The Vincom IPO will make Vingroup chairman Pham Nhat Vuong into a Vietnamese dong multi-trillionaire
Vietnamese malls lead today’s news as a Warburg Pincus-backed retail developer plans a $680 million IPO in the land of cyclos and ao dais. Also in the news, an Aussie fund manager plans to push back against warehouse developer e-Shang Redwood’s antipodean expansion and Singapore’s GIC is said to be close to a deal to buy a 50 percent stake in a senior housing portfolio. Read on for all these stories and more.
Warburg-Backed VN Mall Developer Plans $680M IPO
Vincom Retail JSC, the Vietnamese mall operator backed by Warburg Pincus, has started taking investor orders for a domestic initial public offering that could raise as much as $680 million.
Existing shareholders including Warburg Pincus and Credit Suisse Group AG are offering a combined 380.2 million shares at 37,000 dong to 40,600 dong apiece, according to terms for the deal obtained by Bloomberg. Singapore sovereign fund GIC and Franklin Templeton Investments are among cornerstone buyers that have agreed to purchase about $382 million of stock, or 59 percent of the base offering, assuming the deal prices at the midpoint. Read more>>
Oz’s Centuria Pushes Back at ESR Buyout Bids
The head of Centuria Capital Group, which commands A$4.2 billion in property funds, is seeking to chart a future independent of Asian logistics heavyweight ESR, which has snapped up a 14.9 per cent stake in the business.
Centuria is now tussling with Warburg Pincus-backed ESR for the listed Propertylink Group in an increasingly hostile battle. The target controls A$1.8bn of property, split into more than A$700m of industrial property and a funds business that owns office towers and warehouses. Read more>>
GIC Said Close to Deal for Lendlease Senior Housing Stake
The future of Lendlease’s retirement villages business could become clearer today — the Australian development group is believed to be close to finalising a deal with a major Asian investor.
China Investment Corporation, the mainland sovereign wealth fund, has been touted as the most likely buyer of the 50 per cent stake that has been shopped in the market by Gresham and Morgan Stanley. Read more>>
Chinese Investors Projected to Lead $85 Bil India Investment Rush
Sany Heavy Industry heads up a list of close to 600 companies planning to invest a total of about $85 billion in India in projects that will create an estimated 700,000 jobs in the country in next five years.
Invest India, the government’s foreign investment promotion agency, is planning to actively promote the country as an investment destination and has drawn up a list of 200 companies not present in India that it wants to target. Read more>>
Mainland Home Buyers Work Around Capital Controls to Snap Up Aussie Homes
Property-hungry Chinese investors have shrugged off the impact of tighter capital controls and continue to pour money into Australian housing.
Foreign buyers are acquiring about a quarter of new housing supply in New South Wales, and China accounts for about 90 percent of that demand, according to Credit Suisse Group AG analysis of tax office data. Foreigners are buying 17 percent of new housing in Victoria, and 8 percent in Queensland, Credit Suisse said. Read more>>
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