Domain WeHo, a 166-unit apartment complex in West Hollywood

Multi-family investment in California leads today’s headlines as CIM Group, partnering with Japan’s Hulic, acquires the 166-unit Domain apartments in West Hollywood. Also in the news, Brisbane’s NextDC lifts contracted data centre capacity by 11 percent to 740 megawatts and Hong Kong’s CK Asset sees Cheung Kong Center II occupancy double to 60 percent.

Hulic Joint Venture Acquires 166-Unit West Hollywood Apartment Complex

Japan’s Hulic has tied up with Los Angeles-based CIM Group to acquire Domain WeHo, a 166-unit apartment community in the city of West Hollywood, according to an announcement this week. The seven-storey property includes 9,185 square feet (853.3 square metres) of ground-floor retail along Santa Monica Boulevard.

Domain opened in 2017 with studio, one- and two-bedroom units, of which 33 are designated affordable, alongside amenities including a pool, an outdoor kitchen and a fitness centre. The property sits near Sunset Boulevard’s shopping and dining corridor and the Hollywood Hills. Read more>>

NextDC Shares Jump on Lifts Contracted Data Centre Capacity by 11%

Shares in NextDC rose as much as 5 percent after the Brisbane-based data centre operator reported that new customer contracts have lifted its pro forma contracted utilisation by 11 percent to 740 megawatts in the three months to June.

The new contract wins also boosted NextDC’s pro forma forward order book up to 565MW, the company said. NextDC shares have now risen more than 8 percent year-to-date, while Wellington-listed competitor Infratil Ltd has surged 37 percent. Read more>>

CK Asset’s Cheung Kong Center II Tower Boosts Occupancy to 60%

Occupancy at CK Asset Holdings’ 41-storey Cheung Kong Center II in Hong Kong has more than doubled to about 60 percent since the start of the year, people familiar with the matter said, as a strengthening economy prompts financial firms to expand their office footprint.

Li Ka-shing’s CK Asset expects the tower, largely empty since its 2024 completion, to reach at least 75 percent occupancy by year-end, one of the people said. A CK Asset spokesperson declined to comment. Read more>>

Shinsegae, OKO Form $500M JV to Expand Aman Hotels

South Korea’s Shinsegae Property has agreed to form a $500 million joint venture with OKO Group to develop Aman- and Janu-branded hotels and residences across Asia and North America, the companies said.

OKO chairman Vladislav Doronin acquired Aman in 2014 and has since built 84 buildings globally with more than 7.4 million square metres (79.7 million square feet) in assets, while the venture will also pursue mixed-use commercial development. Read more>>

Metro to Exit Paragon, Causeway Point Department Stores

Singapore’s Metro Holdings will close its department stores at Paragon and Causeway Point when their leases expire, shifting towards smaller-format and pop-up concepts, the retailer said in a bourse filing. No exit timeline was given.

Metro reported a loss after tax of S$11.4 million ($8.8 million) for the year to the end of March, widening from a S$6.9 million loss a year earlier, as weak department store sales dragged on group revenue. Read more>>

CICT to Reconfigure Paragon Mall Space Vacated by Metro

Singapore’s CapitaLand Integrated Commercial Trust is planning to reconfigure parts of Paragon mall, including space occupied by department store Metro, the trust’s manager said, as it seeks to strengthen the Orchard Road mall’s tenant mix.

Metro said it will exit its large-format stores at Paragon and Frasers Centrepoint Trust’s Causeway Point when leases expire, pivoting towards smaller specialised concepts. CICT completed its S$3.9 billion ($3 billion) purchase of Paragon on 1 July. Read more>>

Rugby League Nears $70M Deal for Novotel Sydney Airport Hotel

Australia’s National Rugby League is conducting due diligence to buy the 271-room Novotel Sydney International Airport hotel for up to A$100 million ($70 million), which would be its largest real estate purchase to date as it targets a A$1 billion portfolio.

The Accor-managed, four-star hotel was listed in May through CBRE, which called it an institutional-grade asset in Australia’s tightly held airport hotel market. The NRL has bought A$100 million in eastern seaboard hotels over the past four years. Read more>>

Hangzhou Penthouse Sales Hit $496M on Tech Wealth Surge

All 66 units in the first batch of Hangzhou’s Wangtianji luxury development sold out on their 16 July launch day, generating RMB 3.36 billion ($496 million) and setting record highs for both unit price and total value of high-rise flats in the city.

Buyers averaged 39 years old and were largely new wealth from the technology and artificial intelligence sectors, with seven to eight bidders competing for each riverfront flat, the report said. Read more>>

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