Deutsche withdraws LEG bid
German residential landlord Deutsche Wohnen has withdrawn its €4.6bn (£3.3bn) bid for LEG Immobilien as it battles a hostile takeover by Vonovia. The company also cancelled a shareholders’ meeting at which investors had been due to vote on a capital increase that would have helped pay for the LEG acquisition. DW said it did not think it would get the 75% approval needed in the vote.
REIT move for Starwood
Starwood Capital Group and Canadian REIT Milestone Apartments have reached an agreement to buy PRS REIT Landmark Apartment Trust for $1.9bn (£1.2bn). Landmark has a portfolio of 19,615 flats in 63 developments across the US. Milestone will act as property manager for the entire portfolio.
Tishman sells Indian office
Tishman Speyer has sold a 50% stake in its Waverock office development in India to Singaporean sovereign wealth fund GIC. The 2.5m sq ft Hyderabad block has a value of around Rs100bn (£1bn).
China unveils mega resi project
China Construction America-MCM Consortium, a subsidiary of China State Construction Engineering Corporation, has unveiled Panama’s largest residential development project, Ciudad de Esperanza. The $137m (£89.3m) scheme includes 2,250 homes.
HK housing prices set to drop
CLSA, one of the largest investment banks in Hong Kong, has forecast that residential prices in the island state will drop by 17% by the end of 2017 as developers continue to dump assets on the market. It is predicting price falls of 2% in the remainder of 2015, 10% next year and a further 5% in 2017. Hong Kong has seen some of the strongest residential price growth of any world city in recent years.
Deutsche withdraws LEG bid
German residential landlord Deutsche Wohnen has withdrawn its €4.6bn (£3.3bn) bid for LEG Immobilien as it battles a hostile takeover by Vonovia. The company also cancelled a shareholders’ meeting at which investors had been due to vote on a capital increase that would have helped pay for the LEG acquisition. DW said it did not think it would get the 75% approval needed in the vote.
REIT move for Starwood
Starwood Capital Group and Canadian REIT Milestone Apartments have reached an agreement to buy PRS REIT Landmark Apartment Trust for $1.9bn (£1.2bn). Landmark has a portfolio of 19,615 flats in 63 developments across the US. Milestone will act as property manager for the entire portfolio.
Tishman sells Indian office
Tishman Speyer has sold a 50% stake in its Waverock office development in India to Singaporean sovereign wealth fund GIC. The 2.5m sq ft Hyderabad block has a value of around Rs100bn (£1bn).
China unveils mega resi project
China Construction America-MCM Consortium, a subsidiary of China State Construction Engineering Corporation, has unveiled Panama’s largest residential development project, Ciudad de Esperanza. The $137m (£89.3m) scheme includes 2,250 homes.
HK housing prices set to drop
CLSA, one of the largest investment banks in Hong Kong, has forecast that residential prices in the island state will drop by 17% by the end of 2017 as developers continue to dump assets on the market. It is predicting price falls of 2% in the remainder of 2015, 10% next year and a further 5% in 2017. Hong Kong has seen some of the strongest residential price growth of any world city in recent years.
