Simon’s $16bn bid rejected
US shopping centre landlord Macerich has rejected a $16bn (£10.9bn) unsolicited takeover bid from rival Simon Property Group, claiming it undervalues the company. It has also taken steps to head off a hostile bid. Simon’s $91 per share offer went public on 9 March after a private approach was rejected by Macerich.
Orion sells Madrid mall
Orion Capital Managers has sold prime Madrid shopping centre Plenilunio to French mall owner Klépierre for €375m (£268m). The 753,474 sq ft shopping centre, which opened in 2006, was bought by Orion for €235m in 2009.
Chinese developer under fire
Chinese authorities are investigating Shenzhen property developer Kingkey Group over possible links to local officials, according to reports. Kingkey is the second high-profile Shenzhen developer to be investigated in recent months, following a high-profile case involving Kaisa Group Holdings last year.
HK prices set to fall
Hong Kong property prices are set to fall amid a decline in retail sales and a rise in mortgage costs. UBS expects prices of new properties to fall by 5% to 10% and shop rents to drop by 5% this year, analyst Eva Lee said. Hong Kong has moved to cool the property market, requiring buyers of properties valued at HK$7m (£610,000) or less to make larger down payments. Since then the Hang Seng Property Index has fallen by 4.8%, outpacing a 3.5% drop in the Hang Seng Index.
Investcorp buys US resi assets
Bahrain-based Investcorp Bank has paid around $300m (£203.3m) for a portfolio of US residential properties in Baltimore, Orlando, San Diego and Washington DC. The properties include 1,900 multifamily and student housing units.
