Real Estate Digest: ARA buys 50% in Dasin Retail Trust, Savills backs purchase of Clifford Gardens

Singapore. Photo by Andrew Kow on Unsplash

ARA Asset Management has agreed to acquire a 50% stake in Dasin Retail Trust Management while global real estate firm Savills Investment Management has partnered with Eleanor Investors Group to acquire Clifford Gardens shopping centre in Australia. 

ARA acquires 50% stake in Dasin Retail Trust

ARA Asset Management Ltd, a real estate investment firm backed by Warburg Pincus LLC, announced that it has entered into a sale and purchase agreement to acquire a 50% stake in Dasin Retail Trust Management, the trustee manager of Singapore-listed Dasin Retail Trust.

The real estate investment firm also acquired approximately 5% of the total units issued in the Trust, according to a filing with the Singapore Exchange. Financial details of the transaction were not disclosed.

Dasin Retail Trust is the only listed retail property trust that provides direct exposure to the Guangdong Hong Kong Macau Greater Bay Area, one of the fastest-growing regions in Greater China. Dasin’s portfolio comprises seven retail malls strategically located in Foshan, Zhuhai, and Zhongshan cities.

“China is a key market for ARA and the excellent growth prospects of the Greater Bay Area, in particular, appeal to us considerably,” said ARA Group CEO Moses Song.

Savills backs purchase of Australian mall Clifford Gardens

Global real estate firm Savills Investment Management has partnered with Eleanor Investors Group, a listed Australian investment and funds management firm, to acquire Clifford Gardens shopping centre in Toowoomba, Australia for A$145 million ($112 million), according to a disclosure.

Elanor and Savills established a new managed fund, Clifford Gardens Fund, to acquire the shopping centre from US investment major Blackstone, which acquired the sub-regional mall in 2016 as part of a three-asset portfolio.

Clifford Gardens is a dual supermarket and discount department store anchored shopping centre. Situated on a prominent nine-hectare site, the centre’s fully enclosed 27,651 sq m lettable area provides access to wide-ranging retail amenities, with 89 specialty tenancies focused on the provision of non-discretionary goods and services. 

“This investment exemplifies Elanor’s strategy of acquiring high-quality real estate where we see the opportunity to unlock value through our active asset management approach,” said Elanor CEO Glenn Willis.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.