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Keppel REIT in S$547.5M towers deal; LendLease REIT's IPO oversubscribed

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Keppel REIT in S$547.5M towers deal; LendLease REIT's IPO oversubscribed

* Keppel REIT is selling its strata ownership in the Bugis Junction Towers in Singapore for S$547.5 million. The real estate investment trust will divest the property with a net lettable area of nearly 250,000 square feet to Village Prop. Pte. Ltd., which is backed by an Angelo Gordon & Co. LP-managed fund, according to The (Singapore) Business Times.

* Lendlease Global Commercial REIT said its IPO on the Singapore stock exchange was 14.5x oversubscribed due to strong demand from more than 100 institutional and corporate investors. The LendLease Group-affiliated property trust is slated to debut on the bourse on Oct. 2, with the backing of 13 cornerstone investors, including BlackRock Inc. and Fullerton Fund Management Co. Ltd. following its IPO of 387,474,987 units at 88 Singapore cents apiece.

India

* CapitaLand Ltd. is aiming to grow its assets under management in India to S$7 billion from the current S$3.3 billion by 2024. As part of the strategy, the Singapore-based property developer plans to invest capital to grow its development pipeline and work with capital partners to grow its fund management business, according to a news release.

Japan

* SoftBank Group Corp. teamed up with Indian hospitality unicorn Oyo Hotels & Homes for the over US$100 million purchase of a combined 80% stake in Japanese rental operator MDI, The Nikkei reported, citing a person familiar with the deal. Oyo confirmed the transaction without providing further information, while SoftBank and MDI both declined to comment, the publication noted.

* Nippon Building Fund Inc. said Nippon Building Fund Management Ltd. decided to acquire condominium interests and co-ownership interests in the Osaki Bright Core and Osaki Bright Plaza properties for ¥3.10 billion from an unnamed domestic general business company. The transfer of the targeted interests to the Japanese property company is expected by Oct. 31, according to a filing.

Australia

* David Jones unveiled plans to sell its flagship menswear store at 299 Bourke St. in Melbourne "in coming months," The Australian reported. The potential sale could fetch more than A$100 million. A portion of the proceeds from the divestment will be used for the refurbishment of the site, with the remaining income to be used for other areas of the business.

* LendLease engaged customer relationship giant Salesforce to be the anchor tenant for its office tower development at 180 George St. in Sydney's Circular Quay, The Australian reported. Salesforce will occupy the top 24 floors of the Salesforce Tower Sydney, which is scheduled to be completed by 2022, under a leasing deal brokered by JLL and Cushman & Wakefield.

Southeast Asia

* Philippines' Ayala Land Inc. confirmed in a filing its plans to issue up to 10 billion pesos of fixed-rate retail bonds. The developer said the offering will comprise bonds with respective maturities of two years and 7.25 years. It will offer the bonds under its 50 billion-peso shelf registration with the country's Securities and Exchange Commission.

* JLL relaunched public tender for the collective sale of the Cascadale freehold residential development in Singapore with a reserve price of S$270 million. The latest offering, which marks the 167,528-square-foot property's return to the en bloc sales market, will close Nov. 6, the marketing agent added.

* Singapore's Urban Redevelopment Authority said the private residential property index in the city-state grew 0.9% to 152.2 points in the third quarter from 150.8 points in the previous quarter. Meanwhile, the prices of non-landed private residential properties rose 2.3% in Singapore's core central region, 1.6% in the rest of the central region and 0.7% outside of the central region, all compared with figures from the second quarter.

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.