Blackstone Buys 50% Stake in Sydney Complex From PAG and More Asia Real Estate Headlines

Real estate investors across Asia seemed in a hurry to finish their Christmas shopping this past week with Blackstone closing a pair of deals in Sydney and India’s national capital region to go with a Shanghai acquisition and Singaporean investors making purchases in Kunming, Tianjin and exotic Katong to close out the year. WeWork also grabs its share of headlines with an India expansion plan, and all the details await you in today’s roundup of real estate news.

Blackstone Buys 50% Stake in Sydney Complex From PAG

Blackstone has acquired a 50% stake in a Sydney office complex from PAG, a Hong Kong-based private equity group.

IPE Real Assets understands that the acquisition of the stake in the tower at 60 Margaret Street was done at “around AUD400m” (€253m), valuing the whole complex at AUD800m. Read more>>

Blackstone Seals $66M India Commercial Deal

Private equity giant Blackstone Group has entered into definitive agreements with listed developer Indiabulls Real Estate Ltd to buy up to 50% stake in two commercial properties in Gurugram.

In a stock-exchange filing, Indiabulls Real Estate said that it was parting with the stake at a combined enterprise value of Rs 464 crore (around $66 million). The two office assets are in the Udyog Vihar locality and have a leasable area of 784,000 sq-ft, and Indiabulls said the deal was aimed at expanding its joint venture portfolio with Blackstone. Read more>>

Keppel Buys Tianjin Residential Site for $214M

The site will house an eco-community comprising 392 terrace houses and 180 low-rise apartments.

Keppel Corporation’s wholly owned subsidiary Keppel Land China secured a 10.97 ha residential site in the Sino-Singapore Tianjin Eco-City for $214m (RMB1.07b), an announcement revealed. Read more>>

Keppel’s DC REIT Buys Out Alpha Stake in SG Mall for S$57M

A unit of Keppel Corporation’s property arm is taking full control of shopping mall I12 Katong, paying about S$56.6 million to buy the remaining shares that it does not own in the property.

Keppel said on Thursday that DC Reit Holdings – in turn a wholly owned unit of Keppel Land – will acquire 77.6 per cent of the issued share capital of PRE 1, which owns I12 Katong, from the subsidiary of Alpha Asia Macro Trends Fund. DC Reit Holdings’ shareholding interest in PRE 1 was previously at 22.4 per cent. Read more>>

WeWork Plans to Double India Footprint in 2019

New York-headquartered collaborative workspace firm WeWork’s India arm plans to double the co-working space it offers in the country to 6 million square feet in 2019 and expand its presence to cities including Chennai, Pune and Hyderabad by the end of next year.

The company currently operates 3 million sq ft office space across Bengaluru, Mumbai and Gurgaon. Read more>>

Perennial JV Wins Kunming Project With RMB 342M Bid

Perennial Real Estate Holdings, through its 45 per cent owned joint venture (JV) vehicle, Perennial HC Holdings, has won the tender to develop two plots of land next to the Kunming South High Speed Railway (HSR) in Yunnan, China, at a land tender price of 341.5 million yuan (about S$67.6 million).

The tender was awarded by the People’s Government of Chenggong District, Kunming, and the investment will be funded via equity capital calls from shareholders of the JV vehicle, Perennial said. Read more>>

GIC Buys Pair of South Korea Warehouses for $570M

GIC said on Wednesday (Dec 19) that it will buy Blocks A and B of Hwaseong Dongtan Logistics Complex in Gyeonggi Province in South Korea for US$570 million (S$780.7 million) through a real estate fund.

The Singapore sovereign wealth fund said Blocks A and B are two newly completed, prime-grade distribution centres. They are part of the Hwaseong Dongtan Logistics Complex, which is located 35 km from Seoul and with good access to the Seoul-Busan Expressway, the No. 1 artery expressway in South Korea. Both blocks are fully leased by quality tenants with long-term leases, said GIC, without specifying details. Read more>>

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