M&G Real Estate, the real estate arm of the British insurer, has purchased a 50% stake in the Australian-focused Dexus Industrial Partnership from Melbourne-based sovereign wealth fund, Future Fund. The deal follows on from M&G Real Estate’s A$109.5m acquisition of a 25% stake in Coca-Cola’s Sydney headquarters from South Korea’s National Pension Service earlier this […]
Oxford Properties, the real estate arm of Canadian pension fund OMERS, has taken over the Investa Office fund and its portfolio of 19 Australian assets for A$3.4bn (US$2.39bn), as the business sets out to build its exposure in the country. The fund owns 492,386 sq.m. prime office real estate across Sydney, Melbourne, Brisbane, Perth and […]
Australian-listed Cromwell Property Group has exchanged contracts to buy a 35-storey office in Brisbane for $524.75m (US$353.6m), as the city’s office vacancy continues to fall. Cromwell bought the 400 George Street property, located in the city’s North Quarter precinct, from US asset manager Blackstone and German group HSBC Trinkaus. 400 George Street (image: Cromwell / LinkedIn) […]
Frasers Property has bought a 17.8% stake in Singapore’s largest non-listed retail mall fund from investment manager PGIM for S$356.4m (US$263.5m). The buyer purchased 94,013 shares in the PGIM Real Estate AsiaRetail Fund through its wholly-owned Frasers Property Crystal subsidiary, according to a statement. The fund owns and manages the Tiong Bahru Plaza, White Sands, […]
Warehouse investor and developer GLP has raised RMB 15bn (US$2.1bn) in the final closing of its GLP China Income Fund I to support its capital recycling strategy in China. GLP CIF I raised equity commitments from seven institutional investors, six of which were new clients for GLP, according to the company. First launched in December […]
Singapore-based fund manager Pierfront Capital has raised US$200m in the first close of a new private credit fund, which will provide financing to real estate and other real asset sectors across Asia Pacific. The fund is jointly sponsored by a Pierfront’s first fund, Pierfront Capital Mezzanine Fund (PCMF), and Singaporean asset manager Keppel Capital, which […]
Singapore-listed Suntec REIT has snapped up an office development in Pyrmont, a tech and media hub near Sydney’s CBD, for A$297m (US$206.9m), marking its second deal in the city. Suntec REIT, which is managed by real assets fund manager ARA Asset Management, has agreed to buy the 21 Harris Street development from developer Milligan Group […]
Aberdeen Standard Investments has appointed Min Chow Sai to head its Asia Pacific property research arm from Singapore. Prior to joining, he was the executive director responsible for Singapore and regional-listed real estate investment research at Nomura Securities. Sai, who had worked at Nomura for more than a decade, will report to Andrew Allen, global […]
Singapore-based SC Capital Partners has bought a Melbourne office on behalf of its opportunistic RECAP fund series for A$107.08m (US$72.6m) and plans to splash A$40m refurbishing the asset. The 19-storey office building is located at 412 St Kilda Road and above the new Anzac train station, which is part of the $11bn Metro Rail project. […]
Here’s how the REIT markets performed across Asia Pacific on Tuesday, 12 May 2020. Japan Invincible Investment Corp. (8963) shares plummeted 22.66% to ¥23,900 after the hotel REIT cut its dividend by 98%. Investors sold down other hotel trusts as well, with Ichigo Hotel REIT Investment Corp. (3463) and Mori Trust Hotel REIT Inc. (3478) […]