Foreign Property News | Posted by Si Thu Aung
Seller-Sandra Bullock Location-Sierra Towers, Los Angeles, Calif. Price-$8 million (total) Year-1965 Architect-Jack A. Charney Specs-Two separate units totaling 3,773 square feetIt rarely happens to her, but this time Sandra Bullock has suffered a real estate bruising. Over the years, the beloved actress has carved out a reputation as one of Hollywood’s savviest property investors, and today she owns a massive portfolio of both commercial and residential properties, coast-to-coast, that altogether are worth nearly $100 million. Bullock recently decided to free up some portfolio space by selling her two condos in exclusive Sierra Towers, the 31-story, Sunset Strip-adjacent...
Foreign Property News | Posted by Shwe Zin Win
A Chinese financial firm which once devoured New York’s Waldorf Astoria has sold off its second set of real estate assets this year, with European media reports indicating that Anbang Insurance has disposed of a set of Netherlands office buildings for €700 million ($763 million). Anbang has sold the set of six commercial assets in the cities of Amsterdam, Rotterdam and the Hague to UK rival Aviva less than three years after buying the properties from Blackstone for €500 million, according to a report in React News. The deal is the latest installment in what has been a multi-year unwinding of a debt-fuelled acquisition spree masterminded by former Anbang chairman Wu...
Foreign Property News | Posted by Si Thu Aung
The San Francisco real estate investor that made the biggest Chicago office purchase of the past two years is picking up another high-profile property nearby. Spear Street Capital has agreed to pay nearly $225 million, or $346 per square foot, for the 31-story tower at 225 W. Wacker Drive, sources familiar with the deal said.The pending sale is only slightly higher than the $218 million that South Korean real estate firm Mirae Asset Global Investments paid for the building in 2013. Mirae, which put the building up for sale last fall, was expecting to fetch as much as $245 million for the 651,000-square-foot tower at the corner of Wacker Drive and Franklin Street. But downtown office...
Foreign Property News | Posted by Si Thu Aung
building designed by Zaha Hadid Architects has been opened in Beijing featuring the world's tallest atrium.The Leeza SOHO tower is located in the Fengtai business district of Chinese capital and features 45 stories of new office and business space. It was designed by the architectural firm founded by the renowned British-Iraqi architect, Zaha Hadid, who died in 2016. The building's unique design features two distinct twisting towers, enclosed by a single façade shell with an atrium extending the whole height of the building. "The emerging space between these two halves extends the full height of the tower, creating the world's tallest atrium at 194.15m (636 ft) which rotates...
Foreign Property News | Posted by Hnin Ei Khin
Singapore’s sovereign wealth fund has made a fresh shopping trip to Paris, picking up yet another commercial tower in the City of Light. GIC, which has over $100 billion in assets under management, announced on Friday that it has acquired PB6, a 40-storey office building in the French capital’s La Defense district. The Singaporean government institution is paying €530 million ($592.25 million) for the 20-year-old tower, according to French media reports, as Singaporean investors continue to ramp up their purchases of overseas real estate assets. GIC has not released financial details of the acquisition, and Mingtiandi was unable to independently verify the pricing cited...
Foreign Property News | Posted by Si Thu Aung
Chinese financial conglomerate CITIC Group has inaugurated Beijing’s tallest skyscraper, formally known as the CITIC Tower, eight years after breaking ground. At 528 metres (1,732 feet) tall, and commonly known as China Zun, the skyscraper rises above its closest rival – the China World Trade Centre’s Tower 3 – by almost two hundred metres, according to an announcement by US architect firm Kohn Pedersen Fox, which designed the building. Marking the latest in a string of “supertalls” in China that rise over 300 metres in height, the 108-storey tower is the fourth tallest in the country and the eighth tallest worldwide. CITIC Heye Investment, a unit of...
Foreign Property News | Posted by Si Thu Aung
Allianz Real Estate and Gaw Capital have agreed to acquire the Duo Tower and Duo Galleria in Singapore for S$1.6 billion ($1.2 billion), according to a joint announcement by the two companies. The Munich-based insurer is set to own a 60 percent stake in the office tower and gallery-style shopping mall, while Gaw Capital, which is representing a sovereign wealth fund in the transaction, will acquire the remaining 40 percent. “Singapore is an established 24/7 city and has one of the most institutionalized commercial real estate markets in the world given its position as a key headquarter location for corporations in Asia,” said Allianz Real Estate’ chief executive officer...
Foreign Property News | Posted by Aye Myat Thu
CBRE announced recently that its Capital Markets team assisted Keppel Capital Holdings in the recent acquisition of the Yi Fang Tower, a recently completed prime Grade A office and retail mixed-use development in Shanghai’s Hongkou district. Keppel Capital, together with Keppel Land, acquired the 74,400 square metre (800,000 square foot complex) from developer Dalian Yi Fang Group for RMB 4.6 billion.The CNY 4.6 billion acquisition is the biggest en-bloc deal in Shanghai this year to date. Strategically located in the center of the North Bund area, Yi Fang Tower has a total gross leasable area of about 74,400 square meters. The complex consists of 47,500 square meters of office...
Foreign Property News | Posted by Zarni Kyaw
Hong Kong private equity firm Gaw Capital Partners has acquired a 13-storey office tower in Tokyo’s posh Aoyama area, the company confirmed in a conversation with Mingtiandi today without revealing financial details of the transaction. Gaw, which manages real estate investment funds on behalf of some of the world’s largest institutions, is purchasing the asset from New York-based GreenOak Real Estate, with the Hong Kong firm agreeing to pay JPY 84 billion ($750 million) for the property, Mingtiandi has come to understand. The acquisition follows Gaw’s $1.3 billion final closing of its Gateway Real Estate Fund VI in October last year, which provided chairman Goodwin Gaw...
Foreign Property News | Posted by Si Thu Aung
HNA Group confirmed today that it has sold a majority stake in a Manhattan office building, as the financially-hobbled mainland conglomerate races to sell assets and raise cash. The parent company of China’s Hainan Airlines said that it had sold its 90 percent stake in 850 Third Avenue in New York in a deal which, according to an account in US website Bisnow, is valued at $422 million. The disposal comes less than two and a half years after HNA had acquired the same asset in a $463 million transaction, and follows US government scrutiny of the Chinese firm’s ownership of a building which houses the police precinct that protects Trump Tower. The buyer of the 617,000 square...