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Tokyo-listed GLP J-REIT has acquired interests in seven logistics properties across Japan for a combined ¥98.23bn (~US$940m). The REIT acquired the remaining 60% interest in the GLP Yokohama warehouse, a fully let 95,312 sq.m. property with easy access to Haneda Airport and Tomei Expressway, for ¥24.27bn. The deal also comprised the 75,719 sq.m. GLP Sayama Hidaka II property for ¥21.63bn; the 47,192 sq.m. GLP Urayasu II warehouse for ¥16.88bn; and the 54,240 sq.m. GLP Yachiyo II building for ¥13.04bn. The acquisition will grow GLP J-REIT’s portfolio to more than 80 properties located across Japan valued with an acquisition price of about ¥741bn. GLP J-REIT shares closed slightly higher at ¥161,000 on Tuesday. Mirvac sells Brisbane office for A$87m ASX-listed Mirvac has sold a Brisbane office building in the city’s ‘Golden Triangle’ to Forza Capital for A$86.75m, according to local media reports. The 17-storey property, which is located at 340 Adelaide St, has an occupancy rate of...
Mumbai-listed Embassy Office Park REIT has agreed to acquire the Embassy TechVillage business park in Bengaluru from its sponsors for ₹98bn (US$1.3bn). Situated on the Outer Ring Road, the 9.2m sq.ft. business park is home to over 45,000 employees from more than 40 corporate occupiers, including JP Morgan, Cisco, Sony and Flipkart. The property currently has 6.1m sq.ft. of completed area and about 3.1m sq.ft. of space under construction, of which 36% is pre-leased to JP Morgan. The deal also includes two proposed 518-room Hilton hotels. “The acquisition further deepens our presence in Bengaluru, which remains India’s strongest office market, and significantly enhances our scale and ability to deliver embedded growth,” said Embassy REIT CEO Mike Holland. “We are delighted to purchase an asset of the quality and scale of ETV at a 4.6% discount to the average of the two independent valuations.” The REIT plans to fund the deal by issuing about ₹60bn...
Tokyo-listed SOSiLA Logistics REIT (SLR) has acquired two logistics buildings in Kanagawa and Osaka for more than ¥23bn (~US$219m) from major shareholder, Sumitomo Corporation. The J-REIT bought a 62% stake in the SOSiLA Ebina property, which is fully leased with five tenants across 42,060 sq.m., in Ebina City for ¥14.69bn. The company also purchased the 46,806 sq.m. SOSiLA Nishiyodogawa II asset, which is fully occupied with four tenants, in Osaka City for ¥8.4bn. Sumitomo Corporation owns 4.76% of SLR and is the parent company of the REIT’s manager, Sumisho Realty Management. The REIT will own interests in 10 industrial and logistics properties across Japan worth more than ¥105bn following the acquisition. Shares in SOSiLA Logistics REIT closed 4.43% lower to ¥127,400 on Monday. ALE Property grows pub portfolio 4.4% amid COVID-19 ASX-listed ALE Property Group has booked a 4.4% increase in the value of its pub portfolio, growing it to A$1.23bn despite COVID-19’s impact on the...
ASX-listed Charter Hall Social Infrastructure REIT has acquired the South Australian Emergency Services Command Centre development in Adelaide for a total consideration of A$80m. The A-REIT purchased the project for A$23m and will fund the remainder of the development to a total value of A$80m, with a 5% coupon received during construction. The complex will comprise a 5,532 sq.m. free-standing office building, a 1,000 sq.m. freestanding warehouse, a 1,468 sq.m. adjacent hardstand, and an adjacent six-level car park. Once completed, the property will be mostly let to the SA government and occupied by four Government emergency services agencies on a 15-year lease, with fixed 2.5% annual rent escalations and two five-year options. “Adelaide is a market Charter Hall knows well with a long history of developing in the city, most recently having completed the $251m development of the GPO Exchange,” said Charter Hall Group managing director and CEO David Harrison. Charter Hall Social Infrastructure...
Singapore-listed Ascendas Reit has acquired two office buildings in San Francisco, US, for S$768m, marking its foray into the tech capital. The S-REIT bought the seven-storey building at 510 Townsend Street, which has 27,437 sq.m. of net lettable area and is fully let to fintech company Stripe. The company also acquired a six-level building at 505 Brannan Street that is fully occupied by tech platform Pinterest, with 13,935 sq.m. of net lettable area. The two new tenants will increase Ascendas Reit’s exposure to growing technology, biomedical and digital media industry in the US from 65% to 75%. The deal offers a net property income yield of approximately 4.9% for the first year, with triple-net leases and built-in rent escalations of 2-3% per annum. “This acquisition allows us to plant a foothold in San Francisco, one of the most dynamic and progressive cities in the US,” said William Tay, executive director and CEO of the...