Tony Tang helped lead BlackRock’s China expansion as a key aide to CEO Larry Fink (Getty Images)
In today’s roundup of regional real estate headlines, BlackRock’s China boss departs after four years with the asset management giant, and a US data centre operator’s bankruptcy ripples through the portfolios of several Singapore-listed REITs. Also in the news, Lendlease sells a chunk of a Singapore commercial asset to its global REIT and Brookfield scores a major India office lease.
BlackRock China Head Tony Tang Leaving for New Opportunities
BlackRock’s head of China, Tony Tang, is leaving the asset manager, the company said Tuesday, after having played a key role in expanding operations in the world’s second-largest economy.
BlackRock, the world’s largest asset manager, said Tang “has expressed an interest in exploring opportunities” outside the firm, in a statement responding to a Reuters query. Read more>>
Digital Core REIT Issues DPU Warning as Second-Largest Tenant Goes Bust
The manager of Singapore-listed Digital Core REIT on Monday warned that the trust’s distribution per unit could be reduced by about $0.02 if the annual revenue from its second-largest tenant were to be completely eliminated.
The news comes after the tenant, a “global co-location and interconnection provider”, filed for Chapter 11 bankruptcy protection on Sunday. The manager did not name the tenant, but the Business Times understands it to be Cyxtera, a NASDAQ-listed data centre operator. Read more>>
Lendlease REIT Bags 10% of Parkway Parade Partnership for $67M
Singapore-listed Lendlease Global Commercial REIT has taken over a 10 percent share of Parkway Parade Partnership for S$90.5 million ($67.1 million).
The amount was based on a S$1.38 billion agreed market value of the 291 strata lots PPP owns in Parkway Parade, an integrated office and retail development in Marine Parade. PPP holds an indirect 100 percent interest in the 291 strata lots, which represent 77.09 percent of the lots’ total share value. Read more>>
Brookfield Leases 200K Sq Ft to Roche Information Solutions in India’s Pune
Brookfield Properties announced Tuesday that Roche Information Solutions India, the digital arm of the Swiss biotech giant, has signed a lease for nearly 200,000 square feet (18,000 square metres) of office space at the 45ICON complex in Pune.
The North American firm jointly owns the asset with Raviraj Abhinandan Developers. Read more>>
Mapletree Industrial Trust’s Third-Largest Tenant Enters US Bankruptcy Process
Singapore-listed Mapletree Industrial Trust’s third-largest tenant has initiated a pre-arranged court-supervised process under Chapter 11 of the US Bankruptcy Code, the trust’s manager announced in a bourse filing on Tuesday.
The tenant, a global co-location provider, said it had received a commitment for $200 million in debtor-in-possession financing and intended to pay vendors. The REIT’s manager did not name the tenant, but the Business Times reported that the troubled tenant is Cyxtera, a NASDAQ-listed data centre operator. Read more>>
Brookfield Seeks $15B for Property Fund Despite Woes
Brookfield Asset Management is aiming to raise $15 billion for its fifth flagship real estate fund, less than its previous version, according to people familiar with the matter, as the global property market is roiled by rising borrowing costs.
Brookfield, one of the world’s largest owners of prime office properties, started raising money earlier this year for the new vehicle just months after closing its fourth fund at $17 billion. A spokesperson for the Toronto-based asset manager declined to comment. Read more>>
Most Hong Kong Stocks Gain as Developers Rally on China Stimulus Bets
Most Hong Kong stocks advanced as Chinese developers jumped on speculation that Beijing would stimulate the ailing housing market and restore growth momentum.
Shares of developer Longfor Group surged 7.8 percent while peers Country Garden jumped 6.2 percent and China Resources Land climbed 4.6 percent. Read more>>
Chinese Regulator Asks Zhuhai Wanda for More Details Ahead of Planned IPO
China’s securities watchdog has asked property management firm Zhuhai Wanda Commercial Management Group for more details on its corporate governance as part of its application for an initial public offering in Hong Kong.
Uncertainty over the timing of Zhuhai Wanda’s IPO has led to investor concerns over the liquidity of parent Wanda Commercial, a unit of China’s largest commercial property developer, Dalian Wanda Group. Read more>>
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