Hudco secures a USD 448 million loan from Japan's top three banks
Author : PNT Bureau
Hudco has secured a 60 billion-yen (USD 448 million) loan from Japan's top three banks-MUFG, SMBC, and Mizuho Bank-marking a rare transaction for a government-owned company in yen. Hudco priced the five-year loan at 70 basis points above Japan's TONAR and will swap it to dollars and hedge it, reducing the cost to under 7%, which is lower than domestic rates. Taiwanese and Singaporean banks are keen on syndicating the loan, attracted by the low-risk nature of the sovereign-backed deal. This transaction reflects growing global confidence in Indian enterprises and enhances Hudco's capacity to finance domestic housing projects....
China unveils massive property stimulus to revive housing market
Author : PNT Bureau
China has unveiled its largest package yet to revive its struggling property market. Key measures include reducing mortgage rates by 0.5 percentage points for existing borrowers and lowering the minimum down-payment for second homes to 15%. This move aims to ease the financial burden on an estimated 150 million people and stimulate housing demand. The package comes as major financial institutions predict China will miss its growth targets. While these measures are expected to boost the property sector, they may pressure banks already facing low margins and profits. The real estate crisis, now in its fourth year, continues to challenge China's economic stability despite these efforts....
Britain's NewRiver REIT to acquire Capital & Regional in a USD 196 million deal
Author : PNT Bureau
NewRiver REIT has acquired Capital & Regional Plc in a stock-and-cash deal worth 147 million pounds, offering a 21% premium per share. This acquisition creates a combined retail portfolio valued at 900 million pounds, integrating Capital & Regional six community shopping centres with NewRiver's existing assets. The deal reflects increasing consolidation in the recovering British commercial property market, driven by stabilising property values and rental growth. NewRiver aims to strengthen its market position, enhance resilience, and create synergies. Capital & Regional shareholders benefit from the attractive premium, while the combined group expects long-term growth in the retail sector....
Dubai's office market reaches new heights with record sale at The Opus in Business Bay
Author : PNT Bureau
The demand for premium office spaces in Dubai has surged, driven by companies returning to in-person work and international businesses establishing operations. Bayti Real Estate recently set a record by selling a 2,879-sq ft office at The Opus, Business Bay, for AED 7,040 USD1,917) per sq ft, marking the highest price per square foot recorded by the Dubai Land Department. Designed by Zaha Hadid, the office exemplifies the growing interest in Grade A spaces. Dubai's commercial property market continues to thrive, supported by strong economic fundamentals, strategic initiatives like the Dubai 2040 Urban Master Plan, and increasing investor appeal....
L&G and Schroders set to invest in U.S. commercial real estate amid falling interest rates
Author : PNT Bureau
Legal & General and Schroders are set to invest hundreds of millions of dollars in U.S. commercial real estate, focusing on rental properties and real estate debt, while largely avoiding the struggling office sector. Both companies are expanding their U.S. real estate teams, anticipating a recovery in property prices due to falling interest rates. Schroders recently invested in a pan-American data centre portfolio and sees significant opportunities in real estate debt as banks retreat. Phoenix Group also plans to invest in U.S. real estate but has not disclosed specific details on the scale of its investments....
Skilled labour shortage and poor materials fuel Nigeria's housing crisis
Author : PNT Bureau
Nigeria's housing sector is in crisis, primarily due to a lack of skilled labor and the use of substandard building materials, which have resulted in frequent construction failures. Benjamin Onigbide, CEO of Sigvent Industrial Cluster Limited, highlighted that reliance on unqualified workers and inferior materials undermines project safety. Experts advocate for the use of local materials, such as compressed earth bricks, as cost-effective alternatives. There are calls for improved training, stricter regulatory enforcement, and a comprehensive approach to the federal government's "Renewed Hope" housing initiative to address these persistent issues....
Croatia's plan to tackle real estate prices through property tax reform
Author : PNT Bureau
Croatia plans to shift its tax burden from individuals to property to combat rising real estate prices and rents, as stated by Finance Minister Marko Primorac. With 600,000 properties either vacant or short-term rentals, young residents struggle to find long-term housing, particularly in Adriatic tourist towns. The new legislation aims to encourage the return of Croats from abroad, digitize the tax system, and improve tax discipline. Apartments will be taxed, while agricultural and service properties will be exempt. The proposed tax, ranging from 0.6 to 8.0 euros per square meter, is set to take effect on January 1, 2025....
Ina Invest and Cham Group merger talks signal major shift in Swiss real estate landscape
Author : PNT Bureau
Swiss real estate firms Ina Invest and Cham Group are exploring a potential merger, aiming to create one of Switzerland's leading real estate companies. If talks proceed successfully, shareholders will vote on the merger in spring 2025. The merger would combine their portfolios, which include projects in Basel, Geneva, Zurich, and other prime locations, with a residential share of over 50%. Supported by Implenia, Ina's largest shareholder, the merged entity plans to be listed on the SIX stock exchange upon completion....
Home construction approvals in the UK reached their lowest point in June
Author : PNT Bureau
A recent report reveals that planning approvals for home construction in England have dropped to their lowest level in over ten years, with approximately 230,000 units permitted in the year up to June. Glenigan's data shows that the second quarter of 2024 recorded similarly low approvals. In response, Prime Minister Keir Starmer has established a new target of 370,000 new homes annually, alongside planning reforms. While some signs of recovery in the housing market have emerged due to reduced borrowing costs, the lack of supply has caused rents to rise by 8.4% and house prices by 2.2%. The Bank of England is holding interest rates steady while monitoring inflation....
Ajman Government signs USD 1.5 billion MoU with Sinomach
Author : PNT Bureau
His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, warmly welcomed Zhang Xiaolun, Chairman of Sinomach, at the Emiri Diwan. The discussions focused on Sinomach's initiatives, culminating in the signing of a memorandum of understanding (MoU) between the Ajman government and China National Electric Engineering Co., Ltd. (CNEEC), aimed at future collaboration on infrastructure and manufacturing projects valued at 5 billion dirhams. Sheikh Ammar highlighted Ajman's dedication to creating a favorable business climate, while Zhang commended the emirate's progressive legislation and modern infrastructure. Both parties acknowledged UAE businessman Shaji UI Mulk for his role in facilitating the visit, with various dignitaries present....
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