In today’s roundup of regional news headlines, two large teacher pension funds launch a joint venture to invest in US logistics assets, Chinese developer Vanke moves ahead with the Hong Kong IPO of its property management spin-off, and Las Vegas Sands wins more time to complete a required expansion of its Marina Bay Sands complex.
Korean Teachers’ Credit Union, a retirement fund for South Korean teachers and employees, and the California State Teachers’ Retirement System have signed an agreement to launch a KRW 612.2 billion ($505.2 million) joint venture investing in US logistics centres, KTCU said this week.
It is the first time that KTCU and CalSTRS have closed a partnership. The two pension funds are planning to expand collaborations in asset management and welfare support for their members. “We’ll use the JV as a basis for boosting our global partnerships with some large pension funds,” said KTCU chief executive Kim Sang-gon. “Then, we’ll intensify strategic partnerships with them for the long term.” Read more>>
The Hong Kong stock exchange issued an announcement on 1 April indicating that a property management firm owned by developer Vanke called Onewo Space-Tech Service had formally submitted an application for a public listing.
Onewo, formerly known as Vanke Property Development, started business in 1990. Last November, Vanke announced that it would spin off its subsidiary Onewo, as the latter would go public on the HKEX. As of 31 December 2021, Onewo managed 785 million square metres (8.4 billion square feet) of residential and commercial space, tops among Chinese property firms. Read more>>
Las Vegas Sands needs more time to complete the required expansion of its Marina Bay Sands integrated resort in Singapore. The casino operator will have it after the country approved a new one-year extension.
LVS is going through a difficult time. Money is tight despite selling its Las Vegas assets for $6.25 billion earlier this year. The liquidity crunch is forcing the company to alter its schedule for certain projects. Read more>>
Real estate consultant Anarock has acquired a 75 percent stake in flexible workspace startup MyHQ, in a cash and stock deal worth INR 125 crore ($16.4 million). With this acquisition, the company wants to scale up its flexible workspace portfolio.
ET reported that post-acquisition MyHQ will retain its distinct brand identity. The founders, Utkarsh Kawatra and Vinayak Agarawal, will continue to remain on the board as founding members. Read more>>
The Grand Building, an office property in Singapore’s Raffles Place, has been relaunched for collective sale at a guide price of S$195 million ($143 million) — the same target value used in a failed tender late last year.
The 10-storey building sits on a 999-year site measuring 5,313 square feet (494 square metres) and is zoned for commercial use under the URA’s Master Plan 2019, with a plot ratio of 15 and a building height control of more than 50 storeys. Read more>>
Hong Kong’s retail sector entered a “mini ice age” in February, according to property consultancy Savills, with a decline in retail sales and a rise in unemployment, although the city’s new consumption voucher scheme offers some hope for the future.
The combined value of retail sales in January and February fell by 4.9 percent year-on-year to HK$59.04 billion (now $7.5 billion), while the sector’s unemployment rate rose to 6.9 percent in February from 5.4 percent in December, according to provisional figures released by the Census and Statistics Department. Read more>>
Logistics major Logos and venture partner Ivanhoe Cambridge have leased more than 500,000 square feet (46,452 square metres) of warehouse space to Hong Kong-headquartered LF Logistics at Logos’s Luhari Logistics Estate.
The company has entered into a long-term nine-year lease for the warehousing facility that is currently under construction. The warehouse will be handed over for fit-outs in July, and LF Logistics is expected to start its operations there by October. Read more>>
Property companies that score well on environmental, social and governance metrics may not necessarily enjoy higher returns, according to an analysis by the Institute of Real Estate and Urban Studies at the National University of Singapore.
The research institute examined ESG scores calculated by financial markets data and infrastructure provider Refinitiv for Singapore-listed companies in the real estate services sector, including developers, and REITs. Read more>>