In today’s roundup of regional news headlines, a Korean fund manager buys a New Jersey office tower, Singapore’s GIC backs a green loan to fund the Parkline Place project in Sydney, and China’s government sounds the alarm on “disorderly” data centre development.
South Korea’s BNK Asset Management acquired the UBS Financial Services tower in New Jersey for $219 million from US developer Hartz Mountain Industries at the end of November, the asset manager told the Korea Economic Daily.
The asset manager has attracted $131.4 million of senior debt from major Korean house KB Bank’s New York branch and received a combined $87.6 million commitment from eight Korean investors through BNK Asset Management’s two private equity funds. Read more>>
Singaporean sovereign wealth fund GIC has backed the future of sustainable offices, committing as the anchor investor in a A$700 million ($499 million) “green” debt facility being used to fund the construction of the 39-storey Parkline Place office tower in central Sydney.
The loan has been issued to project owners Oxford Properties Group, Investa and Mitsubishi Estate through Gresham Property’s recently closed construction debt fund, GPF No.8, which has raised more than A$1.4 billion. Read more>>
Singapore-listed OUE Lippo Healthcare has entered into sale and purchase agreements to divest of two wholly-owned subsidiaries, which together hold a 100 percent interest in 12 nursing homes in Japan, for a consideration of S$163.5 million ($120 million).
The subsidiaries, OUELH Japan Medical Facilities and OUELH Japan Medical Assets, will be divested to Perpetual (Asia), the trustee of First REIT, for a purchase consideration of S$163.2 million and S$300,000 respectively. Read more>>
Local governments in China should prevent the “blind and disorderly development” of power-hungry data centres, Beijing said Wednesday as it seeks to reduce carbon emissions from the country’s technology and communications sector.
Reducing the dependence of data centres and 5G networks on coal-fired power plants is essential for China to fulfil its pledge of peaking carbon emissions by 2030 and reaching carbon neutrality by 2060, according to a newly published plan. Read more>>
CapitaLand Integrated Commercial Trust’s manager on Tuesday proposed a private placement of about 103.6 million new units at an issue price of between S$1.930 and S$1.981 per new unit to raise at least S$200 million ($146.6 million) in gross proceeds.
In a bourse filing, the manager said that about S$150 million, or 75 percent, of the proceeds will be used to partially finance the Singapore-listed trust’s proposed acquisitions of two office buildings in Sydney. Read more>>
A limited supply of car parking spaces in Hong Kong, coupled with the removal of double stamp duty, has whetted investors’ appetite for this corner of the property segment, which is likely to push turnover to an all-time high this year.
A total of 9,600 parking spaces in the city are expected to change hands in 2021 with the value topping HK$18.5 billion ($2.37 billion), erasing the previous record of HK$16.6 billion in 2018, according to a research note by Centaline Property Agency. Read more>>
Some China Evergrande Group bondholders have not received overdue coupon payments after the end of a month-long grace period, putting the world’s most indebted property developer on the brink of its first default on offshore notes.
A group of Kaisa Group bondholders has sent the beleaguered property firm a formal forbearance proposal, which may buy some time and help it avoid a default on $400 million dollar bonds due Tuesday. Read more>>
Some owners at Singapore’s sprawling Mandarin Gardens, which houses more than 1,000 units, are again eyeing an en bloc sale of the 99-year leasehold condominium as the market regains momentum.
The mega development, near East Coast Park, formed a collective sale committee on Sunday and will soon select the committee chairman and other key positions, Lianhe Zaobao reported on Wednesday. Read more>>