ASX-listed Abacus Property Group has agreed to buy the remaining 75% interest in the self-storage operating business, Storage King, for A$50m, according to local media. Storage King licenses and manages more than 170 locations across Australia and New Zealand, with over 50,000 customers. Abacus, which acquired its initial 25% Storage King stake in 2018, owns […]
Credit Suisse Asset Management’s property arm has acquired two last-mile warehouses in the Seoul Capital Area, its first transaction in South Korea’s commercial property market. Credit Suisse Asset Management Global Real Estate purchased the 49,868 sq.m. Icheon 2 DC warehouse and the 36,396 sq.m. DC Moga warehouse on behalf of CS REF International, the firm […]
Australian specialist property financier MaxCap Group has expanded into New Zealand with ambitions to dominate the country’s non-bank commercial real estate lending space. The Melbourne-based firm has opened an office in Auckland, as part of a joint venture with Bayley Corporation and investment advisory firm Forsyth Barr, MaxCap announced. The JV has appointed Mark Farrands […]
The fund management business of ASX-listed Cromwell Property Group (CMW) has sold a distribution centre in South Australia for A$63.05m, reflecting a 19% premium to the asset’s book value. The Rand Distribution Centre is a purpose-built cold storage facility located within the industrial precinct of Direk, approximately 27km north of the Adelaide CBD. The asset […]
Singapore’s CapitaLand, which completed its merger with Ascendas-Singbridge this week, plans to combine the Ascott Residence and Ascendas Hospitality trusts into Asia Pacific’s largest hospitality trust, with S$7.6bn (US$5.6bn) of assets. The combined entity will become the eighth largest hospitality trust on the global stage, in addition to becoming the seventh biggest trust on the […]
A 22-storey freehold service-apartment development in Singapore’s sought-after District 9 area has hit the market with price expectations of about S$230m (US$166.7m). The vendor is reportedly the Oversea-Chinese Banking Corporation (OCBC), according to an earlier report from the Business Times. 2 Mount Elizabeth Link (image: Cushman & Wakefield) The 2 Mount Elizabeth Link property, which […]
Japan’s Ichigo Hotel REIT Investment Corp. (3463) has revised its January 2021 earnings forecast down, with net income slashed by 56.3% to JPY 259m. The forecast revision cuts operating profit by 40.7% to JPY 472m and dividend per unit by 56.4% to JPY 1,015 for the period. “The ongoing impact of COVID-19 continues to be […]
Singapore-based CapitaLand’s Ascott lodging business plans to add a record 846 units across four new properties in Singapore this year, growing its local portfolio to over 3,100. The 279-apartment lyf Funan Singapore, the 166-unit Citadines Balestier Singapore and the 81-room Ji Hotel Orchard Singapore properties are set to open this month, while the 320-unit Citadines […]
In Australia, the value of Vicinity Centres’ retail portfolio declined by A$1.79bn, or 11.3%, during the six months to end-June, reflecting the impact of COVID-19 and challenging retail conditions. The value of its flagship portfolio, which includes the Chadstone, premium CBD and DFO outlet centres, fell by 8.8%, the company said in a statement. “While […]
Singapore-listed CapitaLand Mall Trust (C38U) reported a 22.1% fall in net property income to S$174.9m during the first half of 2020, compared to the same period last year, the company said in its earnings. Net income fell 30.5% to S$157.9m, and distribution was set at 2.96 cents per unit, down 49% from 1H 2019. “Although […]
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