SC Capital’s Japan Hotel REIT Seals $350M in Buys and More Asia Real Estate Headlines

The REIT bought the Okinawa Harborview Hotel and three other assets (Image: Okinawa Harborview Hotel)

SC Capital-sponsored Japan Hotel REIT closes on the acquisition of four properties, with that story leading Mingtiandi’s headline roundup today. Also making the list, Equinix explores the sale of stakes in Hong Kong data centres and China’s CITIC Trust sues troubled developer Shimao.

Japan Hotel REIT Completes $350M Acquisition of Four Properties

Japan Hotel REIT announced to the Tokyo Stock Exchange on Friday that it completed its acquisition of four hotels for a total of JPY 56.2 billion ($350 million).

The trust sponsored by Singapore’s SC Capital Partners had first announced the purchase of the Okinawa Harborview Hotel and Southern Beach Hotel & Resort Okinawa on Japan’s southernmost island, along with its buy of a pair of Tokyo properties, on 24 June. Read more>>

Equinix Said Exploring Sale of Minority Stake in Hong Kong Assets

Global data centre operator Equinix is considering a sale of a minority stake in its Hong Kong facilities, valuing the assets at around $2 billion, two sources said, in a move to capitalise on the boom in demand from artificial intelligence.

Equinix has hired Citigroup to run the sale, said the sources, who have direct knowledge of the matter but declined to be named discussing confidential information. The California-based company could sell 25 percent in its Hong Kong data centres, one of the people said. Read more>>

China’s CITIC Trust Sues Developer Shimao After Failed Asset Sales

Shanghai Shimao, the primary mainland unit of Hong Kong-listed Shimao Group Holdings, announced on 11 July that it had received a notice from a Beijing court forcing the sale of assets linked to debts of RMB 10.43 billion ($1.4 billion).

The court notice comes in response to an application from CITIC Trust, which went to court to collect on the debt after Shimao failed in two attempts at auctioning a Shenzhen project to raise the necessary funds. Read more>>

CapitaLand Investment Raises $138M From China Green Bond Sale

CapitaLand Investment has raised RMB 1 billion ($138 million) from the second and final tranche of its sustainability-linked bonds in China, after amassing the same amount from an earlier tranche in March this year.

It brings the total amount raised by the Singaporean firm’s sustainability-linked bonds in China to RMB 2 billion. The latest issuance was made at a fixed coupon rate of 2.8 percent, which CLI said was a “record low” among panda bonds — or bonds issued and sold in China by a foreign issuer — with a three-year tenor issued under a private placement. Read more>>

Macquarie Eyes Potential $508M Fee From AirTrunk Sale

Macquarie Group’s data centre investment push is set to reap a bumper payday, as the potential A$15 billion-plus ($10.2 billion-plus) sale of AirTrunk enters the final furlong.

Macquarie was an early player globally in what is becoming an increasingly crowded data centre industry, as demand for centres swells but questions are raised about their power consumption. Globally, it’s a scramble to get a seat at the table as technology giants, investment houses and real estate groups look to increase their involvement. Read more>>

Singapore Firm Approved to Buy 20% Stake in Vietnamese Industrial Developer

Singaporean company Great Master Pte Ltd has been approved to acquire a 20 percent stake in Trung Khoi JSC, an industrial park developer based in the central province of Quang Tri.

Announcing the approval, the provincial Department of Planning and Investment also said that both parties must report any security-defence issue that arises beyond their jurisdiction to provincial authorities, Military Region 4 Command, and the Ministry of Defence. Read more>>

Vingroup Unit Plans $523M Industrial Park in Vietnam’s Ha Tinh Province

Vinhomes, a subsidiary of Vietnam’s largest listed conglomerate Vingroup, will build a VND13.3 trillion ($523.3 million) industrial park in the central province of Ha Tinh. The company’s Vinhomes Vung Ang-Ha Tinh Industrial Park project received in-principle approval from the government under a decision signed by Deputy Prime Minister Tran Hong Ha on Saturday.

Accordingly, the project will cover 964.8 hectares (2,384 acres) in the Vung Ang Economic Zone, Ky Anh township. Of the total investment, the developer will contribute VND1.99 trillion and the remainder will be mobilised from other sources. Read more>>

Beijing Retailers Resist Return of Shop Rents to Pre-COVID Levels

Beijing’s retailers are resisting increases in rental charges in the Chinese capital city’s shopping centres amid a widespread consumption slump, making it unlikely for rents to return to pre-pandemic levels any time soon, analysts said.

Many retail shops are sensitive to the slightest hike in rents in a stalling economy, putting pressure on landlords to cut prices or even soften their lease terms to retain tenants, said Sun Tin, director and head of research at CBRE North China. Read more>>

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