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Link REIT income hits HK$5.28B; Alibaba affiliate to lead US$1.53B logistics JV

* Link Real Estate Investment Trust's total distributable income for the year ended March 31 increased 5.8% year over year to HK$5.28 billion from HK$4.99 billion. During the period, the shopping center-focused REIT's revenue grew 8.3% to HK$10.02 billion from roughly HK$9.26 billion, while net property income climbed 9.6% to HK$7.66 billion from HK$6.99 billion.

* Cainiao Smart Logistics Network, an affiliate of Alibaba Group Holding Ltd., will lead a joint venture that will invest US$1.53 billion for the development of a new logistics center at Hong Kong's airport, Reuters reported. The planned logistics hub is expected to open in 2023 and will have an estimated gross floor area of 380,000 square meters.

Australia

* Local developer Springfield Land Corp. Pty. Ltd. is seeking industry partners for its planned Health City integrated development in southeast Queensland, The Australian reported. The 52-hectare master-planned precinct, which will be worth A$6 billion upon completion, will include a 1,200-bed hospital and an Aveo Group Ltd.-owned aged care facility.

* Funds manager QIC Global Real Estate acquired a 50% stake in each of two Pacific Group of Cos. shopping centers in Melbourne under an approximately A$1 billion off-market deal brokered by Colliers International's Lachlan MacGillivray. According to The Australian, the transaction marked one of the largest retail property undertakings of 2018.

* U.S.-based multiasset manager Bain Capital LP is believed to have added 20 assets to its Australian childcare center portfolio by striking a roughly A$100 million deal with private operator Little Learning School, IPE Real Assets reported. Bain Capital's childcare campus portfolio now comprises 65 properties mainly in Sydney and Melbourne.

* Pertti Vanhanen, Aberdeen Standard Investments' global co-head of real estate, is urging Australian superannuation funds to consider investments in Europe's logistics and build-to-rent sectors, The Australian Financial Review reported. Vanhanen noted in his pitch that logistics is "getting bigger and bigger in Europe" and that it transformed into a modern and high-tech sector after Amazon.com Inc.'s emergence.

Hong Kong and China

* Singapore-listed industrial REIT Mapletree Logistics Trust spent a total of 1.02 billion yuan to settle its 985.3 million-yuan acquisition of a 50% stake in each of 11 logistics properties in China from its sponsor, Mapletree Investments Pte. Ltd. The acquired assets mostly house e-commerce companies, such as JD.com Inc. and Best Logistics Technology (China) Co. Ltd.

* Diversified property developer New World Development Co. Ltd. sold 237 of the 247 flats it offered at its Fleur Pavilia project in North Point, Hong Kong, the South China Morning Post reported. The remaining unsold units, according to Sammy Po Siu-ming, CEO of Midland Realty's residential division, are larger dwellings that cost more than HK$50 million.

* China Overseas Land & Investment Ltd., together with its subsidiaries, joint ventures and associates, contracted an estimated 1,455,000 square meters of property in May for sales of about HK$26.73 billion, up from the nearly HK$20.53 billion recorded in the year-ago period.

India

* Singaporean investor Ascendas-Singbridge Pte. Ltd. intends to invest 20 billion rupees in Indian logistics and industrial real estate projects through its Ascendas India Logistics Programme. The program, which counts Singapore state-owned Temasek Holdings Pvt. Ltd. as a principal investor, has its sights set on building a logistics portfolio of between 13 million square feet and 15 million square feet across the country.

* Independent real estate services company Anarock Property Consultants Pvt. Ltd. is tapping into India's US$700 billion retail market by launching Anarock Retail under a partnership with Faithlane Property Consultants. Anarock Retail is a retail consultancy services company that will operate across Anarock Property's 10 Indian city offices and in Dubai.

Japan

* Mitsui Fudosan Co. Ltd. and Mitsui Fudosan Hotel Management Co. Ltd. are set to open the Mitsui Garden Hotel Otemachi in Chiyoda Ward, Tokyo, on June 17. The building has 14 floors and 191 rooms, Jutaku-Shimpo Inc. reported.

Other real estate news

* A fire in central London razed Mandarin Oriental International Ltd.'s £338 million hotel near the city's Hyde Park, Bloomberg News reported. The 181-room five-star hotel held through Mandarin Oriental Hotel Group Ltd. underwent a £185 million refurbishment in May, British newspaper The Guardian reported separately.

* In Minneapolis, a subsidiary of Chinese conglomerate HNA Group Co. Ltd. sold the 33 South Sixth St. and City Center complex for US$320 million to an entity named City Center 33 South Property, the Minneapolis/St. Paul Business Journal reported, citing records from the state of Minnesota's Department of Revenue.

* Singapore-based real estate investment company Elite Partners Capital LLC is reportedly entering the U.K. by buying a £280 million portfolio of government-leased offices from Telereal Trillium under a deal that reflects a net initial yield of 7.81%.

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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. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Rollen Catorce and John Chan contributed to this report.

As of June 6, US$1 was equivalent to 6.39 yuan and 66.90 Indian rupees.