MetLife building refinanced
Bank of America and Wells Fargo have agreed to refinance Tishman Speyer’s MetLife building in Manhattan with a $1.4bn (£910m) loan. Tishman bought the building in 2005 for $1.7bn. The current deal values it at $3bn.
Shenlong snaps up LA scheme
Shenlong Group has bought a second residential development site in Los Angeles, its fifth overseas property deal. The Shanghai-based developer paid £17m for the 44,412 sq ft site on the corner of Grand Avenue and 12th Street near the city’s Staples Center stadium. Shenlong is one of several Chinese residential developers to have bought in LA. Rivals include Oceanwide and Greenland.
Singapore is top Asian spender
Singapore led a 23% surge in Asian outbound investment last year totalling £26bn. The city state outspent China in second spot and Hong Kong in third, according to data compiled by CBRE. London remains the top destination for Asian money but investors have increasingly diversified their spending, with more money being invested in different asset types and second-tier cities.
Brookfield’s Dubai tie-up
Investment Corporation of Dubai and Canada’s Brookfield will join up on a $1bn (£650m) development in Dubai’s financial district. ICD Brookfield Place will comprise a 50-storey office block, hotel and shops. The development is expected to be ready for occupation in 2018.
Chinese land sales fall 25%
Chinese land sales for property development fell by more than 25% last year, according to China’s National Bureau of Statistics. China’s local government sold a total of 373,129 acres in 2014, as developer demand dipped in the face of falling house prices and rising land costs.
