Malaysia REIT for CapitaLand
Singapore-based CapitaLand aims to launch a Malaysian REIT within a year and has spent S$527m ($344m) to acquire two shopping centres in the country: Gurney Plaza in Penang and Mines Shopping Fair in Selangor.
CBRE buys out Indian affiliate
CB Richard Ellis has acquired a majority shareholding in its Indian affiliate CB Richard Ellis South Asia (known as CBRE India), which operates in 30 cities across the subcontinent and employs more than 1,000 staff. CBRE Asia-Pacific president Robert Blain said: “We see India – along with China and Japan – as one of the key drivers of our growth in Asia.”
Canton arrives on AIM
Hong Kong-based property development company Canton Properties has begun trading on the UK Alternative Investment Market, raising $55m in a placing. It is one of the first AIM-listed companies to develop commercial property projects in mainland China and has a market capitalisation of $368m.
Arcapita scraps Singapore REIT
Middle Eastern bank Arcapita has called off its plan to list a $300m Singapore REIT, citing poor valuations of the stock by investors amid volatile global financial markets.
Union funds target Asia
German open-ended fund manager Union Investment Real Estate plans to invest as much as 35% of its UniImmo Global fund and up to 15% of the UniImmo Europe fund in Asia over the next five years, because of the region’s strong economic growth.
