SP Infocity Chennai
India stars in today’s collection of real estate headlines from around the region with a Singaporean investor said to have concluded a deal for an office park in Chennai and Blackstone reportedly closing in on a deal for a commercial asset in Mumbai. US private equity giant Warburg Pincus also shows up in an account of a potential $1 billion India joint venture of its own, and there are more stories from around Asia waiting for you below.
Mapletree Said to Buy Chennai Office Park for $350M
Singapore-headquartered Mapletree Investments Pte Ltd. has bought over SP Infocity, jointly owned by Canada Pension Plan Investment Board and Shapoorji Pallonji Investment Advisors Pvt. Ltd., a 100% subsidiary of Shapoorji Pallonji and Company Private Limited, for ₹2,500 crore.
“The deal was concluded earlier this week,” said a source in one of the firms that inked the deal. It is learnt that real estate firm Jones Lang LaSalle (JLL) structured the deal for the Chennai asset. Read more>>
Blackstone Said Nearing $425M Mumbai Commercial Deal
US-based private equity firm Blackstone is on the final lap of talks to buy a commercial complex in Mumbai’s Bandra Kurla Complex for about Rs 30 billion, said a source in the know.
The office complex One BKC is owned by Radius Developers and promoted by Sanjay Chhabria. In March, Indiabulls Real Estate had entered into a deal with Blackstone to sell 50 per cent stake in two commercial properties in Mumbai — Indiabulls Finance Centre and One Indiabulls Centre — to the latter for Rs 47.50 billion. Read more>>
Warburg Pincus Reportedly Readying $1B India JV
In the largest real-estate investment platform transaction set to be concluded this year, private equity major Warburg Pincus is poised to enter into an alliance with developer Runwal Group to invest $1billion in retail-led mixed-use development across the country, said two persons with direct knowledge of the development.
The joint investment platform will see both the entities infusing around $250 million each as their equity contribution, while the rest will be through leveraging. Read more>>
New World to Invest HK$1.4B in Senior Care Facilities
Hong Kong property giant New World Development will sail into uncharted waters with a five-year HK$1.4 billion (US$179 million) investment in technological health care services for the ageing population in the “Greater Bay Area”.
The firm spelt out its ambition on Wednesday for what is perceived as a lucrative sector in the bay area, a scheme by the central government to integrate Hong Kong, Macau and nine mainland cities into a technological hub rivalling Silicon Valley. Read more>>
South Korea’s AMC Closes €106.5M Dublin Office Acquisition
A South Korean real estate investment trust has completed the purchase of one of the five office buildings under construction at Dublin Landings complex in the Dublin docklands. The REIT company JR AMC has paid €106.5 million for No 2, The Landings, which will show a net initial yield of 4.21 per cent and a reversionary yield of 4.65 per cent.
The block extends to 9,300sq m (100,000sq ft) and has been let to WeWork – which offers shared workspaces – at an initial rent of €4.87 million per annum with a fixed uplift to €5.38 million in year five. The Grade A building will be finished to shell and core stage with a LEED Platinum accreditation and 23 car-parking spaces. Read more>>
Singapore’s Central Bank Cautions on Residential Mortgages
The Monetary Authority of Singapore (MAS) has urged prospective property buyers to exercise caution when considering taking up loans to fund purchases amid rising interest rates and upcoming supply.
Household debt grew 3 per cent year-on-year in the third quarter, mainly on the back of a 3.4 per cent increase in housing loans in the same period, MAS said in its annual Financial Stability Review released yesterday. Read more>>
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