Apartment City

Education Realty Trust (EDR), commonly known as EdR, is making every effort to leverage on the soaring demand for on-campus development of universities. Recently, the company opened the first phase of its ONE Plan on- campus replacement housing at the Northern Michigan University (NMU). This development, named The Woods in Marquette, MI, has 417 beds in a living-learning community. The property boasts ample amenities , including Internet and Wi-Fi, classrooms, study rooms, TV lounges and laundry facilities. The entire $75.4- million project is, however, slated for final delivery in 2018. The development will include 1,229 beds. EdR is leasing the land from the university, and the project will be funded through EdR’s On Campus Equity Plan — The ONE Plan. The plan helps in funding projects on university land with this student housing REIT ’s equity and financial flexibility. On the other hand, such partnerships allow the university to channelize its finances and organizational resou...

The number of new lettings of office premises in Central in July plunged 75 percent month -on-month, property consultants JLL said. It said leasing activity slowed during the summer holiday, with a net withdrawal of 17, 300 square feet recorded during the period. Mainland banking and financial services firm accounted for 91 percent of all new office premises lettings in Central in terms of floor area. They were also active in sub-market fringes, JLL added. The office leasing transactions included Fortune Fountain Capital which rented 8,900 sq ft at Infinitus Plaza in Sheung Wan as it decided to move out of Central. JLL also said office rents in Wan Chai and Causeway Bay rose by 0. 7 percent month -on-month, as vacancy in the sub-market dropped for the third consecutive month. Midland Realty said a 2,729-sq- ft office unit at Catic Plaza, a grade B office building in Causeway Bay, was rented out for about HK$81,000 a month, or HK$30 per sq ft. In ...

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