Sweden's Skanska reports USD 119.4 million operating profit in Q3 2024
Author : PNT Bureau
Skanska reported third-quarter earnings below forecasts, with operating profit rising to SEK 1.3 billion, short of the SEK 1.67 billion expected. This was due to a slow property market recovery and SEK 0.3 billion in impairment charges. The company's construction order backlog hit a record high, reflecting a strong pipeline, though challenges remain in its BoKlok housing segment. Skanska plans to integrate BoKlok into its residential development by 2025. With central banks easing rates, future performance depends on market recovery and Skanska's ability to adapt, supported by robust growth in core construction activities and a high order intake....
British firm Segro to acquire six Tritax EuroBox properties for EUR 470 million
Author : PNT Bureau
Segro, a British warehousing firm, announced the acquisition of six logistics properties owned by Tritax EuroBox in Germany and the Netherlands for EUR 470 million. This deal is part of an agreement with Brookfield Asset Management, which is in the process of acquiring Tritax EuroBox for GBP 1.1 billion. The assets being sold to Segro generate around EUR 23 million in rent and comprise 370,000 square meters of logistics space, complementing Segro's existing portfolio. The transaction comes after Brookfield outbid Segro in the race to acquire Tritax EuroBox....
Europe is facing a severe housing crisis, with nearly a quarter of citizens considering emigration for more affordable living. Ireland is one of the hardest-hit, with 33% of residents planning to move abroad. A survey found 20% of Europeans are struggling to meet housing costs, rising to 37% who are just coping. Ireland's limited housing supply is strained by an influx of tech companies, driving up rents. Rising mortgage costs also squeeze homeowners. Without action to boost housing, Ireland's economic gains risk being offset by a new wave of emigration, as residents seek more affordable lives overseas....
Blackstone in advanced talks to acquire Retail Opportunity Investments Corp in USD 3.4 billion
Author : PNT Bureau
Blackstone is close to finalising a USD 3.4 billion acquisition of Retail Opportunity Investments Corp (ROIC), a leading U.S. shopping centre owner. ROIC, which owns 93 centres mainly leased to supermarkets and drugstores, reported a 13.8% rent increase in the latest quarter, benefiting from strong demand in the retail sector. With U.S. shopping centre vacancies near historic lows, ROIC has become a highly attractive target for buyout firms like Blackstone. If completed, this acquisition will further expand Blackstone's substantial real estate portfolio in the U.S....
CapitaLand's India growth fund hits SGD 1 billion with Daibiru's backing
Author : PNT Bureau
CapitaLand Investment (CLI) has secured a SGD 131 million investment from Japan's Daibiru Corporation, enhancing its CapitaLand India Growth Fund 2 (CIGF2) and raising its funds under management to over SGD 1 billion. Daibiru now holds a 25% stake in the SGD 525 million fund, which targets Grade A business parks in India's key cities. Mitsubishi Estate Co. holds a 50% stake, while CLI retains a sponsor position as part of its asset-light strategy. The investment also gives Daibiru a 25% stake in International Tech Park Chennai, Radial Road....
M&G acquires 65% stake in European property firm BauMont
Author : PNT Bureau
M&G has acquired a 65% stake in BauMont Real Estate Capital, a European property investment firm, to expand its international presence and leverage potential growth in commercial real estate. This strategic move aligns with M&G's commitment to value-added investment, focusing on assets that benefit from redevelopment. BauMont, with EUR 1.5 billion in assets under management, will continue operating independently but with M&G's support. M&G CEO Joseph Pinto pointed out the importance of international growth in the evolving property market. This acquisition positions M&G to harness emerging opportunities across Europe while enhancing its portfolio with resilient commercial assets....
New home prices in China rise 0.29% in October, signaling potential market recovery
Author : PNT Bureau
New home prices in China saw a notable increase of 0.29% in October, the highest monthly growth in six months, according to a survey by China Index Academy. This follows a 2.08% year-on-year price rise, signaling potential recovery in a sector heavily impacted by a government crackdown on borrowing since 2021. Government measures, including lower down payment requirements, have contributed to price increases, particularly in major cities like Shanghai. However, challenges remain, especially in smaller cities, where home prices dropped by 0.02%. Sustained recovery may depend on effective government support and the delivery of pre-sold homes....
New Zealand housing market struggles with high prices and limited borrowing
Author : PNT Bureau
Over the past four years, New Zealand's housing market has experienced significant price fluctuations. Currently, the market is quiet due to high interest rates, making it difficult for many potential buyers. Banks face competition to attract a limited number of creditworthy borrowers. Despite some easing in monetary policy, economic uncertainty has kept borrowing cautious, with low lending growth over the past year. Residential property holds a large share of household wealth, affecting financial stability and economic growth. The government is introducing policy changes to improve housing supply and affordability, while new debt-to-income limits aim to manage demand and reduce risks....
Australia's housing market cools as Sydney and Melbourne see price declines
Author : PNT Bureau
Australia's housing market is cooling, particularly in Sydney and Melbourne, where home prices declined by 0.1% and 0.26% in October, respectively, according to CoreLogic data. National prices increased by 0.3%, driven by growth in more affordable regions like Perth and Adelaide. Factors such as rising housing listings, cautious buyer behavior, and persistent high-interest rates-currently at 4.35%-are contributing to this trend. While some analysts anticipate potential interest rate cuts by early 2025, others urge caution in borrowing practices. The shifting landscape underscores the need for buyers to navigate affordability amid evolving market conditions....
Yuzhou Group to raise HKS 12.01 billion through share issuance amid offshore debt restructuring
Author : PNT Bureau
Yuzhou Group, a Shanghai-based property developer, plans to raise approximately HKS 12.01 billion (USD 1.54 billion) through the issuance of 5.65 billion existing shares at HKS 2.127 per share, as part of its restructuring efforts for offshore debts. This move follows a tumultuous year marked by defaults on dollar bond payments amidst China's real estate downturn. In response to the sector's challenges, the Chinese government is introducing incentives to revitalise housing projects. Yuzhou also proposes a share consolidation plan to enhance its stock value, reflecting a broader trend of financial distress among Chinese developers navigating debt issues....
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