Japan's Teachers' Mutual Aid Co-operative Society plans to invest as much as $60 million in mostly foreign REITs this fiscal year. The pension fund notes that its domestic REITs have become too costly.
Soho China Ltd., a top developer in China, is reportedly in talks to buy a 40% stake in the 1.8 million-square-foot General Motors building in Manhattan. The deal, if it goes through, would be among the largest purchases of a U.S. building by a foreign investor. The sellers are a group of Middle Eastern sovereign-wealth funds. Boston Properties is not selling its 60% stake in the building.
Hines Global REIT has acquired two office properties, in London and Sydney, paying $215 million in total for the two transactions. An affiliate of TIAA-CREF sold the London building, 1 Westferry Circus, on the western edge of Canary Wharf for $124 million. Hines acquired 465 Victoria, in Sydney, from FKP Property Group.
Ascendas REIT hopes to acquire a "multitenanted" property in the Singapore Science Park II using money it will raise in a private placement. The REIT is eying proceeds of $287 million from the placement.