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Norges Bank's ¥132B Asian gift; Wanda Hotel's HK$3.67B price tag

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Norges Bank's ¥132B Asian gift; Wanda Hotel's HK$3.67B price tag

S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Developers coming to town

* Norges Bank Real Estate Management made its first ever real estate deal in Asia this week.

In partnership with Tokyu Land Corp., the US$1 trillion fund from Norway agreed to buy five assets in Tokyo under a ¥132.5 billion deal. The properties cover 12,300 square meters of office and retail space in the Shibuya shopping district and in the upscale district of Omotesando.

* Hong Kong-based Hengli Investments Holding Ltd. is buying a 119,742-square-foot building in London for an undisclosed price. The 25 Gresham Street building was sold by Lloyds Banking Group Plc.

* Also in London, Chinese company Cheung Kei Group bought the 5 Churchill Place office building in Canary Wharf from Said Holdings for £270 million.

* Oxley Holdings Ltd., an investment holding company listed in Singapore, is closing in on a €164 million payday, as it and partner Ballymore are close to selling an office building in Dublin. German institutional investor TRIUVA Kapitalverwaltungsgesellschaft mbH is believed to be the buyer.

* Singapore sovereign wealth fund GIC mandated Charter Hall Group to buy an office tower in Brisbane, Australia, for A$370 million from Malaysia's Permodalan Nasional Bhd. The sale is believed to be the biggest office building transaction year-to-date in Brisbane.

Tidings of M&A

* Dalian Wanda Group Co. Ltd.'s restructuring received a roughly HK$3.67 billion boost this week, a move that, if made official, will give Chairman Wang Jianlin a more direct stake in Wanda Hotel Development Co. Ltd. The proposal will have Wanda Hotel's manager transfer its approximately 65.04% stake in the company to another Wanda holding company, which means Wang will remain the hotel company's controlling shareholder.

Liu Feifan, a property analyst at Guotai Junan International, was quoted by the South China Morning Post in a Dec. 4 report as saying that Wanda Hotel's importance for the tycoon "is only going to rise," given that it will be the only Wanda company listed in Hong Kong, on top of the long-delayed attempt for Dalian Wanda Commercial Properties Co. Ltd. to list in China.

* SP Setia Bhd. and I&P Group Sdn. Bhd. have completed their 3.65 billion-Malaysian-ringgit merger to create Malaysia's biggest property company. The business combination was first announced in April.

* UOL Equity Investments Pte. Ltd. expects to close its bid to buy out Singapore Land Ltd. Jan. 3, 2018. The UOL Group Ltd. subsidiary is offering S$11.85 per Singapore Land share it does not already own for its takeover attempt.

Wishing for the opening bell

* A Thai luxury residential developer is planning an IPO at home to raise 1.5 billion baht in the second half of 2019. Habitat Group, which holds six projects in the city of Pattaya, will use up to 70% of the IPO proceeds to beef up its land portfolio.

* The operator of the Holiday Inn hotel in Kolkata, India, is listing on the Bombay Stock Exchange's small- and medium-sized enterprise platform. Dream Gateway Hotels Ltd. is targeting roughly 390 million rupees for the offering, with the draft IPO prospectus to be filed within December.

Deck the estates

* The Urban Redevelopment Authority of Singapore closed the tenders for two residential sites in the city, with the top bids for the land parcels reaching nearly S$1.51 billion.

A Frasers Centrepoint Ltd. subsidiary submitted the top bid for the site on Jiak Kim Street at approximately S$955.4 million, while Allgreen Properties Ltd.'s S$553.0 million offer was the highest for the property on Fourth Avenue.

The authority will award the sites to its chosen developers at a later date.

* Continuing on the en-bloc sales trend in the city-state, the Brookvale Park estate with 160 units has been placed on the market. The owners of the site set the minimum price for the property at S$530 million, and the tender will close Jan. 25, 2018.

Celest Wong contributed to this report.

As of Dec. 7, US$1 was equivalent to 64.58 Indian rupees, ¥112.73, 4.09 Malaysian ringgit, S$1.35 and 32.61 Thai baht.