GIC and TPG combined are taking over a more than $1 bil stake in Reliance Retail
Singapore was celebrating Children’s Day on Friday but the country’s sovereign wealth fund was still hard at work making a $752 million India retail investment before the weekend, with US private equity firm TPG also putting some cash into the division of Reliance Industries.
Apple was also active in India with the tech giant signing up for a 400,000 square foot office space in Bangalore and there was also some action up in Korea, where the country’s answer to Airbnb is headed for a $855 million IPO.
GIC to Invest $752M, TPG Takes $250M Stake in Reliance Retail
GIC, Singapore’s sovereign wealth fund, will invest $752 million in Mukesh Ambani’s Reliance Retail, and TPG will invest $250 million in the Indian firm, according to announcement over the weekend.
The Government of Singapore Investment Corp and TPG are the latest high-profile investors to back Reliance Retail, India’s largest retail chain, in the past four weeks. Reliance Retail — like its sister sibling Jio Platforms — is a subsidiary of Reliance Industries, India’s most valuable firm. Read more>>
Apple Leases 400,000 Square Feet of Bangalore Office Space
Apple has leased about 400,000 square feet of commercial office space in Bangalore’s central business district, people familiar with the matter said. This is the US-based tech giant’s biggest real estate deal in the country.
Apple has signed the lease with Prestige Estates at its Minsk Square building and will pay a rental of Rs 170 per sq ft, which works out annually to Rs 820 million ($11 million) . Apple and Prestige did not respond to requests for comment. Read more>>
$855M Korean Hotel Booking Platform Heads for IPO
Yanolja, the largest accommodation and leisure activity booking platform operator in South Korea, is taking steps toward an initial public offering, according to news reports Tuesday. The accommodation booking services firm is a local startup unicorn with a market value exceeding 1 trillion won ($855 million).
In light of the momentum created in the local market by recent IPOs, including Kakao Games, the company is said to be speeding up its pace to make its debut on the stock market. It recently issued requests for proposals from five local and global brokerage firms to proceed with the IPO procedure. Read more>>
Lendlease REIT Buys 5% Stake in Singapore Commercial Complex
The manager of Lendlease Global Commercial REIT (LREIT) today announced that the REIT has acquired a stake in Jem at a purchase consideration of $45 million.
RBC Investor Services Trust, the trustee of LREIT on Oct 1, entered into a share purchase agreement (SPA) with Lendlease International to acquire a 5.0% stake in Lendlease Asian Retail Investment Fund 3 Limited. Read more>>
Wanda Shifts Sports Unit to Hong Kong Entity
Wanda Sports Group (WSG), the Beijing-based sports events, media and marketing unit of Dalian Wang Group from , has confirmed the receipt of a preliminary non-binding proposal letter to acquire all of the company’s outstanding Class A ordinary shares.
The offer was made on 30th September by Wanda Sports & Media, a Hong Kong-based unit of Dalian Wanda Group. The shift of the sports marketing unit to offshore ownership is seen as a potential prelude to a sale of the business line. Wanda had earlier sold off the Ironman Triathalon business and other elements of its sports division. Read more>>
Marriott Ties Up with Sekisui House to Expand Japan Business
Marriott International has signed an agreement with Japanese real estate developer, Sekisui House, to open 11 new Fairfield by Marriott hotels across five Japanese prefectures – Hokkaido, Hyogo, Okayama, Hiroshima and Kagoshima.
The agreement expands the collaboration with Sekisui House for the Michi-no-Eki project, adding on to the 15 Fairfield by Marriott hotels signed in 2018. All properties are anticipated to open by late 2022. Read more>>
Bangkok Condo Sales Struggle to Reach 60% of Expectations
From mid-March to April, there have been no new condominium launches in Bangkok. Projects due to be launched are postponed to the last quarter of the year, while many sales offices have closed as staff work from home.
From its initial forecast of 20,000 units, Knight Frank Thailand expects around 11,000 to 12,000 units to come on the market by the end of the year. Read more>>
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