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Starhill sells Tokyo asset for ¥525M; Al-Salam seeks OK for 115M-ringgit buy

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Starhill sells Tokyo asset for ¥525M; Al-Salam seeks OK for 115M-ringgit buy

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


* Singapore-based real estate investment trust Starhill Global REIT sold the four-story Nakameguro Place retail building in Tokyo's Meguro-Ward under a ¥525.0 million deal, reflecting a 3.1% yield. The sale price, according to a release, reflects a 25.0% premium over the property's latest ¥420.0 million valuation.

After the divestment, Starhill Global's portfolio in Japan was trimmed to two properties.


* Hebei Tianshan Zhengyao Real Estate Development Co. Ltd., an indirect Tian Shan Development (Holding) Ltd. subsidiary, agreed to buy for roughly 114.0 million yuan a 49% stake in the proposed Hebei Tianshan Kailongda Property Development Co. Ltd. project company, which will be established to secure the rights over an approximately 49,440-square-meter land parcel in the city of Shijiazhuang.

Under the deal with Hebei Kailongda Food Co. Ltd., Hebei Tianshan Zhengyao will fund the acquisition of the plot. If the premium payable for the site exceeds 185.4 million yuan, the agreed consideration for the stake transfer could be reduced or the stake transaction called off and Hebei Tianshan Kailongda dissolved.


* Al-Salam REIT's unit holders will meet June 6 to vote on the company's proposed 115 million-ringgit acquisition of a 22-asset portfolio from KFC (Peninsular Malaysia) Sdn. Bhd., Kentucky Fried Chicken (Malaysia) Sdn. Bhd., KFC (Sabah) Sdn. Bhd. and SPM Restaurants Sdn. Bhd. The planned restaurant purchase will be carried out through a deal signed by the diversified Islamic REIT's trustee, AmanahRaya Trustees Bhd.

Additional coverage

Report: Mitsui Fudosan vies with Charter Hall, Investa for stake in A$2B project

Jingrui to gain Beijing commercial site in 240M-yuan deal

New South Wales government cancels property deal with Australian Unity Office

China Resources sells 14.2B yuan of properties in April, buys 10.7B yuan of land

Aventus, Primewest tipped to bid for private equity group's A$500M portfolio

As of May 9, US$1 was equivalent to ¥109.74, 6.36 yuan and 3.98 ringgit.