Singapore Real Estate
Funan mall reopens June 28; 92% of retail, 98% of office space taken up
Funan has achieved 92 per cent in commitment for retail leasing to date, and 98 per cent in pre-leasing commitment for its twin office blocks, said CapitaLand Mall Trust’s (CMT) manager and CapitaLand in a joint statement on Monday. The mall will welcome shoppers again on June 28, two months ahead of schedule following a three-year redevelopment.
Hopes dim of growth recovery in H2 as May’s PMI falls below 50
Singapore factories face an uphill slog, as a much-longed-for industry turnaround in the second half of the year could fail to materialise. Manufacturing sentiment has turned negative for the first time in almost three years, with economists warning that the rot may spread beyond the cooling electronics cluster.
Keppel unit invests 14m euros in Luxembourg-based data centre developer
Keppel Corporation said its data centre unit has invested around 14 million euros (S$21.5 million) in Luxembourg-based Etix Group in its Series C funding. The unit, Keppel Data Centres Holding, will hold a minority stake in the company post investment, it said in a regulatory filing just before the market opened on Monday.
Keppel’s Floatel associate in deal to create offshore housing giant
Keppel Corp associate company Floatel International is merging with Oslo-listed Prosafe to create the world’s largest offshore accommodation company, according to exchange filings on Tuesday. FELS Offshore, a wholly owned subsidiary of Keppel’s Offshore & Marine unit, currently owns a 49.92 per cent stake in Floatel.
SPH unit takes out £205m loan to repay partially borrowings for UK acquisition
The trustee of Straits Capitol Trust (SCT) has entered into a facility agreement with OCBC Bank and Standard Chartered Bank (Singapore) for a four-year £205 million (S$354.7 million) secured term loan, the Singapore Press Holdings (SPH) said in an exchange filing late on Monday night. SPH wholly owns Times Properties, which is the sole unitholder of Straits Capitol Trust.
Tiong Seng to sell 55% stake in China unit for 67 million yuan
Construction firm Tiong Seng Holdings has entered into an agreement to dispose its entire 55 per cent stake in Chinese unit Jiangsu Huiyang Construction Development Co for 67 million yuan (about S$13.4 million), the Mainboard-listed firm announced in an SGX filing on Monday. Tiong Seng’s stake in Jiangsu Huiyang is held through its wholly-owned subsidiary, Suzhou Huisheng Construction Development Co.
ESR delays US$1.4b IPO in HK amid trade tension market jitters: sources
Logistics property developer ESR Cayman Ltd has delayed the launch of what would have been Hong Kong’s biggest initial public offering (IPO) so far this year, according to two people who cited the rise in market volatility amid fears over escalating trade tensions. ESR Cayman, backed by private equity firm Warburg Pincus LLC , was due to launch the IPO of as much as US$1.4 billion on Monday.
Property developer Evia, Metro snag S$296m green loan for Tampines office towers
Privately-held Evia Real Estate Management and listed Metro Holdings have secured a $296.3 million four-year green loan to finance partially their 50:50 acquisition of a pair of Grade-A eco-friendly office towers, 7 & 9 Tampines Grande Singapore. This is the first green debt instrument secured by the Singapore-based property developer and institutional fund manager.
Lippo Malls Indonesia Retail Trust rated Ba3 by Moody’s, BB (EXP) by Fitch
Mainboard-listed Lippo Malls Indonesia Retail Trust (LMIRT) has been assigned a corporate family rating of “Ba3” by Moody’s Investors Service, and an expected long-term issuer default rating of “BB (EXP)” by Fitch Ratings Singapore. Both agencies gave a stable outlook, the Singapore-based real estate investment trust’s (Reit) manager said in a bourse filing on Monday.
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Liang Court deal shows quirk in CapLand strategy
Last Friday’s completion of the acquisition of Liang Court mall along River Valley Road by CapitaLand and City Developments Ltd (CDL) brings together two property groups that have adopted somewhat different business strategies in the past. With their S$400 million purchase of the mall from an entity linked to PGIM Real Estate, control of the overall Liang Court mixed-development complex has narrowed from three parties previously to just two.
Global Economy & Global Real Estate
US manufacturing activity grows at slowest in 2-1/2 years – ISM
New York takes aim at skyscrapers’ sky-high energy usage
Hospitality Properties nears US$2.4b acquisition of Spirit MTA assets: sources
UK retail sales drop by most on record in May: survey
Shrinking factory numbers stoke recession fears
Australian government spending rose 0.8% in Q1
South Korea revised Q1 GDP worse than estimated earlier
Ambitious Trump project in Uruguay is turning into a debacle
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