Janil Puthucheary, senior minister of state at the Ministry of Communications and Information of Singapore
Singapore leads Mingtiandi’s headline roundup today as the city-state looks to ramp up its power allocation to server-hosting facilities. Also making the list, a US court approves WeWork’s bankruptcy plan and sale to Yardi and Google eyes a $2 billion bet on Malaysia.
Singapore Aims to Boost Data Centre Power Allocation by 35%
Singapore aims to increase the amount of power it allocates for data centres by as much as 35 percent, according to Janil Puthucheary, senior minister of state at the Ministry of Communications and Information.
The city-state will free up about 300 megawatts of capacity in the short term via resource allocation and efficiency enhancements, with possibly another 200MW to come through partnerships with clean energy providers, Puthucheary told Bloomberg TV. Data centres currently require about 1,400MW of power capacity, according to government data. Read more>>
WeWork Bankruptcy Plan, Sale to Yardi Approved by Court
A US bankruptcy judge on Thursday approved WeWork’s Chapter 11 bankruptcy plan, allowing the shared office space provider to eliminate $4 billion in debt and hand the company’s equity over to a group of lenders and real estate technology company Yardi Systems.
WeWork used its bankruptcy to negotiate a significant reduction in future rent costs from its landlords, ultimately reaching deals to save $8 billion in future rent costs. WeWork cancelled leases at about 160 of its 450 locations during bankruptcy. Read more>>
Google to Invest $2B in Malaysia, Build Data Centre
Google on Thursday said it would invest $2 billion in Malaysia, with part of the funds going toward building its first data centre and cloud region in the country, as the demand for AI and cloud services rises.
“This investment builds on our partnership with the Government of Malaysia to advance its ‘Cloud First Policy’, including best-in-class cybersecurity standards,” said Ruth Porat, president, CFO and CIO of Alphabet and Google. Read more>>
Carlyle Said in Talks With ADIA, GIC, KKR for Sale of Stake in Airtel Data Centres
Private equity firm Carlyle has begun formal discussions with sovereign wealth funds including the Abu Dhabi Investment Authority and Singapore’s GIC and global private equity majors like KKR for the sale of its 24 percent stake in Nxtra Data, the data centre business of India’s Bharti Airtel, sources aware of the development told Moneycontrol.
Carlyle had picked up the stake in the company in 2020 for INR 17.8 billion ($235 million). Read more>>
China Vanke in Advanced Talks for $6.9B Loan
China Vanke, the Chinese state-backed developer that’s become the latest flashpoint in the nation’s property crisis, is in advanced talks with major banks for a loan of about $6.9 billion, people familiar with the matter said.
If signed, it would be the largest loan in Asia Pacific, excluding Japan, since Taiwan-based National Housing and Urban Regeneration Center’s $14 billion deal in 2022, according to Bloomberg-compiled data. Talks over the facility, led by Industrial & Commercial Bank of China, began a few months ago after financial regulators instructed the banks to offer funding support to the developer, said the people, who asked not to be identified discussing private matters. Read more>>
Logan Group Restructuring Hinges on Hong Kong Luxury Project
Chinese developer Logan Group is entering a crucial stage in its $8 billion offshore restructuring, with just three months to pay or refinance a loan or risk losing control of a key luxury home project.
While the loan in question isn’t included in Logan’s restructuring plan, separate holders of private debt and bonds are counting on income from the housing project to help make the plan viable. Read more>>
India’s Shriram Properties Reports 32% Profit Jump
Realty firm Shriram Properties reported a 32 percent increase in consolidated net profit to INR 201.8 million for the March-ended quarter on higher income.
Its net profit stood at INR 152.5 million in the year-ago period. Total income rose to INR 3.58 billion in the fourth quarter of the last fiscal year from INR 1.71 billion in the March quarter of fiscal 2023, according to a regulatory filing on Wednesday. Read more>>
Malaysia’s Cheah Family Said Selling $150M Stake in Developer Sunway
The Cheah family’s private vehicle Sungei Way Corp Sdn Bhd is looking to sell up to a 3.52 percent stake in Sunway Bhd for MYR 704 million ($150 million). Sungei Way is offering up to 200 million shares — base 150 million shares coupled with a 50 million shares upsize option — at MYR 3.52 apiece, according to people familiar with the matter.
The offer price represents a 2.76 percent discount to Sunway’s closing price of MYR 3.62 on Thursday and a 4.8 percent discount to the counter’s five-day volume weighted average price of MYR 3.6975. The Edge learned that the offer closed at 7pm on Thursday with the share transfer set to take place on Friday. CGS International is the sole placement agent for the deal. Read more>>
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