The board of Cromwell Property Group (CMW) intends to reject ARA Asset Management’s takeover bid to acquire 29% of shares that it didn’t already own. ARA, which already owns a 24% stake in the company through subsidiaries, is offering A$0.90 per share, a 3.4% premium to the last close on June 22. However, Cromwell said […]
Tokyo-listed Invincible Investment Corporation has agreed to acquire 18 hotels across Japan from a group of sellers for a combined price of JPY 82.6bn (US$766.9m). The deals will grow Invincible’s hotel portfolio to 84 hotels comprising 14,665 rooms worth a combined JPY 434.4bn, giving it the largest hotel portfolio among J-REITs, the company announced. The J-REIT’s […]
Logistics property specialist Prologis and HIP China Logistics Investments have committed a further US$882m to their latest Chinese logistics joint venture, increasing its development capacity to more than US$3.5bn. Prologis and HIP, which is said to be a subsidiary of sovereign wealth fund Abu Dhabi Investment Authority, have teamed up on Chinese logistics-focused ventures since […]
CBRE Global Investors has raised US$900m in the final closing of its latest Asia Pacific-focused value-add property fund, CBRE Asia Value Partners V (AVP V). The fund will have US$2.3bn, including leverage, in investment power after raising equity commitments from sovereign wealth funds, pension funds and other institutional investors across North America, Europe and the […]
The Arcade, a 20-storey office and retail building, in Singapore’s Raffle Place has been placed on the market for S$780m (US$572.5m). The Arcade (source: Colliers) The property, located at 11 Collyer Quay in District 1, sits on a 2,035 sq.m. site, translating to an estimated land rate of S$2,833 per sq.ft. per plot ratio, says […]
CBRE has named Simon Rooney as executive managing director, retail investments in Australia after 25 years at JLL, where he was ranked as one of the firm’s top three brokers globally. Over the past decade, Rooney has worked on major transaction such as Brisbane’s Indooroopilly shopping centre and the Vicinity Centres portfolio. JLL has promoted […]
J-REITs reversed recent gains, as the Tokyo Stock Exchange REIT index slumped 1.45% to 1,681.98. The Nikkei 225 Index finished trading 1.22% lower at 22,259.79. Invincible Investment Corp. (8963) said the RevPAR of its 75 domestic hotels was down 86% year-on-year in May this year due to COVID-19 and the lockdown restrictions, according to a […]
Deka Immobilien, the property arm of German banking group Deka, has bought a stake in a commercial building occupied by luxury retailer Bulgari in central Sydney for about A$56m (€36m). Deka Immobilien, which owns about $50bn of real estate assets, acquired three floors of the building comprising 950 sq.m. from an unnamed international investor, the […]
Indian warehouse specialist IndoSpace has raised US$580m in the final closing of its IndoSpace Logistic Parks III fund, the largest logistics property fund raised in India to date. The fund will have more than $1.2bn of investment firepower to develop and acquire industrial and logistics‐related real estate across India, according to a statement from GLP, […]
Singapore-listed Frasers Logistics & Industrial Trust has agreed to buy Frasers Commercial Trust for S$1.54bn (US$1.25bn) in a bid to grow its portfolio and boost its acquisition firepower. Fraser Commercial Trust’s Alexandra Technopark asset in Singapore (source: Frasers Property) Frasers Commercial owns a US$1.61bn portfolio of office and business park properties across Singapore, Australia and […]
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