Blackstone’s Nexus Files for $500M India Mall REIT IPO and More Asia Real Estate Headlines 

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Online News nexus shantiniketan in bangalore

Nexus Shantiniketan in Bengaluru is one of 17 malls in Nexus Select Trust’s portfolio

In today’s roundup of regional news headlines, Blackstone’s Nexus retail platform files a draft paper for its REIT IPO, Alibaba co-founder Joe Tsai sinks cash into luxury hotels, and data centre builder AirTrunk begins work on its second Tokyo facility.

Blackstone-Backed Nexus Files for $500M IPO of India’s 1st Retail REIT

Blackstone-sponsored Nexus Select Trust filed a draft prospectus with India’s stock market regulator on Thursday to launch India’s first public issue of a REIT of retail properties, sources said.

Nexus Select Trust aims to raise $500 million from the sale of equity in a portfolio of 17 operational shopping malls spanning 10 million square feet (929,030 square metres) across 14 major cities which is valued at $3 billion. Read more>>

Joe Tsai’s Family Office Bets on Luxury Hotels in Property Push

InterContinental Hotels Group’s five-star property in the Portuguese city of Porto is based at a refurbished 18th-century palace, furnished with marble counters, chandeliers and a piano bar.

It’s a hotel fit for the world’s mega-wealthy, and one of the richest among them is behind it. The family office of Joe Tsai, Alibaba Group’s co-founder, emerged this year as a major investor in the property. Read more>>

AirTrunk Kicks Off Construction of 2nd Tokyo Data Centre

Australia’s AirTrunk has broken ground on the construction of its TOK2 data centre.

The 110-megawatt hyperscale facility in western Tokyo, first announced in May, will span more than 4.6 hectares (11.4 acres) of land. Read more>>

Demand for Second-Hand Private Homes Slips in Singapore as Prices Climb

Secondary sales for Singapore private residential homes fell 10.5 per cent in the third quarter from the previous three months, after a rebound in sales in the second quarter, Savills’ research showed.

The July-September period saw only 3,961 units transacted on the resale market due to economic uncertainties, a recalibration of cooling measures in December 2021, rising inflation and the attendant increase in interest rates, Savills analysts said Friday. Read more>>

Beijing’s Pre-Owned Home Sales Stall Amid Cooling Real Estate Market

Beijing’s second-hand housing market, which is still the best performing in China, has seen a slowdown in sales amid a downturn in the market and as those willing to buy tend to opt for new homes instead.

Although sales of second-hand properties in Beijing have been on the rise since June, growth is slowing, a realtor told Yicai Global. Read more>>

CapitaLand Investment and REITs to Deliver Up to 18% Growth by 2024: DBS

CapitaLand Group is keeping dry powder for opportunistic acquisitions, say DBS Group Research’s Derek Tan and Dale Lai. The analysts are bullish on CapitaLand’s stable of listed names, issuing a “buy” on CapitaLand Investment and its four REITs.

Most of the asset manager’s listed trusts have turned cautious and are keeping their debt headroom for more opportunistic purchases in 2023, given the spike in funding costs in 2022, while the weak share prices have caused overall cost of capital to increase, limiting accretion, the analysts wrote in a Thursday note. Read more>>

Developers Battle Weak Homebuyer Sentiment in Hong Kong

Developers are continuing to battle a severe downturn in Hong Kong’s housing market, with one real estate firm forecasting that the total number of new homes sold this year may be the lowest since 2013 as rising interest rates, a slumping stock market and economic headwinds in China sour sentiment.

Midland Realty expects the total number of new homes sold this year to potentially fall below 10,000 units, which would be the lowest level since 9,986 in 2013. Read more>>

China’s Local Government ‘Land Grabs’ Raise Concerns as Revenues Fall

A liquidity crisis is brewing in some local governments in China due to falling revenues and aggressive land purchases, analysts said, as Beijing steps up its efforts to control mounting debt risks.

Local governments’ budget deficits have been growing as a result of rising spending and a slump in land sales and tax revenues, partly down to China’s zero-COVID policy and moves to aid under-pressure businesses. 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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