Wednesday, 11 April 2012

CIMB TrustCapital Advisors buy Canberra office building for A$226m

KUALA LUMPUR (April 11): CIMB TrustCapital Advisors (CIMB-TCA), a joint venture between CIMB Real Estate Sdn Bhd and Singapore based TrustCapital Advisors Pte Ltd, has acquired an A-Grade 12-storey office building in Canberra for A$226 million (RM719.71 million).

CIMB-TCA is a unique Asian-based fund established with the objective of investing in high grade commercial office buildings in the key cities of Australia, has acquired 50 Marcus Clarke Street, Canberra, from the Walker Corporation for approximately A$226 million.

CIMB-TCA Australia is the investment manager of 50 Marcus Clarke Street.

In a statement on Wednesday, CIMB-TCA said the property, a premium-grade asset was constructed in 2011 and was on a long term lease to the Commonwealth Government Department of Education, Employment and Workplace Relations (DEEWR).

"This highly energy-efficient building, located in the centre of Canberra’s CBD, has been awarded a 5.5-star NABERS Energy rating and has achieved a 6-star Green Star as-built rating," it said.

CIMB-TCA said the transaction, which was done with a co-investment partner, was the group’s third property acquisition in Australia since it entered the market in early 2011.

The other assets include 469 LaTrobe Street and 850 Collins Street, both in Melbourne, it said.

The fund's chairman Datuk Robert Cheim said this third transaction demonstrated that the Fund has the clear intent, the will and the resources to execute deals that would deliver strong returns to it investors, as it continues to grow its footprint and expand its portfolio in Australia.

"With our strong track record of acquisitions and investment, we will continue to bring investors into the Australian real estate market and add value through sourcing, structuring, financing and ongoing asset management," he said.

He said CIMB-TCA had invested approximately A$450 million over the last 12 months and was now one of the most prolific and respected foreign investment managers in the Australian office real estate sector.

Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or for more details.

Weakness in the global outlook clouds Malaysia’s prospects in 2012, says ADB

KUALA LUMPUR (April 11): Given Malaysia’s close integration with the world economy — exports and imports of goods and services are equivalent to over 100% of gross domestic product (GDP) — weakness in the global outlook clouds the country’s prospects in 2012, said the Asian Development Bank (ADB) in its Asian Development Outlook 2012: Confronting Rising Inequality in Asia report.

“Growth is seen moderating to about 4.0% in 2012, then quickening to 5.0% in 2013 as the external environment improves,” ADB said in the report released on Wednesday.

The annual Asian Development Outlook provides a comprehensive analysis of economic performance for the past year and offers forecasts for the next two years for the 45 economies in Asia and the Pacific that make up developing Asia.

The ADB said that despite weak global demand, Asian Development Outlook 2012 expects that developing Asia will largely maintain its growth momentum in the next couple of years, in an environment of easing inflation for most regional economies, although policy makers must be alert to further oil-price spikes arising from threats of oil supply disruptions.

On Malaysia, the ADB said strong private consumption drove economic growth in 2011, supported by government spending and, less so, fixed investment.

“The weaker global environment is forecast to slow growth in this highly open economy in 2012, but the better global backdrop next year should help lift its performance.

“Moderating growth this year suggests that inflation will also ease. The external current account surplus will remain buoyant,” it said.

The report said domestic demand would again anchor growth in Malaysia.

“Private consumption will get support from government decisions in the 2012 budget to raise wages for the public sector and to make a one-time cash payment to low and middle-income groups (53% of all households).

“Government plans to introduce a minimum wage in 2012 are expected to lift incomes for the low paid,” it said.

Still, the labour market is likely to soften in 2012, particularly in trade-exposed industries. Job vacancies in January 2012 declined steeply from the prior-year period, it said, adding that consumer sentiment weakened late in 2011.

“Private investment in export-oriented industries such as electrical and electronics products will be subdued by the weak global outlook this year, although investment will likely be relatively buoyant in industries that depend on domestic demand,” said the ADB.

Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or for more details.
Related Posts Plugin for WordPress, Blogger...