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GIC nears deal for C$2B Oxford hotel portfolio; Zhenro plans US$1B spinoff

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GIC nears deal for C$2B Oxford hotel portfolio; Zhenro plans US$1B spinoff

* Singapore's sovereign wealth fund GIC Pte. Ltd. is in advanced negotiations with Oxford Properties Group Inc. for the acquisition of a major stake in the Canadian investor's Fairmont hotel portfolio, Bloomberg News reported, citing people familiar with the matter. A potential deal for the portfolio comprising four hotels is expected to be worth approximately C$2 billion.

* Zhenro Properties Group Limited's parent, Zhenro Group Co. Ltd., is looking to raise about US$1 billion from the planned listing of its property management subsidiaries in Hong Kong, The Standard reported. The Chinese developer intends to float its Zhenro Property Management unit, which provides services for commercial and residential properties in various cities in China.

Singapore

* OUE Commercial REIT's merger with OUE Hospitality Trust took effect, creating one of the largest Singapore-listed diversified real estate investment trusts with total assets of approximately S$6.9 billion. The merged entity has a market capitalization of about S$2.9 billion and a free float of S$1.1 billion.

* Fragrance Group Ltd.'s Fragrance Victory Pte. Ltd. subsidiary agreed to buy the Min Yuan Apartments at 62 Waterloo St. for S$141.0 million. Completion of the transaction is subject to various conditions, including the approval of the High Court's Strata Titles Board.

* Centaline Singapore relaunched the public tender for the collective sale of the D'Grove Villas freehold high-rise condominium in District 10 with a reserve price of S$392 million, The Business Times reported, citing the sole marketing agent. The 21-story property, which occupies a 50,400-square-foot site at 8A Orange Grove Rd., will remain on offer until Sept. 30.

* Meanwhile, JLL is marketing a portfolio of 32 freehold shophouses along Lavender Street and Serangoon Road with a guide price of S$138 million. The properties, with a collective land area of approximately 49,244 square feet and a gross floor area of about 79,502 square feet, are zoned for commercial use with a 3.0 gross plot ratio under the Urban Redevelopment Authority's Master Plan 2019.

* Ascott Residence Trust issued S$150.0 million of fixed-rate perpetual securities, according to a news release. Net proceeds from the issuance will be used for the property trust's redemption of S$150.0 million of 5.00% perpetual securities with a first call date scheduled on Oct. 27.

Australia

* KKR & Co. appointed CBRE Group Inc. to help market the property portfolio of Australian biscuit maker Arnotts Biscuits Holdings Pty. Ltd., The Australian Financial Review's Street Talk reported. The portfolio on offer in an A$800 million sale-and-leaseback deal is expected to pique the interest of investors including Charter Hall Group.

* Blackstone Group Inc. is selling the office building at 1 York St. in Sydney for about A$300 million, The Australian reported. The 25-story property, formerly known as Colonial House, has a net lettable area of 18,422 square meters and four levels of parking for 125 cars.

* LendLease Group obtained approval to develop the A$1 billion Melbourne Quarter Tower within its A$2.9 billion precinct in the city, The Australian reported. The 34-level tower will feature approximately 70,000 square meters of office space and an elevated green space dubbed the Sky Park.

* Centuria Capital Group secured a A$500 million mandate from AXA Investment Managers and Grosvenor Group Ltd. for the healthcare property platform that the property fund manager established with Heathley Ltd., the AFR reported. The Centuria Heathley platform will reinvest the amount into the Australian Diversified Healthcare Fund joint venture, which will own a portfolio of healthcare properties.

India

* The Noida Authority is calling on Unitech Ltd. to settle its approximate 27.34 billion-rupee balance for land intended for its residential developments within 15 days, Mint reported, citing the government agency. The real estate company will face the cancellation of its allotments if it fails to meet the deadline.

Japan

* LaSalle Logiport REIT is buying two Japanese warehouse properties for an aggregate consideration of nearly ¥35.10 billion. The property company will acquire the Logiport Osaka Taisho property from OTL1 Godokaisha and the Logiport Amagasaki from Amagasaki Property TMK for an average net operating income yield of 5.1%.

Hong Kong and China

* Central China Real Estate Ltd.'s contracted sales in August grew 62.9% year over year to nearly 9.32 billion yuan, while the presales of KWG Group Holdings Ltd. for the period rose 14.1% to roughly 6.17 billion yuan.

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.