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Foreign hotel REIT lists in Thailand; Carrie Lam talks Link REIT mall buyback

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Foreign hotel REIT lists in Thailand; Carrie Lam talks Link REIT mall buyback

* Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust will debut on The Stock Exchange of Thailand on Dec. 27, becoming the first foreign hospitality REIT to list on the bourse.

The 3.53 billion-baht REIT, which lists Frasers Hospitality Trust and AccorHotels as property managers, will offer up to 352,836,700 trust units priced at 10.00 baht apiece during its IPO. Proceeds from the offering will be used by the REIT to invest in Strategic Hospitality Holding Ltd., which will then use the capital injection to purchase the Pullman Jakarta Central Park in Indonesia, as well as the Capri by Fraser and the IBIS Saigon South hotels in Vietnam.

* Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said that pursuing the idea of the government buying back the malls and markets that were privatized in 2005 through Link Real Estate Investment Trust would be "very stupid and unwise," The (Hong Kong) Standard reported, citing Radio Television Hong Kong.

The statement comes on the back of calls for the government to probe the REIT and its HK$23 billion deal to sell a 17-mall portfolio in Hong Kong to a Gaw Capital Partners-led consortium, with lawmaker members of the Federation of Trade Unions arguing that the deal could impact low-income families.


* Online real estate settlement company Property Exchange Australia Ltd., or PEXA, is mulling a A$1 billion listing on the Australian stock exchange in 2018. PEXA CEO Marcus Price told The Australian that even though an IPO is the most likely route, it is not the only option being considered by the company, which counts Australia's big four banks and the state governments of New South Wales, Victoria, Western Australia and Queensland as backers.

In June, as part of its restructuring plans, PEXA appointed Highbury Partnership to conduct a four-week market review and prepare for a potential IPO or trade sale.

* German fund Commerz Real AG, in its first major Australian hotel acquisition, signed a deal to buy the 194-room Mercure Brisbane and 218-room Ibis Brisbane hotels from CDL Hospitality Trusts for A$77 million, The Australian Financial Review reported.

The properties form part of the four-hotel portfolio that the Singapore-listed trust acquired in 2010 for A$175.0 million.

Hong Kong and China

* Landsea Green Properties Co. Ltd. subsidiary Nanjing Xubohui Corporate Consulting Management Co. Ltd. agreed to sell its 48% stake in the project company that oversees the development of a 63.65 mu (42,433 square meters) residential site in Hefei, China, to Shanghai Zhongcheng Qiannian Investment Centre (LP).

Under the deal, Shanghai Zhongcheng will pay Nanjing Xubohui nearly 24.9 million yuan for the interest and an additional 629.3 million yuan for the loan that the target company owes to the seller.

* CCCG Real Estate Corp. Ltd. reaped 810.2 million yuan from the sale of its 29% stake in a property company, Reuters reported.

* In a separate brief, Reuters reported that CCCG Real Estate purchased a 100% stake in a real estate company for an undisclosed amount.

* The Shanxi Provincial Higher People's Court has ruled to sell on Alibaba Group Holding Ltd.'s e-commerce platform a 39-floor skyscraper in Taiyuan, China, with a starting price of 553 million yuan, The (Singapore) Business Times reported, citing state media Xinhua News Agency.

The commercial asset, which has more than 76,000 square meters of floor space, is scheduled to be auctioned on Taobao on Jan. 2, 2018, along with the site it occupies.


* Oxley Holdings Ltd. exercised its option to buy, through its Oxley Amethyst Pte. Ltd. subsidiary, eight adjoining sites in the city-state with a combined land area of roughly 1,118.4 square meters. The company agreed to pay S$38.0 million for the property, which is earmarked for a residential development with commercial space on the first story.


* MORI TRUST Sogo Reit Inc. entered into a purchase agreement for the ¥8.10 billion acquisition of Godo Kaisha PR First's Hiroo SK Building office asset in Tokyo. The seven-floor property has a total rentable area of 4,945.31 square meters.

* Mitsubishi Estate Co. Ltd. started the construction of a 20-level complex building in Kita Aoyama, Tokyo. The building will feature offices, hotel and commercial facilities upon its scheduled completion in April 2020, Nikkei reported.


* Vista Land & Lifescapes Inc. will undergo a transformation from a housing-focused developer to an integrated mixed-use developer by 2020, Manuel Villar, the company's founder and chairman, told The Philippine Star. Villar said the company, which owns 72 commercial assets including 22 malls, is aiming to boost its mall portfolio to 60 properties within three years.

Other real estate news

* Singapore-listed First Sponsor Group Ltd. is buying the majority apartment rights in the five-story, strata-titled Meerparc mixed-use office building in Amsterdam for €55.5 million.

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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.

Rollen Catorce and John Chan contributed to this report.

As of Dec. 26, US$1 was equivalent to 6.54 yuan, ¥113.22, S$1.34 and 32.76 Thai baht.