KKR and Weave Living market Seoul rental portfolio on building-by-building basis
US fund giant KKR and Weave Living are marketing a 376-unit Seoul rental housing portfolio on a building-by-building basis after a package sale stalled. Separately, 8M Real Estate is in talks to acquire S$500 million worth of conservation shophouses in Singapore's Tanjong Pagar Conservation Area.
Weave Living is marketing a portfolio of Seoul rental housing assets backed by US fund management giant KKR on a building-by-building basis, after an effort to sell the 376-unit portfolio as a package failed to result in a quick sale, according to a report by local news site ChosunBiz.
The portfolio is reported to include Weave Suites Seonyu Parkside, Weave Place Hoegi and Weave Place Gangnam Station. A pair of bidders are said to have emerged for at least two of the properties.
In another Asia Pacific deal, Singapore-based 8M Real Estate is in talks to acquire about 50 conservation shophouses in the Tanjong Pagar Conservation Area for S$500 million ($393.4 million). The portfolio is largely held by Hillington International, a British Virgin Islands-registered company linked to Arcc Holdings, led by investor Tony Chen. EY-Parthenon is running the sale process, sources told the Business Times.
Meanwhile, Australian fund manager IFM Investors is offering a Macquarie Park site in Sydney capable of supporting a A$1.5 billion ($1.1 billion) data centre. The 2.9 hectare (7.1 acre) site carries a power pathway of up to 120MVA, and is being marketed by JLL via an expression of interest campaign. IFM, which gained the site through its ISPT merger, previously sold a western Sydney data centre site to AirTrunk for A$780 million.
In Japan, Singapore-based fractional real estate platform Fraxtor has closed fundraising for a co-investment in UIB Konan Phase 3, a logistics development in Greater Osaka. The deal marks Fraxtor’s first joint venture with a listed REIT, alongside SGX-listed UI Boustead REIT. The project comprises two facilities totalling 48,139 square metres (518,164 square feet) in Shiga prefecture’s Konan City.
Japan Hotel REIT raised its full-year net income forecast by JPY 222 million to JPY 52.1 billion ($327 million), citing an increase in variable rents from stronger hotel performance. Midterm operating revenue rose 5.1 per cent year-on-year to JPY 22.6 billion, with net income of JPY 11.8 billion. The REIT also raised its full-year dividend forecast to JPY 5,811 per unit, up 4.1 per cent from its previous guidance.
GLP J-REIT is selling GLP Tokai, a logistics facility in Tokai, Aichi prefecture, for JPY 10.4 billion ($65.3 million). The price exceeds the property’s JPY 5.8 billion book value, with delivery set for 31 August. The sale is expected to generate a JPY 4.4 billion gain, to be distributed to unitholders; the buyer was undisclosed.
