Blackstone’s Chris Heady and his team have just raised $5 bil for their latest Asia real estate fund
America’s biggest landlord leads Asia’s real estate news today, as a report reveals that Blackstone has already raised $5 billion for its latest real estate fund in the region. Also getting some attention is the ongoing collective sale fever in Singapore, and China’s answer to AirBnb takes aim at the Japanese market. Read on for all these stories and more.
Blackstone Passes $5B Target in First Closing for Latest Asia Real Estate Fund
Global investment giant Blackstone Group LP has reportedly hit the first close of its Asia-focused real estate fund at over $5 billion, surpassing its initial targets. Earlier this year, the US-based private equity firm had floated Blackstone Real Estate Partners Asia II with a target of $5 billion, and a hard cap of $7 billion, according to a PERE report.
Blackstone had already eclipsed the previous Asia fundraising record with this new fund of $5.08 billion. Read more>>
Warburg Pincus Selling $1.2B in Asian Assets
Warburg Pincus is selling a roughly $1.2 billion slice of Asian investments from one of its funds to secondhand buyers, said people familiar with the matter, a move that demonstrates how private-equity firms are using secondary market deals to reshape their portfolios and return cash to investors.
Lexington Partners and Goldman Sachs Group Inc.’s GS -0.02% asset management arm are the largest buyers in the deal, which also includes other investors, the people said. These institutions will get a strip of the Asia deals that Warburg backed through a $11.2 billion fund that the firm started investing in 2012. Read more>>
Normantown Park Sells For S$830M in Latest Collective Sale
Kingsford Huray Development has been awarded the Normanton Park collective sale site at a price of S$830.1 million. This works out to S$969 per square foot per plot ratio inclusive of differential premium and lease upgrading premium.
Normanton Park, which is near Science Park and Kent Ridge Park, is on a 660,999 square foot site that has a balance lease term of about 59 years. Read more>>
China’s Tujia Takes Aim at Japanese Hospitality Market
Tujia.com, China’s largest vacation rental platform, seeks to boost Japan listings by 10 times in two years as it vies with Airbnb Inc. to capitalize on the nation’s tourism boom.
The Beijing-based startup aims to increase the number of properties available for holiday rental to about 100,000 by 2019 from 10,000 now, Tomoko Suzuki, chief executive officer of the Japanese unit, said in an interview in Tokyo. About half of the listings are owned by Chinese investors, she said, adding that Tujia may buy lodgings of its own in the future. Read more>>
Thai Logistics Developer Buying Out VN Projects for $12M
Thailand’s JWD Infologistics Pcl expects to make acquisitions in Indonesia and Vietnam, part of plans to expand in the region to tap growing demand and boost growth, its chief executive said on Wednesday.
The company expects to buy one third of a cold storage company in Indonesia later this year, and a majority stake in a Vietnamese freight forwarding company early next year, CEO Charvanin Bunditkitsada told reporters. He did not name the companies. Read more>>
Developers Balk at S$629M Price for SG Housing Block
Three bidders for Florence Regency, a privatised HUDC estate in Hougang, are refusing to raise their bid prices to match the S$629 million valuation for the development, signalling that – even amid en bloc euphoria – developers are still keeping in view the risk of oversupply in the area.
JLL, the marketing agent for the collective sale, is courting other developers in the hope of closing a deal under private treaty within 10 weeks of the close of the public tender. Read more>>
Chinese Developer Buys BC Golf Course
One of the BC’s most scenic golf courses, located mid-way on the Sea-to-Sky Highway between Horseshoe Bay and Squamish, is being sold to a Chinese real estate company.
GolfBC Group has divested its Furry Creek Golf and Country Club property to Southwest China-based Fine Peace Holdings Limited, which has a background with building and operating golf course-oriented communities. Read more>>
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