acquisition

SPH REIT to acquire 50% stake in South Australia's largest shopping centre for $636.5 mil

SINGAPORE (Nov 7): SPH REIT is acquiring a 50.0% stake in Westfield Marion Shopping Centre in Adelaide, Australia, for a consideration of A$670.0 million ($636.5 million). 

Marion Sub Trust, which is wholly-owned by SPH REIT, on Thursday entered into a sale of land contract with investment management platform Lendlease Real Estate Investments.

The acquisition is expected to be completed by end-2019. Post-completion, Scentre Group, the current co-owner of the shopping centre, will be SPH REIT’s partner in the joint venture.

GIC acquires landmark office building in Beijing's emerging financial centre

SINGAPORE (Nov 7): Singapore sovereign wealth fund GIC has reportedly acquired a 50% stake in an office building in Lize Financial Business District (LFBD), an emerging central business district in Beijing, for an undisclosed sum.

The 42-storey Grade A building is situated in a prime location in terms of visibility and accessibility, says GIC in a media release on Thursday. 

GIC notes that the building is the tallest in the district, and is directly connected to an interchange station for key public transport lines.

Keppel Pacific Oak US REIT launches private placement to raise US$73.1 million to fund Dallas acquisition

SINGAPORE (Oct 17): Keppel Pacific Oak US REIT (KORE), formerly known as Keppel-KBS US REIT, has proposed the launch of a private placement to raise no less than US$73.1 million ($100 million).

In a bourse filing on Thursday morning, KORE reported that net proceeds from the placement will be used to partially fund the acquisition of One Twenty Five - a freehold office complex in Irving, Dallas, Texas worth US$101.5 million. 

Chip Eng Seng to acquire Sembcorp Industries' commercial construction unit for $49.9 mil

SINGAPORE (Oct 2): Chip Eng Seng Corporation (CES) is acquiring Sembcorp Industries’ (SCI) commercial construction business unit for $49.9 million, both Mainboard-listed companies announced in separate SGX filings on Wednesday.

Chip Eng Seng Construction, a wholly-owned subsidiary of CES, has entered into a sale and purchase agreement with Sembawang Corporation, a wholly-owned subsidiary of (SCI), to acquire Sembcorp Design & Construction (SDC).

Are Geo Energy's latest acquisitions too good to be true?

SINGAPORE (Sept 24): Geo Energy Resources announced Monday it was acquiring PT Titan Global Energy (TGE), and a 51% stake each in two producing mines, PT Bara Anugrah Sejahtera (BAS) and PT Banjarsari Pribumi (BP), for US$25 million ($34 million). 

On the surface, market watchers say the acquisitions appear to be promising. But some remain cautious, especially due to the bleak outlook of the coal industry.

Top Global to acquire 43 units in Thong Teck Building for $170 mil

SINGAPORE (Sept 2): Top Global, the property developer and hospitality and facility manager, will acquire 23 freehold commercial strata-titled lots with 43 property addresses in Thong Teck Building at 15 Scotts Road.  

The total purchase consideration of $170 million will be funded fully in cash, through a combination of bank financing and internal cash resources.

Chip Eng Seng to develop Hyatt Regency Hotel in Adelaide

SINGAPORE (Aug 2): Chip Eng Seng has announced that its newly-acquired property at 51 Pirie Street in Adelaide, Australia will be developed into a new Hyatt Regency. 

On July 2, Chip Eng Seng acquired the property at a price of A$14.5 million ($14.6 million), funded fully through internal resources.

See: Chip Eng Seng acquires Adelaide property for $14.6 mil in IPT to redevelop into hotel

ISOTeam powering up as regional player on back of Pure acquisition

SINGAPORE (Aug 1): As the Singapore construction sector awakens from its slump, ISOTeam is well placed to tap new markets and win more contracts.

Not only has the one-stop building and engineering company rolled out a new improved tender process that focuses on smooth work flow and quality, it recently acquired Pure Group, which will open the doors to clients beyond Singapore’s shores.

ESR-REIT focuses on AEIs and leases as sponsor creates pipeline with Sabana REIT transaction

(July 29): Adrian Chui, CEO of ESR-REIT’s manager, was frank and transparent when asked about the outlook for industrial property, rental reversions, tenants, sponsors and mergers and acquisitions. ESR-REIT owns a portfolio of 56 assets valued at around $3.02 billion, excluding the acquisition of PTC Logistics Hub, which will be completed in 3Q2019. 

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Suntec REIT acquires Adelaide office building for $141 mil

SINGAPORE (July 15): Suntec REIT is acquiring a freehold Grade A office building in Adelaide’s CBD.

The 12-storey property located at 55 Currie Street, Adelaide, South Australia, has an approximate net lettable area of 282,000 sf and a weighted average lease expiry (WALE) of 4.4 years.

It also has a committed occupancy of 91.6% with key tenants such as the Commonwealth Government, South Australian Government, Allianz and Data Action.

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