Greenland forms $3b JV for Singapore REIT listing
China-based The Greenland Group and Amare Investment Management Group, a subsidiary of the Singapore-based Glory Fund Management Group, have entered into a multibillion-dollar property joint venture agreement.
Amare will purchase 19 hotels from Greenland for approximately $3.3 billion. Greenland will continue to manage the hotels, which are operating under contract with such major players as the InterContinental Hotels Group, Starwood and JW Marriott. The properties will seed a Singapore-listed REIT.
The properties include hotels in 10 cities across China, including Shanghai, Nanjing and Yangzhou in Jiangsu province; Jinan in Shandong province; Xi’an in Shaanxi province; and Zhengzhou in Henan province. The assets include the Shanghai Holiday Inn Express, Nanjing Intercontinental, Jinan MELIA and Xi'an Holiday Inn.
Greenland will subscribe for not less than 30 percent shares in the REIT and set up a 75-25 asset management arm with Amare to c