Singapore: GL halts UK property sale; Yanlord buys Shenzhen arm; Heeton-led group buys 2 hotels

Singapore's Marina Bay district at night. Credit: Flickr/Marc Ben Fatma

Singapore property firms are busy expanding and consolidating their portfolio of overseas properties.

GL Limited halts London hotel sale

GL Limited, formerly known as GuocoLeisure, has suspended discussions regarding the sale of its Thistle Kensington Gardens Hotel in London.

In November 2015, the firm said, subsidiary, GLH Hotels Group, was exploring the prospects for a sale of GLH’s shares in the owner and the operator of the Thistle Kensington Gardens Hotel.

However, following what the company termed as “careful consideration’ in a filing, GLH has discontinued the sale process. The hotel has 175 rooms and was recently valued at £42 million ($59.3 million), according to an RHB Research note.

Yanlord Land acquires Shenzhen subsidiary

Yanlord Land Group, through its mainland Chinese subsidiaries – Nanjing Renyuan Investment Co. and Yanlord Land (Shenzhen) Co, has acquired a Shenzhen property developer for a consideration of RMB300 million ($45.9 million).

Shenzhen Huarong Innovation Investment Co will see Nanjing Renyuan hold 99 per cent stake while Yanlord Land (Shenzhen) will hold the remaining 1 per cent stake. Shenzhen Huarong Innovation Investment has a registered capital of 45 million yuan. According to a filing, its net tangible asset (NTA) value was estimated at RMB42 million ($6.42 million), as at 26 January 2016.

Heeton-led consortium grows UK hotel footprint

Heeton Holdings, KSH Holdings, Lian Beng Group and Ryobi Kiso Holdings have acquired two hotels in the UK –  Ibis Budget Bradford and Ibis Hotel Gloucester. Financial terms of the acquisition were undisclosed.

Ibis Budget Bradford has 86 bedrooms and is close to Bradford’s centre while Ibis Hotel Gloucester maintains 127 bedrooms in Gloucester City, a tourist destination that enjoys a strong visitor-driven economy. International French hotel operator Accor manages both properties.

Heeton holds 55 per cent in the consortium with other participants KSH, Lian Beng and Ryobi Kiso having 15 per cent each.

Marking their third and fourth ventures in the UK, this follows a maiden acquisition in Hammersmith, London in March 2015, as well as the acquisition of a mixed development site near Leeds City Centre in July 2015.

Also Read:

SG Realty Dealbook:LMIR to acquire Bali mall;Starhill completes sale of Japan property

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Soilbuild REIT buys IMI’s SG property for S$22m

SG Dealbook: Keppel Reit sells Sydney property for S$158m, Keppel Land acquires stake in local mall for S$51.4m

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.