trending Market Intelligence /marketintelligence/en/news-insights/trending/JvCctOcwfztJAHw0-VltLA2 content esgSubNav
In This List

Indonesian hotelier flags 300B rupiah IPO; Cromwell lures Starwood for IOF bid

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition


Indonesian hotelier flags 300B rupiah IPO; Cromwell lures Starwood for IOF bid

* Ayana Land plans to go public in Indonesia by offering up to 30% of its enlarged capital and raise 300 billion rupiah in the process. The boutique hotel operator expects to be listed on the local bourse by July.

* Cromwell Property Group piqued the interest of Starwood Capital for its approximately A$3 billion bid to acquire Investa Office Fund, The Australian Financial Review's Street Talk reported. The private equity firm recently paid a visit in Brisbane and Sydney to assess certain assets to evaluate whether or not it will back the offer.

Meanwhile, the AFR noted separately that the fund's May 31 meeting to vote on a partial internalization proposal is still down to the wire.

Hong Kong and China

* Cheung Kong Property Holdings Ltd. received strong interest for the 346 flats for sale at its Ocean Pride project in Tsuen Wan, Hong Kong, receiving approximately 7,000 subscriptions for the units, The (Hong Kong) Standard reported.

* InfraRed NF Investment Advisors believes mini self-storage properties will become a sought-after market in several large cities in mainland China, the South China Morning Post reported. Hans Kang, chief investment officer of InfraRed, was reported as saying that increasing density in the apartment markets of cities such as Beijing and Shanghai will drive the demand.

Australia

* Sydney-based Fortius Funds Management acquired the 23-level 59 Goulburn Street office tower for A$158 million from Singaporean company Roxy-Pacific Holdings, The Australian reported.

* According to the Australian Bureau of Statistics, the housing sector showed signs of a slowdown in construction with a 17.2% drop in new building approvals in April, Reuters reported.

* Meanwhile, Melbourne and Sydney home prices fell 1.8% and 1.3%, respectively, in May, the AFR reported, citing CoreLogic figures. The lower prices reflected continually falling rates for apartment values in two of Australia's biggest housing markets.

Japan

* Comforia Residential REIT Inc.'s board approved a resolution to issue up to ¥25 billion in investment corporation bonds from June 1 to May 31, 2018.

Singapore

* A Keppel REIT unit clinched a S$100 million revolving credit facility, guaranteed by RBC Investor Services Trust Singapore Ltd.

* Frasers Centrepoint Ltd.'s FCL Treasury Pte. Ltd. plans to issue S$50 million of 4.15% fixed-rate notes due June 6, 2027, which will be consolidated to form a single series with previous bond issuances.

* The Urban Redevelopment Authority launched the tender for three residential sites on Woodleigh Lane, Serangoon North Avenue 1 and Yishun Avenue 9. The sites are offered under the government's land sales program and could yield roughly 1,955 residential units in total.

Elsewhere in Southeast Asia

* Ayala Land Inc. is adding 623 housing lots at its mixed-use Nuvali estate in Laguna, Philippines, the Philippine Daily Inquirer reported. The 85-hectare master-planned Cerilo community is the eighth subdivision in Nuvali and will be delivered by the company's upscale Ayala Land Premier residential brand.

* Airbnb plans to expand in Indonesia due to the country's rapidly growing inbound tourism, The Jakarta Post reported, citing Robin Kwok, Airbnb manager for Southeast Asia, Hong Kong and Taiwan. Currently, there are almost 38,000 local homes listed on Airbnb, and the company is ramping up its marketing efforts in the country.

Now featured on S&P Global Market Intelligence

Data Dispatch: Cohen & Steers initiates 10 new REIT positions, exits 3 in Q1'17: The asset manager also decreased its positions in 36 North American real estate companies in the first quarter.

Data Dispatch: Majority of US REITs beat Q1'17 earnings estimates: Potlatch Corp. topped its Q1 consensus S&P Capital IQ earnings-per-share estimate by the largest margin among U.S. real estate investment trusts, at 62.9%.

Data Dispatch: Subprime student loan debt spikes 32% in Q1: The jump in student loan debt to borrowers was accompanied by an increase in defaults on student loans as the debt burden continues to grow.

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. Articles and links are correct as of publication time.

Cam Nones contributed to this report.