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The week in global real estate - 9 June 2020

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A weekly update of the biggest real estate news from around the globe.

Institutional investors / REITs

  • China started a REIT trial in April, initially focused on infrastructure investments, but if successful could be expanded to traditional real estate assets worth as much as US$3T. More info here.

Office

  • WeWork is investing $100M into its Indian business after laying off 20% of its workforce. More info here.
  • IGW (Regus) is taking over WeWork’s abandoned office space in Causeway Bay, Hong Kong. WeWork has reportedly vacated 20% of its Hong Kong premises. More info here.

Retail

  • Seritage Properties is terminating the master-lease on the 12 remaining Sears and Kmart stores in its portfolio. Seritage was established to extract value by selling the retailers' real estate network, but falling rents have driven the decision to terminate the leases. More info here.

Residential

  • The Canadian government-backed Canada Mortgage and Housing Corp is tightening rules for mortgage insurance in anticipation house prices dropping. More info here.
  • Real estate contracts signed in Manhattan for apartments dropped 84% during May. 160 contracts were signed compared to 922 contracts during May 2019. More info here.
  • Oxford Properties has lodged a development application for a 234-apartment over-station development in Sydney. The build-to-rent development will sit above the Pitt Street Metro station and will be Oxford’s first Australian development. More info here.

Hotels

  • Apple is building a 192-room hotel at its new 13-acre campus in Austin, Texas. The 7,000 sqm hotel will accommodate visiting employees and guests. More info here.
  • An open-air hotel concept is opening soon in eastern Switzerland where guests can spend the night in a bed placed in the mountains without walls or a roof. More info here.

Industrial

  • Accelerated e-commerce growth in the US is expected to add between 1.3M and 1.8M sqm of demand for logistical space each year for the next three years as companies increase inventory levels for online sales. More info here.
  • Amazon has leased 41,000sqm in Round Rock, Texas for a new distribution centre. More info here.

Sustainability

  • Singaporean, CapitaLand has secured a $500M sustainability-linked loan from United Overseas Bank. More info here.