Thomas Wels of UBS is getting into Japan’s multi-family sector
Leading today’s real estate headlines, the global search for yield takes a Dutch pension fund and a Swiss asset manager into Japan’s rental apartment market for a new $175 million venture. A bit closer to the equator, US private equity giant is betting $33 million on startup that wants to make your air conditioner smarter, and LaSalle has ventured into the southern hemisphere to buy a Brisbane office building. Read on for all these stories and more.
APG Commits $175M to Japan Multi-Family Venture with UBS
UBS Asset Management’s (UBS-AM) Real Estate & Private Markets (REPM) business and APG Asset Management have set up a new property investment venture to target residential properties in Japan.
The Japanese multi-family real estate investment club will receive $175m (€153.6m) from the €485bn Dutch pension fund manager APG. UBS-AM will act as fund and asset manager for the venture, while APG will act as the key strategic partner for the strategy. Read more>>
KKR Investing Up to $33M in Digital AC Startup
KKR & Co is buying a stake of as much as S$45 million ($33 million) in Barghest Building Performance, a Singapore provider of energy saving solutions, in the private equity firm’s first impact investment globally.
It’s investing as part of a Series B fundraising for BBP, which helps companies throughout Asia reduce electricity consumption by digitizing air-conditioning systems. The company plans to use the funds to grow its business in the region, invest in new technology and hire more staff, according to BBP Chief Executive Officer Poyan Rajamand. Read more>>
LaSalle Buys Brisbane Office Building for A$52.25M
LaSalle Investment Management has purchased a Brisbane office building anchored by the University of Queensland for $52.25 million.
LaSalle secured 293 Queen Street in an off-market deal on behalf of a separate mandate understood to be the giant California State Teachers’ Retirement System – which manages more than $300 billion on behalf of its members. Read more>>
Uncertainty Makes Singapore REITs Look Sexy Again
As market uncertainty increases, Singapore-listed real estate investment trusts are emerging as safe havens for equity investors due to their low debt levels and steady cash flow that allow them to maintain their relatively high dividends.
Signs that the U.S. Federal Reserve could slow the pace of future rate increases and the Singapore dollar’s strength relative to most regional currencies have also shored up confidence in the sector. Read more>>
Indian Supreme Court Liquidates Developer Assets in Bankruptcy Case
The Supreme Court on Wednesday asked forensic auditors to examine the trail of around Rs 3,000 crore, the homebuyers’ money allegedly spent by the Amrapali Group on buying shares of its sister companies and creating assets .
Amrapali Group CMD Anil Sharma and directors Shiv Priya and Ajay Kumar returned to the court a total amount of Rs 1.55 crore of homebuyers money “lying” with them. Read more>>
Anbang Sells Stake in Chengdu Bank for $2.4B
Anbang Insurance has sold its 35 per cent stake in a Chinese bank, the latest asset disposal by the conglomerate whose global shopping spree shook the world of private equity before its chairman was jailed for fraud.
China’s government formally took control of Anbang in February and in April injected $10bn into the company through an industry bailout fund. At the time, Anbang said it would eventually seek new investors, while maintaining the insurer’s status as a privately owned company. Read more>>
Tune in again on Thursday for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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