…s biggest-ever capital commitments to China real estate by agreeing to buy Soho China, one of the country’s largest developers, for HK$23.7 billion ($3 billion). The deal would give Blackstone rights to the developer’s portfolio of nine office properties in Shanghai and Beijing. Rising Industrial Demand As one of the few remaining traditional industrial areas in the city, and with its direct connections to Shenzhen, Fanling is becoming a popular s…
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Blackstone Raises $4B for Asia Real Estate Fund on the Way to $9B Target
…call made no mention of Blackstone’s failed $3 billion buyout of developer Soho China, cancelled last month after running into trouble with mainland regulators. Eager Investors Blackstone said its overall cash inflows totalled $47 billion in the third quarter and $148 billion over the last 12 months, nearly half of which went into its perpetual vehicles. “Our real estate core-plus business remains the largest driver of perpetual capital, as well a…
Hong Kong Office Rents Down 2% in Q1 as Banks Cut Back on Space
…h start-ups are signing leases at newer buildings like H Code in Central’s SoHo neighbourhood Cryptocurrency has begun to show its real-world utility as demand for office space from start-ups dealing in bitcoin, NFT and blockchain is helping to offset downsizing from multinational banks and other traditional occupiers in Hong Kong, according to Savills research. Despite experiencing a quarter when measures to control the city’s fifth wave of the C…
Indonesia’s Sinar Mas Buying London Building From Landsec for $238M
…comes after Sinar Mas sold its office block at 10 Great Pulteney Street in Soho last year. The company continues to hold its Alphabeta Building near the City of London. Fix and Sell The acquisition of 32-50 Strand will further strengthen recurring income with the addition of a prime asset with strong cash flows, said Sinar Mas, which expects to complete the transaction by the end of June via internal resources and bank borrowings. Sinar Mas Land c…
SEAHIS 2022 Prepares to Welcome 90 Speakers as Event Returns to Bangkok This Month
…d Bangkok-based hotel executives Deepak Ohri of Lebua and Rohit Sachdev of Soho Hospitality. SC Capital founder and CEO Suchad Chiaranussati will share his thoughts on the topic of “the best deal I ever did”, with the Thailand native joined by Christopher Hur of Singapore’s Lodgis Hospitality and Dillip Rajakarier of Bangkok-headquartered Minor Hotels. Giovanni Beretta, group director of operations for Swire Hotels, will chew over the pointed ques…
Wheelock Closes in on $2.5B Residential Project in Kowloon Bay
…ecent acquisition of a site at 47-57 Staunton Street in Hong Kong island’s Soho area at a valuation of HK$529 million. That purchase via Hong Kong’s compulsory sale law in May, paved the way for a residential project worth more than HK$1 billion. Two months before that deal, the developer acquired Ventris Court, a residential tower in Hong Kong Island’s Happy Valley valued at HK$1.73 billion through another compulsory sale, with analysts expecting…
Family Office of ARA’s John Lim Buying London West End Office Building for $21M
…d Regent streets, where the villages of Marylebone, Mayfair, Fitzrovia and Soho meet in the City of Westminster. Andy Lim of JL Family Office The 972-year, effectively freehold property has undergone several rounds of redevelopment, most recently in 2020, and features modern meeting rooms and workspaces. TLM is paying roughly £1,444 ($1,629) per square foot for the structure’s 12,882 square feet (1,197 square metres) of net internal area. The buil…
SOM Unveils Design for Alibaba-Backed Tower Set to Be Singapore’s Tallest Building
…tive Scheme with such a diversity of components, including retail, office, SOHO-style units, luxury residential, hotel and function space. In breaks between burning seasons top floor tenants may have a view of Jakarta The new building will reuse part of the existing foundation and infrastructure on-site to minimise material use, SOM said. The facade will be built of energy-efficient glazing, and recyclable aggregates will be used in its concrete s…
Blackstone’s DragonCor Adding Southern China Warehouses, Expands Scope
…l estate despite last year’s collapse of an attempted $3 billion buyout of Soho China, the developer controlled by mainland real estate personalities Pan Shiyi and Zhang Xin. The fund management titan led by billionaire Stephen Schwarzman signalled its continued faith in the mainland market in late 2021, when it acquired the remaining 30 percent interest it did not already own in Guangzhou International Airport R&F Integrated Logistics Park from G…
Modern Land Chairman Resigns, Becoming Latest Chinese Boss to Step Back
…couple Pan Shiyi and Zhang Xin resigned as chairman and chief executive of Soho China shortly after the company’s CFO, Ni Kuiyang, came under investigation for insider trading associated with Blackstone’s abandoned buyout of the commercial developer. Richard Liu, founder of JD.com, Zhang Yiming, founder of TikTok-owner ByteDance, Su Hua, founder of TikTok’s main rival Kuaishou, and Colin Huang, founder of popular e-commerce platform Pinduoduo, hav…