Daily Briefing: GIC partners RPT Realty, others to set up retail assets platform; SG's Swat Mobility considers IPO in Japan

And The Bayron relaunched for sale with price unchanged at $376m.

From DealStreetAsia:

Singapore’s sovereign wealth fund GIC has teamed up with RPT Realty, a US-based real estate investment trust, and other partners to form a new core net lease retail real estate platform, according to an announcement.

GIC, Zimmer Partners, Monarch Alternative Capital LP, and RPT have committed to investing $629.9m (US$470m) in the platform over the next three years for approved acquisitions.

RPT will retain a 6.4% equity interest in the platform, participate in new investments and earn fees as the manager of the platform.

The platform, which to date has received commitments for a $233.2m (US$175m)-secured credit facility, will target the acquisition of over $1.6b (US$1.2b) of strategic assets, creating a scalable, stable-growth investment platform.

The platform expects to close on the syndication of the facility in March 2021.

Read more here.

From e27:

Swat Mobility Pte, an on-demand bus service provider, is considering an initial public offering in Japan to bankroll its expansion, according to people with knowledge of the matter.

The Singapore-based startup recently appointed an international auditing firm as it contemplates listing on the Tokyo stock exchange, said one of the people, who asked not to be named because the matter is private.

Swat Mobility uses high-precision route-optimizing technology to pool multiple passengers. It sees Japan as a promising market for on-demand bus services in the wake of fatal accidents involving elderly drivers, the person said.

A representative of Swat Mobility declined to comment.

Read more here.

From PropertyGuru:

The Bayron, a two-block condominium in District 9, has been relaunched for sale with the guide price unchanged at $376m, revealed exclusive marketing agent CBRE.

This works out to a land rate of around $2,377 per sq ft per plot ratio (psf ppr), or about $2,287 psf ppr should the 7% bonus gross floor area for balconies are taken into consideration.

With a total strata floor area of 112,300 sq ft, the 96-unit development holds dual addresses at 13 Devonshire Road and 49 Saint Thomas Walk. It occupies a 56,481 sq ft freehold site that is zoned for “Residential” use under the 2019 Master Plan with a plot ratio of 2.8 and a height limit of up to 36 storeys.

The maximum allowable gross floor area for the site is about 159,893 sq ft, or 169,218 sq ft if the 7% bonus gross floor area for balconies is included.

Read more here.