Singapore-based real estate investment trust ARA Asset Management plans to buy the 434-room Conrad Seoul from Toronto-based Brookfield Asset Management for 400 billion Korean won (about $292 million), which would be South Korea's largest hotel deal so far in 2024.
The deal was first reported by South Korean business newspaper Maeil, after local media reported last fall that Brookfield initially put the 12-year-old Seoul property up for sale with a guide price of more than $370 million.The ARA acquisition does not include the adjacent International Finance Center, an office and retail complex that Brookfield bought along with the hotel last year, the people said.
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Plans to list a real estate investment trust on the London market for the first time in three years have been abandoned after it failed to meet minimum fundraising targets.
The promoters of the proposed Special Opportunities REIT were targeting to raise £500 million consisting of an initial offer of ordinary shares at 1p per ordinary share, an invitation to subscribe and a cornerstone subscription, at an issue price of 100p per ordinary share, which would have been its largest offering in the past decade.
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After selling the Mandarin Oriental Hotel in Paris to Italy's Groupe Statuto for €205 million earlier this year, Mandarin Oriental International Limited is now disposing of two neighbouring luxury boutiques.
The property, at 251 Rue Saint-Honoré, was acquired for €148 million by Lavender Propco SNC, a fund managed by Blackstone Europe, the hotel group said in a regulatory filing published in Singapore. It is currently leased to luxury fashion houses Versace and Port 1961 and has a total of about 1,100 square metres of retail space.
Business Imo>>
Demir, a commercial real estate investment company majority owned by Apollo Global Management, has restructured €499 million of bonds maturing in mid-October together with a majority of its creditors as part of a larger financial restructuring.
Demir plans to raise up to 159.6 million euros, including a loan of 68.3 million to 100 million euros pledged by Apollo. Executives said it also has the option of directly transferring properties in the German cities of Essen, Cologne, Aschheim and Kassel to Apollo to raise additional funds.
Thomas Daly>>
The Canadian Competition Bureau has won a court order allowing it to investigate two of the country's largest grocery chains for suspected property management violations in Halifax, Nova Scotia, and the surrounding area.
In a statement, the agency said Sobeys and Loblaw will be required to participate in an investigation into possible anticompetitive restrictions imposed on their properties. At issue are lease clauses used by the grocery chains that “prohibit landlords from renting space to other tenants that compete with existing tenants,” as well as restrictions that prohibit owners or purchasers of commercial property from operating or renting the property to certain types of businesses, the agency said.
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Global flexible workspace provider WeWork has emerged from bankruptcy protection and appointed a veteran of brokerage firm Cushman & Wakefield as its new chief executive officer.
WeWork announced that former Blackstone private equity partner David Torrey, who joined the company more than a year ago and led the company's restructuring, has stepped down as CEO and been replaced by John Santora, who until recently served as Cushman & Wakefield's tri-state chairman for New York, New Jersey and Connecticut. New York-based WeWork announced it emerged from bankruptcy on June 11 after filing for Chapter 11 protection in November as part of its financial restructuring.
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The report was compiled from CoStar news publications in the U.S., U.K., Canada, France and Germany.
