trending Market Intelligence /marketintelligence/en/news-insights/trending/LcQSaZR2gt6ZGwaShKpISA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

SP Setia to develop Australian property with A$640M of gross value

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


SP Setia to develop Australian property with A$640M of gross value

This feature rounds up recentproperty news from S&P Global Market Intelligence's covered companies andhighlights larger deal coverage already published.

AUSTRALIA

*SP Setia Bhd. that it acquired a site at308 Exhibition St. in Melbourne's central business district for A$101 million.The 4,140-square meter property has 160 acres of "green frontage"among other features, according to a release.

Telecommunicationscompany Telstra sold the site. SP Setia plans to launch a development project at theproperty in the second half of 2017 that will have an estimated grossdevelopment value of A$640 million.

*Goodman Group's totalassets under management rose to A$33.2 billion in the third quarter of fiscalyear 2016, according to a filing.

*GPT Group CEO andManaging Director Bob Johnston saidin the company's earnings release that the company saw a "solid"March quarter of activity, and that its portfolio of retail, office andlogistics properties are benefiting from "strong" economies in NewSouth Wales and Victoria.

*GPT seeks to divest apartment development sites mostly in Sydney as one way tounlock value, The Australian reported,citing GPT CEO Bob Johnston. The company is also looking to form joint venturesas another option for the sites, which have capacity for over 5,000 apartments.

Meanwhile,Chinese firm AUX Group acquired GPT's two surplus residential development sites in Rouse Hill, Sydney,for A$23 million, The AustralianFinancial Review reported.

*Mirvac Group CEO andManaging Director Susan Lloyd-Hurwitz saidin the company's operational update that the company retained "positivemetrics" in its industrial, office and retail portfolios in the thirdquarter of fiscal 2016. The company also revised its fiscal 2016 earnings anddistribution guidance to the top end of its previous forecast.

*Vicinity Centresagreed to partner with Perth Airport Pty. Ltd. for the development of anestimated A$145 million outlet center at the Perth Airport in WesternAustralia, subject to planning approvals, according to a .

*Vicinity said thatit sold Indooroopilly Central in Queensland for A$85 million to an unnamedprivate investor. The company expects to settle the transaction around June 30.

Theproperty company plans to brand the center as a DFO, its brand for the outletcenter portfolio. Theoutlet center is expected to generate more than 8% of initial yield on cost anda 10-year internal rate of return more than 13%.

*AccorHotels plans toexpand in Melbourne with the construction of two new hotels and management ofanother two, The Sydney Morning Herald reported.

OTHER GEOGRAPHIES

said that itcompleted the acquisitionof the Sheraton Tribeca New York Hotel in New York.

ADDITIONAL COVERAGE

: A A$660 million deal for a developmentsite in Sydney is making records both for the seller, Goodman Group, and thebuyer, Australia YMCI Pty. Ltd., TheAustralian reported.

: Executive Director Augustine Wong Ho-mingsaid the company will obtain a court injunction as a "last resort" ifthe dispute over its redevelopment of a community farm in Hong Kong is notresolved through "normal procedures."

:SM City San Jose Del Monte in the tier 2 city of San Jose del Monte in Bulacanhas 101,000 square meters of gross retail and dining area.

: MTR and the government joined forces toconstruct a residential project in the Kwun Tong district of Hong Kong, The (Hong Kong) Standard reported.

: Greentown shareholder China Real Estate Corp.Ltd. won the bid for a 518,452-square-meter land parcel in Chongqing, China, ata price of around 4.53 billion Chinese yuan.

: AMG Capital LLC will target class A urbanmultifamily developments in high-growth cities in the U.S.

: The company is also looking to raiseA$104.5 million to partially fund the large-format retail portfolio acquisition.

: The joint venture paid roughly $150 million toeffectively acquire the remaining 40% stake that it did not already own in theCityOn.Xi'an shopping center.

:GPT Group and Frasers Property Australia have put the Southbank tower on themarket in Melbourne, The AustralianFinancial Review reported.

The company is on track to build the third-tallest tower inChicago and set the record for the "largest-ever" property investmentby a Chinese company in the Windy City.

Nomura Real Estate Development, Tokyo Tatemono, SumitomoCorp. and Shutoken Funen Kenchiku Kosha plan to develop two towers in Tokyo'sShinjuku Ward, the Nikkei Asian Reviewreported.

: Shui On Development (Holding) Ltd. and Wuhan ShuiOn Tiandi Property Development Co. Ltd. are the sellers.

:The company's moving annual turnover, including goods and services tax, inAustralia and New Zealand amounted to A$22.5 billion as at March 31.

: The company's contracted sales in April reached 35.65 billionChinese yuan from around 17.76 billion yuan in April 2015.

Some external linksmay require a subscription.