Latest news with #realEstate
Forbes
4 hours ago
- Business
- Forbes
Billionaire Lance Gokongwei's Robinsons Land Sells $536 Million Of Malls To REIT
Philippine billionaire Lance Gokongwei is hiving off about 30.7 billion pesos ($536 million) worth of shopping malls into his family's RL Commercial REIT that will help the group's diversified property arm Robinsons Land Corp. raise funds to bankroll its expansion plans. Robinsons Land—a developer of offices, residences and hotels controlled by the Gokongwei family's JG Summit—will sell nine shopping malls to RL Commercial in exchange for 3.85 billion shares, priced at 8 pesos each, according to a Philippine Stock Exchange filing. The latest infusion of 324,108 square meters (sqm) of mall space to RL Commercial will boost the REIT's portfolio by 39.2% to about 1.2 million sqm of shopping malls and office buildings. The deal comes a year after Robinsons Land sold 34 billion pesos of properties into the REIT. The transaction provides Robinsons Land, the second-largest developer of shopping malls in the country, with RL Commercial shares it can sell to help fund a five-year expansion plan that will entail investments of as much as 125 billion pesos ($2.2 billion). Robinsons Land and rivals Ayala Land and SM Prime are stepping up expansion plans amid a consumption boom in the country. Spearheaded by Robinsons Land CEO Mybelle Aragon GoBio, the first non-family to take the helm at the 45-year old developer, the company will boost its mall and office space by 50%, increase hotel room keys by 25% and double its logistics capacity. Robinsons Land aims to have 69 malls with 2.45 million sqm of gross leasable area by 2030, up from the existing 55 malls with a combined GLA of 1.7 million sqm. Its leasable office space will increase to 1.2 million sqm from 793,000 sqm in the same period. JG Summit also has interests in airlines, food and beverage, banking, petrochemicals and utilities. The business was founded by the late billionaire John Gokongwei in 1954 as a corn starch factory. After Gokongwei passed away in 2019, his six children—Lance, Robina, Lisa, Faith, Hope and Marcia—inherited his fortune. The siblings had a combined net worth of $3 billion, placing them at No. 7 on the list of the Philippines' 50 Richest when it was last published in August last year.
Yahoo
5 hours ago
- Business
- Yahoo
Life sciences struggles with oversupply in Q1, but upsides exist, experts say
This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. After growing steadily throughout 2024, the U.S. life sciences real estate sector is experiencing turbulence in 2025 due to business uncertainty, which resulted in a sharp drop-off in demand for lab space during the first quarter, according to a report by JLL. Oversupply increased slightly year over year, with the more than 200 million square feet of U.S. lab market space needing 20 million to 25 million square feet of net absorption or supply reduction to return to market equilibrium, JLL says in its 2025 life sciences property report. 'Barring an unforeseen and substantial growth spurt of demand, the likeliest outcome of this period of oversupply is that well-built and well-located buildings will gain market share,' JLL says in the report, noting that landlords with scale and experience in the space are out-leasing their competition. 'Buildings without those aspects will face increased odds of distress in the next 12-24 months.' Although there are high-potential labs in need of updated operations and working capital to provide opportunities, the firm anticipates a supply shake-up, with many building owners unable to wait indefinitely for markets to recover, per the report. Today, smaller deals are driving market activity, making up 76% of deals closed in the first quarter, JLL said. The firm noted that reductions in tenant demand across the U.S. — influenced by macroeconomics, policy and funding uncertainties — suggest 'muted leasing volume growth' through 2025 as the sector grapples with 'a rocky decision-making environment.' JLL says sustained elevated supply has led to significant downward pressure on rents in key markets, namely Boston, the Bay Area and San Diego. Midsize markets —such as the greater Washington, D.C., area; New Jersey; and Raleigh-Durham, North Carolina — occupy a more stable middle ground, showing 'decent availability levels and moderate rent changes,' JLL says in its report. There is relative resilience in the U.S. life sciences workforce, coupled with right-sizing and life sciences tenants using their space more efficiently, according to Ian Anderson, senior director of research for life sciences at CBRE. 'It's actually helping stem some of the negative effects of oversupply of life sciences real estate we've seen over the last few years,' Anderson said on a CBRE webinar. 'Though we have a while to go to address some of the oversupply in the life sciences real estate space, we are headed in the right direction … with tenants becoming more efficient with space,' Anderson said. JLL echoed this sentiment, noting that owners of struggling buildings experiencing elevated vacancy levels have started to change uses, leading to a reduction in built lab space that could help to alleviate oversupply. The firm says that it is tracking 3.2 million square feet in the process of changing uses, with half of this due to a pivot toward or lease to a new user type, with the other half due to capital challenges. One such potential user type is AI-focused tech firms, which are experiencing significant growth and are in need of space, according to CBRE. While the flight to quality has already begun to force office occupiers to consider less-than-prime buildings, the life sciences sector still has a large supply of high-end buildings available in top markets like San Francisco, according to Mary Hines, vice chair of life sciences in the San Francisco Bay Area at CBRE. 'What we saw during the pandemic was that developers spent a lot of money building out Class A life science buildings, a number of those are still available and in shell condition,' Hines said. 'The ones located in the right locations are going to need to catch the eye of these fast-growing AI companies that need space.' In addition, both life sciences and AI companies share a growing need for reliable power. 'Given the long lead times in the Bay Area for power, and how difficult it is to get if your building doesn't have it, that is creating a lot of demand for buildings that have power in place,' Hines said. 'So I do predict that we're going to likely see a lot of these Class A life science projects get leased by AI companies.' In addition, there are opportunities for tenants to relocate manufacturing functions — those that are normally pushed to tertiary or secondary markets due to the high cost of building — to be closer to headquarters, which are usually situated in the core markets. We've seen the softening of rents, and landlords have been more competitive in actually giving more tenant improvement dollars,' Hines said. 'So that creates the potential for these companies to locate their manufacturing nearby.' Recommended Reading AI set to spur changes in life sciences facility needs Sign in to access your portfolio
News.com.au
6 hours ago
- Business
- News.com.au
Houses for auction decrease as winter season emerges
REA Group Senior Economist Anne Flaherty discusses the property market and the auctioning happening this weekend. 'We have seen the number of homes coming up for auction decrease in line with winter,' Ms Flaherty said. 'We are around 10 per cent below the same levels we were seeing this time last year. 'We are still seeing very strong levels of buyer demand."
