CapitaMalls Asia Limited has won a tender to acquire Grand Canyon Mall in Beijing, China for RMB 1.74 billion (S$356.6 million). The acquisition is subject to approval of the Chinese government. In a news release, the company said the Grand Canyon Mall is an operating mall located in the Fengtai District. The area has a population of about 2.2 million and is one of six core districts in...
REITS
Overseas Union Enterprise, a Singapore-listed property firm controlled by Indonesia’s Riady family, is seeking to raise up to S$614 million by listing a hospitality real estate investment in Singapore, according to a prospectus for the deal. The company will offer 434.6 million shares to the public and institutions, and an additional 247.2 million to cornerstone investors at S$0.88 to S$0.90 apiece,...
Media group Singapore Press Holdings plans to raise at least S$523 million by spinning off some of its property assets via a real estate investment trust (REIT), according to a preliminary prospectus filed on Tuesday. Called SPH REIT, the trust's assets will include the upmarket Paragon mall on the prime shopping belt of Orchard Road and the suburban Clementi Mall. SPH expects gross proceeds of...
There has been a flurry of REIT IPOs coming to market, with Overseas Union Enterprise (OUE) and Singapore Press Holdings (SPH) announcing their proposed listings on the Singapore Exchange within a week of each other. Both REITS are expected to raise more than S$1.5 billion from the market. Market observers expect strong demand for these REITs, mainly for their high yields of between 5.5 and 6...
Property developer Overseas Union Enterprise (OUE) has received approval from the Singapore Exchange (SGX) to list a hospitality-focused real estate investment trust (REIT). In a filing with the SGX, OUE said the REIT manager plans to appoint real estate veteran Chong Kee Hiong as chief executive officer and executive director. Mr Chong is the former CEO of The Ascott, the serviced apartment arm of...
Ascott Reit has agreed to buy three serviced residences in China and 11 rental residential properties in Japan for a total of S$287 million. This will raise FY2012 distribution per unit by 2.9 per cent – from 8.76 cents to 9.01 cents. Ascott Reit said the three serviced residences in China are located in Shanghai, Shenyang and Suzhou and they will continue to be managed by Ascott. It will also...
Singapore Press Holdings (SPH), the newspaper publisher that owns Paragon shopping mall on Orchard Road, has tapped Credit Suisse and DBS Group to manage a listing of its property assets in an initial public offering (IPO) of as much as S$1 billion, according to people with knowledge of the matter. The IPO could take place as soon as the third quarter of this year, said two sources, who asked not to be...
Park Hotel Group has agreed to sell Park Hotel Clarke Quay to Ascendas Hospitality Trust for S$300 million. The hotel is located in the Clarke Quay area, started operations in 2009. The hotel has 336 guest rooms and suites. Source : Channel NewsAsia – 8 Apr...
Luxury property developer Ho Bee Group is not ruling out launching a real estate investment trust (REIT) in the next two years. These are for its commercial properties, including its latest mixed development The Metropolis. Ho Bee's chairman Chua Thian Poh said this on Thursday on the sidelines of the ceremony to mark the completion of structural works for The Metropolis. Even before the two towers are...
Property developer Overseas Union Enterprise (OUE) is exploring the establishment of a real estate investment trust (REIT) on the mainboard of the Singapore Exchange (SGX). In a filing with the SGX on Thursday, OUE confirmed that it is in "preliminary discussions" with banks. But the property developer added that details such as the properties to be injected into the REIT, the pipeline assets of the...