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Unizo’s portfolio of hotels includes the Hotel Unizo Tokyo Shibuya
In today’s roundup of regional news headlines, a creditor calls into question the solvency of Japanese hotel operator Unizo, Singapore home sales reach their highest level in more than two years, and the retreat of foreign banks from pricey Hong Kong office space threatens to depress rents.
Hong Kong-based Asia Research Capital, a creditor of Unizo Holdings, said the Japanese hotel operator is likely insolvent and that filing a bankruptcy protection would be an option to protect creditors. Unizo was not immediately available for comment.
US investor Lone Star last year beat out global buyout firms Blackstone Group and SoftBank-owned Fortress Investment Group to take control of Unizo.
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In this edition of Mingtiandi’s regional news roundup, Alibaba’s Lazada e-commerce unit leases an expanse of Singapore office space, China plugs loopholes exploited by buyers to load up on multiple properties, and Hyundai mulls a major design change for its planned Seoul headquarters.
Singapore’s ARA Asset Management and its partners from the UK’s Chelsfield have cashed in on the upswing in Singapore’s e-commerce market by leasing more than half of a recently renovated office project to a unit of Alibaba.
Lazada, an online marketplace owned by the mainland e-commerce giant, has leased 140,000 square feet (13,006 square metres) at 5One Central in Bras Basah, according to recent leasing data. ARA and Chelsfield had teamed up to buy the 241,000 square foot project (then known as the Manulife Centre) for $408.8 million in early 2019.
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The work from home trend could be bad news for Singapore’s office landlords
In today’s roundup of regional news headlines, Knight Frank issues a bearish forecast for Singapore office rents, official figures show a cooling China housing market, and Hong Kong’s first major property launch of the year draws a horde of eager buyers.
Property consultancy Knight Frank is expecting office rents in Singapore to fall by around 5 percent in 2021 before bottoming out and recovering in the following year, barring new strains of the COVID-19 virus and consequent lockdowns.
This comes amid a projected 5.3 million square feet of new supply islandwide from Q4 2020 to 2023, with central business district occupancy for the period estimated to hit 94.1 percent and overall prime office rents to average S$10.16 ($7.62) per square foot per month.
Cromwell E-REITs target portfolio includes this warehouse in Uherské Hradiště, Czech Republic
A European industrial acquisition leads today’s set of real estate news from around the region, as a Singapore-listed REIT expands its holdings on the Continent.
Also in the news, a Blackstone-backed Indian REIT is aiming to raise $1 billion in fresh equity to fund a Bangalore acquisition, and China’s Country Garden hopes to sell $1 billion worth of new shares as it aims at takeovers and mergers.
Cromwell European Real Estate Investment Trust (Cromwell E-Reit) has proposed to buy 11 logistics and light industrial properties for 113.2 million euros ($137.1 million).