Asia's largest logistic facilities provider, Global Logistics Properties (GLP), has signed new leasing agreements totalling 44,000 square metres of its space in southern China. In a filing with the Singapore Exchange, the firm said the leases were for two of its facilities in Guangdong Province. Located along the Guangzhou-Dongguan-Shenzhen economic corridor, GLP Park Zengcheng leased out 30,000 sqm of...
REITS
Frasers Centrepoint Asset Management (Commercial), the manager of Frasers Commercial Trust (FCOT), is seeking unitholder's approval for the proposed sale of KeyPoint, its property at Beach Road, to Bayfront Ventures for S$360 million. It is also seeking a mandate to buy back units of FCOT in the future without prior approval of unitholders. Mr Low Chee Wah, chief executive officer of FCOT, said: "The...
Singapore-listed Orchard Parade Holdings Limited (OPHL), the hotel and property arm of Far East Organization (FEO), is seeking shareholders' approval to divest three hospitality assets into a real estate investment trust (REIT) to be listed on the SGX. In a statement, OPHL said this is part of a corporate restructuring exercise to allow the company explore opportunities in the hospitality management and...
Real estate investment trusts (REITs) have outperformed the market despite the volatility in the first half of the year. They are also known for their relative resilience amid economic downturns. And industrial REITs appear to hold up better than the rest with total returns of 18 per cent in the first quarter. REITs have outperformed other assets like equities since the start of the year. The benchmark...
Ascendas Real Estate Investment Trust (A-REIT) has entered into an agreement to sell its property at 6 Pioneer Walk for S$32 million to Chasen Logistics Services, a subsidiary of Chasen Holdings. The sale price is at a 42 per cent premium over the original purchase price of S$22.5 million in 2007. A-REIT's manager, Ascendas Funds Management, said in a statement that the divestment is in-line with its...
Global Logistic Properties Limited (GLP), has announced that it will start construction on a logistics facility, GLP Atsugi, in November 2012. To be completed in December 2013, the 109,500 square metre facility is located in Aikawa, or the area known as "Atsugi" in the Kanagawa prefecture in the Greater Tokyo region. The total development cost is estimated to be USD$169 million2 (JPY 13.5 billion). GLP...
CapitaMalls Asia Limited and Suzhou Industrial Park Jinji Lake Urban Development Co., Ltd (SIPJUD) announced today that they marked a key milestone by breaking ground for the largest shopping mall in East China. Owned by the Suzhou Industrial Park (SIP) government, SIPJUD is the master developer of the SIP Central Business District (“CBD”), known as the Suzhou Centre. The ground-breaking ceremony of...
Real estate fund manager ARA Asset Management plans to raise between S$700-800 million by listing some of its Asian assets in a yuan-denominated initial public offering in Singapore, the first outside Hong Kong or China. ARA Asset Management is an affiliate of Hong Kong tycoon Li Ka Shing's Cheung Kong Holdings. According to Dow Jones report, Singapore-listed ARA expects to get approval from the...
CapitaMalls Asia and Sime Darby Property will jointly develop a shopping mall in Klang Valley, Malaysia. The companies said they have entered into a conditional agreement to form a 50-50 joint venture to develop the mall on a freehold site in Taman Melawati. The total development cost is expected to be about RM500 million (S$204.5 million). Upon completion. the mall will have a total net lettable area of...
The proposed acquisition of Pandan Logistics Hub from CWT Limited is expected to boost Cache Logistics Trust's total assets under management to S$944 million. In a statement, ARA-CWT Trust Management Limited, manager of Cache Logistics Trust, said the acquisition is the largest that Cache has made to date. Cache has proposed to acquire Pandan Logistics Hub from CWT for S$66 million. On completion of the...