M&G Sells Brisbane Office Block at a Loss and More Asia Real Estate Headlines

M&G Sells Brisbane Office Block at a Loss and More Asia Real Estate Headlines

M&G listed the 2010-vintage building at 520 Wickham Street in February

In today’s roundup of regional news headlines, a Brisbane office building changes hands between two global investment managers, Canada’s Brookfield acquires a Sydney industrial site, and China’s new home prices continue their slide.

M&G Sells Brisbane Office Building to Savills IM at a Loss in $75M Deal

Savills Investment Management has purchased an office building in Brisbane’s Fortitude Valley district for A$110 million ($74.9 million).

The deal for the HQ South tower at 520 Wickham Street was struck with another London-based fund manager, M&G Real Estate, which listed the property in February. Read more>>

Brookfield Buys Sydney Industrial Site for $61M

Investment manager MaxCap and developer Time & Place have capitalised on a strong uplift in industrial land values on Australia’s east coast over the past 18 months after “opportunistically” selling an industrial site in Sydney’s west to Brookfield for more than A$90 million ($61.2 million).

The sale represented a 26 percent gross capital gain on the A$71.5 million that the MaxCap Industrial Opportunity Fund paid explosives giant Orica for the 12.45 hectare (30.8 acre) remediated site at 2 Christina Road in July of last year. Read more>>

China New Home Prices Fell Further in November

Prices for new homes in China fell for a sixth straight month in November, increasing the government’s challenge in stabilising the property development industry, a private survey showed.

Pandemic-control lockdowns were hampering sales, real estate industry managers said. New home prices had been 0.06 percent lower in November than in October, when the monthly decline was 0.01 percent, said China Index Academy, one of the country’s largest independent real estate research firms. Read more>>

Joe Tsai’s Family Office Sells US Stocks in Private Markets Push

The investment firm that manages part of Alibaba co-founder Joe Tsai’s fortune is on a rapid retreat from US stocks as it increasingly focuses on private markets.

Blue Pool Capital has ditched holdings in more than 30 US-listed companies — mostly in the tech sector — since the start of last year. Those include Alphabet, Microsoft and Twitter, regulatory filings show. Read more>>

Sun Venture Buys Remaining Stake to Take Full Ownership of PSGourmet

Singapore-based investment firm Sun Venture has fully acquired PSGourmet, the parent of restaurant chain PS.Cafe, for an undisclosed sum, following a previous report that it was considering a deal to buy out the remaining shares it did not own in the company.

The directors of the PSGourmet group — Richard Chamberlain, Peter Teo and Philip Chin — transferred their remaining shares to SV Petit, a holding company owned by Sun Venture, on 17 October, according to documents seen by the Business Times. Read more>>

Far East Consortium Advances Manchester Housing Proposals

Far East Consortium has launched a consultation on Manchester’s Red Bank masterplan, while fleshing out plans to redevelop three plots along the city’s Dantzic Street.

FEC, Manchester City Council’s development partner for the £4 billion ($4.9 billion) Victoria North regeneration project, aims to submit an outline application for around 4,000 homes at Red Bank early next year. A separate detailed planning application for 1,500 homes across buildings reaching 34 storeys is expected at the same time. Read more>>

China Has Vast Room for Property Demand, Government Adviser Says

Chinese households still have enormous demand for real estate and the industry remains a key driver of economic growth, according to a senior researcher with the nation’s top economic-planning agency.

“Chinese residents still have rather high rigid demand for housing as their income continues to improve,” said Wang Changlin, head of the China Academy of Macroeconomics, a research institute of the National Development and Reform Commission. “There is still rather vast room for demand in the real estate market.” Read more>>

Shareholders OK Landing International’s Name Change to Shin Hwa World

Shareholders of Hong Kong-listed Landing International Development have officially approved the casino builder’s name change to Shin Hwa World Ltd.

At a general meeting held Tuesday, 100 percent of votes were cast in favour of the name change, which will come into effect once the names are registered in Bermuda and Hong Kong. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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