Woolworths is one of the largest tenants in Blackstone’s Milestone portfolio
In our latest roundup of regional news headlines, Blackstone reportedly sours on the idea of an IPO for its Australian logistics portfolio, a managed accommodation provider in India nears a deal to raise $120 million in funding, and new-home prices in China are quickening their growth pace despite government cooling measures.
Blackstone Said Favouring Sale of Milestone Logistics Portfolio
Analysts see indications that Blackstone is favouring a sale of its $2.3 billion Milestone logistics portfolio rather than attempting an IPO. Sources say Blackstone has slowed its float plans, leaving many sceptical that it will move forward with a plan for an A$1.2 billion-plus ASX listing for the Australian warehouse properties.
ARA Asset Management-backed Logos Property is rumoured to be leading the bidding for the portfolio in a face-off with Asian contenders ESR and Mapletree. Australia’s Dexus and AXA Investment Managers of France are also among the short-listed bidders. Read more>>
Sequoia-Backed India Residential Platform Closes in on $120M in Funding
Stanza Living, a managed accommodation provider in India, is in the final stages of sealing a deal to raise up to $120 million in a Series D round led by an Abu Dhabi-based investor, two sources with knowledge of the matter have told Reuters.
The latest funding round values the company at about $600 million, one of the sources said, up from about $300 million in the prior Series C round in 2019, adding that the deal is expected to close by the end of this month. Read more>>
China’s New Home Prices Accelerated in February
New-home prices in China rose at a faster pace in February, data showed on Monday, as government cooling measures were largely eclipsed by red-hot demand for property in some major cities.
Average new-home prices in 70 major cities grew 0.4 percent in February from a month earlier, quickening slightly from a 0.3 percent gain in January, according to Reuters calculations based on data released by the National Bureau of Statistics. Read more>>
Hong Kong Home Sales Buoyant Despite Fears Over COVID Wave
Hong Kong’s property market remained resilient over the past weekend despite growing fears of the fifth wave of COVID-19 infections.
Secondary transactions at 10 major estates rose by 22 percent week-on-week, while the per-square-foot price of a flat at City One Shatin hit a new high at the estate. Read more>>
London Emerges as Destination of Choice for Affluent Hongkongers
Hong Kong’s uncertain political future has led to a wave of departures over the past 18 months, with cities from Los Angeles to Vancouver seeing an increase in demand for residential property from residents of the city. But as the pace of Hong Kong emigration accelerates, London is emerging as a clear favourite destination, especially among high-net-worth individuals.
“The view is that while many global destinations provide strong appeal, the UK property market provides a safe haven with a track record of stability and growth,” said Arthur Sarkisian, a managing director at the investment immigration firm Astons. Read more>>
Singapore Property Dynasty’s China Deal Becomes Cautionary Tale
When Singapore’s richest property family invested in a Chinese real estate group, the deal was touted as “game-changing” for its expansion in Asia’s largest economy. Almost a year later, it has instead become a cautionary tale for firms looking to invest in Chinese developers.
In a case of a dream turning into a burden, City Developments Ltd last month revealed a S$1.78 billion ($1.3 billion) write-down on Chongqing-based Sincere Property Group that led the Singapore firm to suffer a record annual loss. Read more>>
New Private Home Sales in Singapore Fell 60.5% in February
Developers in Singapore sold 645 new private homes in February, down 60.5 percent on January’s 1,632 units amid a paucity of new launches.
Developers launched 167 units for sale in February against 3,300 in January. Read more>>
Guoco Group Raises Offer for Hotel Unit by 14.3%
The Guoco Group unit looking to take GL private has raised its offer price by 14.3 percent or S$0.10 to S$0.80 ($0.07 to $0.59) per offer share, from S$0.70 previously.
The offeror, GuocoLeisure Holdings, does not intend to increase the final price “under any circumstances whatsoever”, hotel operator GL said in a bourse filing on Monday. Read more>>
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