1. Singapore: Resort Boosts Redevelopment by $750 Million
Singapore's Marina Bay Sands resort is entering a second phase of renovation, adding $750 million in spending to a previously announced $1.75 billion renovation as operators look to position the property as a top destination for local and international visitors.
Owner Las Vegas Sands Corp., a prominent casino operator, plans upgrades focused on the property's Tower 3, including the lobby, Sands SkyPark and the redesign of more than 550 guest rooms. "It will include a reimagined VIP arrival experience, new premium dining and retail offerings, a lobby transformation as well as a renewed focus on wellness experiences for guests," operators said in a statement.
2. UK: Hong Kong’s ‘King of Retail’ Markets London Properties
Hong Kong's "king of retail" Lai Wing-To has brought to market a portfolio of prime London assets with a price well in excess of £260 million expected to be paid.
Brokerage JLL has been appointed to sell the Trinity portfolio, including three retail-led mixed-use properties in the Mayfair and Soho neighborhoods. The jewel in the crown is Standbrook House, bought by the veteran Hong Kong investor in 2019, when it housed the U.K. flagship stores of British fashion house Alexander McQueen and Italian shoe brand Tod’s on Old Bond Street.
3. France: Newmark Eyes French Expansion
Newmark CEO Barry Gosin wants 10% of the brokerage's sales to originate outside the United States by 2025, and an entrance into the French market is among top priorities for Europe.
New York-based Newmark is reported to be planning an arrival in France after recent brokerage acquisitions in the United Kingdom and an earlier partial-stake investment in a French office coworking firm. Newmark has also recruited European-focused brokers from rivals including CBRE and JLL.
4. Germany: Self-Storage Provider Shurgard Acquires Rival
Shurgard, Europe's largest self-storage provider, has taken over the German operator Pickens and paid around €120 million for approximately 31,300 square meters of warehouse space.
Three of the acquired storage units are located near the city center of Berlin, with another three in Hamburg, all of which are 80% to 85% leased. Last fall, U.K.-based Shurgard expanded its market presence in Germany by acquiring rival Top Box for €69.2 million.
5. Canada: Quebec Towns Lose Financial Services Cooperative
Residents of Courcelles, a town of less than 1,000 people in the heart of the Beauce region south of Quebec City, are getting accustomed to a visible change in their way of life: their local branch of the Caisse Desjardins financial services cooperative is closed.
The outlet, after serving for decades as the financial cornerstone of the small town, was turned into a private residence because of lack of use. The cooperative has been a fixture in small Quebec towns for over a century, but regional boards have been quietly closing underused properties as customers increasingly go online for their financial needs. It shows how technology is changing rural real estate and towns across North America.
6. US: Former CEO Offers To Buy WeWork Out of Bankruptcy
Years after his dramatic ouster, WeWork co-founder Adam Neumann is looking to boomerang back with a potential bid to buy the flexible workspace provider out of bankruptcy.
In a letter to WeWork's legal advisers, the former CEO's new real estate startup, Flow, revealed an interest in acquiring WeWork or its assets and said it already has financial backing from prominent hedge fund Third Point and other investors. The New York-based company ousted the high-profile Neumann from the top job in 2019 after its first attempt at an initial public offering failed, partly because investors had concerns about corporate governance under his leadership and a strategy that critics complained involved too much spending.
This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.