Hung Kai won the roughly 59,746-square-meter site with a record HK$42.23 billion bid in an auction in November.

* Meanwhile, Adam Kwok, a Sun Hung Kai Properties executive director, urged the Hong Kong government to help the city's hotel industry amid the ongoing protests, Bloomberg News reported. During the media launch for the HK$2.8 billion Alva Hotel by Royal, Kwok added that the unrest has cut the property group's hotel revenue by as much as 40% in November and December.

* Sino Land Co. Ltd., China Merchants Land Ltd. and K. Wah International Holdings Ltd. secured a HK$5.27 billion loan for their Sky Castle Ltd. joint venture from Bank of China (Hong Kong) Ltd. The venture was set up to develop an up to HK$8.6 billion site they secured in the Tseung Kwan O area of the New Territories, Hong Kong.

* Shenzhen Investment Ltd.'s contracted sales in November surged 173.6% year over year to 5.54 billion yuan, reflecting contracted sales area of approximately 77,847 square meters.

* Joy City Property Ltd. completed its issuance of 1.5 billion yuan in 4.25% medium-term notes, which represent the first tranche of bonds offered under the up to 3 billion-yuan shelf registered by the company's Cofco Commercial Property Investment Co. Ltd. subsidiary.


* Colliers International extended the closing period for the S$780 million collective sale of The Arcade mixed-use property at 11 Coller Quay in District 1 to March 5, 2020, from Jan. 8, 2020, The (Singapore) Business Times reported. The marketed 20-story building that occupies a 2,035.4-square-meter leasehold site has approval for commercial development with a gross plot ratio of 15 under the Draft Master Plan 2019.

* CapitaLand Commercial Trust issued ¥10.0 billion of unsecured bonds due Nov. 16, 2027, at a fixed annual interest rate of 2.84%, under its sustainability financing framework. Proceeds from the issuance amounted to about S$124.7 million, according to a news release.

Elsewhere in Southeast Asia

* Philippine company Filinvest Development Corp. agreed to acquire Thai property developer Choengmon Real Estate Ltd. for a consideration that does not constitute 10% of the buyer's book value. The targeted company is currently developing a five-star luxury resort that will be operated under Filinvest's Crimson brand following the transaction, according to a news release.

Other real estate news

* Singapore-based Oxley Holdings Ltd. and Ballymore divested the 120,000-square-foot 3 Dublin Landings office building on Dublin's North Quays for €115 million through an off-market transaction with Ireland-headquartered property company IPUT PLC.

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.