Japan leads right this moment’s roundup of actual property headlines from across the area, with Blackstone speaking up its latest sequence of disposals in Asia’s second-largest financial system. Also within the information, SGX-listed Manulife US REIT will halt distributions for the primary half of 2023 and a US chilly chain REIT indicators a Vietnam JV.
Blackstone Looks for More Deals After Selling $4.5B in Japan Assets
Blackstone is exploring extra acquisitions in Japanese actual property, after promoting about $4.5 billion price prior to now yr to capitalize on excessive worldwide curiosity in property within the island nation.
The world’s largest alternative-asset supervisor is engaged on extra acquisitions with a number of bids out and properties like accommodations and knowledge facilities within the pipeline, in accordance to Blackstone’s head of Japan actual property Daisuke Kitta. That comes after it spent most of final yr shedding property, together with about $1.3 billion in properties offered to traders like GIC and Gaw Capital Partners, in accordance to Cushman & Wakefield. Read extra>>
Manulife US REIT Halts Distributions After Covenant Breach
Manulife US Real Estate Investment Trust declared no distribution for the primary half ended Jun 30, because the REIT has breached banks’ unencumbered gearing ratio, inflicting all its loans to be reclassified as present liabilities.
The supervisor of the REIT reported on Monday (Aug 14) a 17.4 % decline in distributable revenue to $37.9 million in H1 2023 from $46.0 million within the corresponding year-ago interval. Read extra>>
Lineage Logistics Signs Vietnam Cold Chain JV
US chilly chain industrial REIT Lineage Logistics on Friday introduced it has partially closed a three way partnership with Hanoi-based cold-storage warehouse operator SK Logistics. Financial phrases of the transaction weren’t disclosed.
SK Logistics’ two chilly storage warehouses, add virtually 400,000 sq. toes in capability within the north of Vietnam for Lineage. The firm now has built-in property and provide chain options in each northern and southern Vietnam, with services in each Hanoi and Ho Chi Minh City. Read extra>>
Singapore’s Tuan Sing Reports 38% Drop in Profit
SGX-listed Tuan Sing posted a 38.1 % fall in internet revenue for the fiscal first half ended Jun 30, as the true property firm’s finance prices rose 57 % to S$32.5 million ($23.9 million) on rising rates of interest, the corporate mentioned on Friday (Aug 11).
Net revenue for the six months ended Jun 30 stood at S$6 million, in contrast with S$9.7 million posted the identical interval a yr in the past. The outcomes translate to earnings per share of 0.5 Singapore cent, versus 0.8 Singapore cent a yr in the past. Read extra>>
Hong Kong’s MTR Reports 12% Profit Dip as Real Estate Market Stutters
The MTR Corporation on Thursday reported an virtually 12 % drop in first-half revenue in contrast with the identical interval final yr, due largely to a plunge in earnings from its property improvement initiatives.
The railway agency posted a internet revenue of HK$4.17 billion ($533.5 million) for the six months ending June. It mentioned revenue from property improvement dived greater than 90 % to HK$732 million, after recording sturdy earnings from three initiatives in the identical interval a yr in the past. Read extra>>
Ong Beng Seng’s Hotel Properties Ltd Reports $12.7M Loss
Hotel Properties Limited, whose managing director Ong Beng Seng is concerned in a corruption probe, has reported a lack of S$17.2 million ($12.7 million) for its 1HFY2023, reversing from earnings $1.9 million within the yr earlier.
Revenue in the identical interval was up 27.9 % y-o-y to S$319 million, as its accommodations see higher efficiency with the resumption of journey. However, the corporate’s bottomline was weighed down by a lack of greater than S$16 million for its associates and joint ventures, which HPL says suffered from increased borrowing prices. Read extra>>
Hong Kong Homebuyers Pick Clean CK Asset Project After Discounts
Hong Kong’s homebuyers rushed to seize the most cost effective new flats on sale in seven years, delivering a transparent signal to builders that reductions are one of the best instruments for surviving the doldrums within the metropolis’s property market.
CK Asset Holdings offered all 626 models of the Coast Line II flats in Yau Tong on provide within the present section as of 9pm, in accordance to Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. Read extra>>
SingHaiYi Singapore Condo Launch Sells Just 7 of 324 Units
The TMW Maxwell mission in Singapore offered simply seven out of a complete of 324 models at its Phase One gross sales launch with the transacted worth ranging between S$1.5 million and S$2.47 million, which works out to a per sq. foot (psf) vary of S$3,143 to S$3,739.
The gross sales final result for the mixed-use improvement mission by CEL Development, Singhaiyi Investments and Chuan Investments was a lot decrease than anticipated by market watchers who had anticipated a take-up charge of a minimum of 20 %, going by response to latest launches. Read extra>>
Australia’s Lendlease Halts Work on San Francisco Project After Reporting Loss
Australian developer Lendlease Group has paused work on an $1.23 billion workplace and condominium advanced in San Francisco within the troubled West Coast actual property market, it mentioned on Monday, after reporting a drop in annual core revenue.
California’s industrial actual property market is without doubt one of the hardest hit globally as dwelling working culls demand for workplace area simply as rising charges crunch property values and carry debt servicing prices. Read extra>>
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