Daily Telegraph
8 hours ago
- Business
- Daily Telegraph
Retired publican lists $12m luxury apartment
A retired publican has listed his luxury $12m apartment in a luxury Elizabeth Bay block full of big hitters. Ken Thompson, who sold his Blues Point Hotel to former Qantas chief Geoff Dixon for $6m more than a decade ago, has owned the three-bedroom, three-bathroom apartment with double parking and harbour views in the exclusive 'One Onslow' building since paying $5.05m off-the-plan in 2007. He's now listed it with BresicWhitney's Romany Brooks, hot on the heels of her selling a luxury penthouse to fashion icon Collette Dinnigan for about $7.2m in the nearby Tradewinds block alongside principal Shannan Whitney. MORE: Security guard sells apartment he won in lottery MORE:Lowes heir soaks up $24m pay day Brooks says Thompson's apartment is well-priced, compared with other newer buildings nearby that have recently sold for as much as $60,000 per sq m. 'I feel that around $40,000 per sq m, this delivers the scale downsizers are seeking and delivers on value,' Brooks says. She has deliberately chosen to market the apartment for sale without styling it. 'It has 3m ceilings and is 302sqm, I want buyers to feel the scale,' she said. 'Buyers being able to experience it unfurnished highlights the opportunity for them to create something special and showcases the quality finishes.' MORE: 2025 house price record broken twice in a week Thompson moved out of the second-floor apartment, which sits directly above the one Aussie Home Loans founder John Symond bought for $4.1m in 2011, after the death of his beloved wife, Elizabeth, and it's recently been rented out to the Canadian embassy at $5000 per week Other famous owners in the nine-unit boutique block include Joanna McNiven, widow of businessman John McNiven, who bought in for $9.7m in 2011 and mining entrepreneur Nick Curtis and his wife, Angela. Symond initially owned three units in the block, but sold two of them in 2018, including the sub-penthouse to the Curtises for $7.25m. Rosanna Hindmarsh, the wife of Canberra's construction industry boss John Hindmarsh, sold the penthouse for $20m in 2021 to businessman and philanthropist Thomas Yim and his wife, Denise. It had been Hindmarsh's construction firm that built the block. MORE: Billionaire chicken heiress's record breaking sale
News.com.au
10 hours ago
- Business
- News.com.au
Retired publican lists $12m luxury apartment
A retired publican has listed his luxury $12m apartment in a luxury Elizabeth Bay block full of big hitters. Ken Thompson, who sold his Blues Point Hotel to former Qantas chief Geoff Dixon for $6m more than a decade ago, has owned the three-bedroom, three-bathroom apartment with double parking and harbour views in the exclusive 'One Onslow' building since paying $5.05m off-the-plan in 2007. He's now listed it with BresicWhitney's Romany Brooks, hot on the heels of her selling a luxury penthouse to fashion icon Collette Dinnigan for about $7.2m in the nearby Tradewinds block alongside principal Shannan Whitney. Brooks says Thompson's apartment is well-priced, compared with other newer buildings nearby that have recently sold for as much as $60,000 per sq m. 'I feel that around $40,000 per sq m, this delivers the scale downsizers are seeking and delivers on value,' Brooks says. She has deliberately chosen to market the apartment for sale without styling it. 'It has 3m ceilings and is 302sqm, I want buyers to feel the scale,' she said. 'If you look at the old shots with furniture it just reduces the scale and doesn't showcase the finishes.' Thompson moved out of the second-floor apartment, which sits directly above the one Aussie Home Loans founder John Symond bought for $4.1m in 2011, after the death of his beloved wife, Elizabeth, and it's recently been rented out to the Canadian embassy at $5000 per week Other famous owners in the nine-unit boutique block include Joanna McNiven, widow of businessman John McNiven, who bought in for $9.7m in 2011 and mining entrepreneur Nick Curtis and his wife, Angela. Symond initially owned three units in the block, but sold two of them in 2018, including the sub-penthouse to the Curtises for $7.25m. Rosanna Hindmarsh, the wife of Canberra's construction industry boss John Hindmarsh, sold the penthouse for $20m in 2021 to businessman and philanthropist Thomas Yim and his wife, Denise. It had been Hindmarsh's construction firm that built the block.
