ADIA-Backed Fund Raising $4B for India Infra and More Asia Real Estate Headlines

An Indian infrastructure fund backed by Abu Dhabi’s state investment firm aims to raise $4 billion, with that potential deal leading today’s headline roundup. Also making the list, a consortium reveals plans to buy a hotel near Singapore’s main airport and data centre group Yondr seeks to borrow $500 million for a Malaysia expansion.

ADIA-Backed India Fund Plans to Raise $4B for Infrastructure Investment

India’s quasi-sovereign fund plans to seek about $4 billion in its largest-ever fundraise, according to people with knowledge of the matter, amid the government’s drive to upgrade infrastructure across the country.

The National Investment & Infrastructure Fund, backed by the Indian government and several global investors, is looking to raise money early next year, the people said, asking not to be identified discussing private information. Read more>>

Atelier Capital Consortium Completes Purchase of Changi Hotel

Atelier Capital Partners Singapore (ACP), a joint venture of Hong Kong family office Atelier Capital Partners and Singapore’s Fortez Capital, is leading a consortium to acquire Capri by Fraser, Changi City.

The consortium includes Atelier Capital Changi (a joint venture of ACP and global real estate fund manager TPG Angelo Gordon), which will hold a majority share. Other consortium members include Singapore-listed Heeton Holdings and Dorsett Hospitality International. DHI, a subsidiary of Hong Kong-listed Far East Consortium International, has been appointed to operate the hotel, which will be rebranded as Dorsett Changi City Singapore. Read more>>

Yondr Eyes $500M Private Loan for Malaysia Data Centres

Yondr Group, a global developer and operator of data centres, is seeking private debt of about $500 million to fund a project based in Malaysia, according to people familiar with the matter.

The private loan, which could have a tenor of around five years, will back the construction of data centres in Malaysia’s southern state of Johor, the people said. Discussions remain ongoing, and the deal’s details are subject to change, the people added, requesting anonymity discussing a private matter. Read more>>

Macquarie May Reap $880M in Performance Fees on AirTrunk Sale

Macquarie Group’s stellar A$24 billion divestment of AirTrunk may deliver it hefty performance fees as high as A$1.3 billion ($880 million) and stoke further demand for digital infrastructure assets, if lofty valuations don’t put them out of reach.

While difficult to estimate, given that Macquarie’s 60 percent holding in AirTrunk was held via its second Asia-Pacific Infrastructure Fund, bank analysts expect Macquarie will enjoy a huge payday on the AirTrunk sale to Blackstone and the Canada Pension Plan Investment Board. Read more>>

China’s Country Garden Said Seeking Extension on Nine Bonds

Cash-strapped Country Garden Holdings is seeking an extension on nine onshore bond payments, adding to the Chinese developer’s woes amid plunging home sales.

The Foshan-based builder told bondholders in a Wednesday statement that it plans to postpone for six months the coupon and principal instalment payments on nine notes that are due on different dates this month. Read more>>

PwC Resigns as Country Garden’s Auditor

Country Garden Holdings said Thursday that PwC had agreed to resign as its auditor, as the developer became the latest Chinese company to sever ties with the firm.

Country Garden said in an exchange filing that it had appointed Hong Kong-based Zhonghui Anda CPA as its new auditor, at least until the conclusion of its next annual general meeting. Read more>>

Thailand Moves Forward With Casino Plan After Public Praise for Gambling

Thailand’s new government will move ahead with plans to introduce casinos after a public hearing showed strong support to create a big entertainment complex offering gambling, a senior official said Thursday.

Casinos and most forms of gambling are illegal in Thailand, but soccer betting and underground gaming activities and lotteries are rife, with vast sums of money changing hands. Only some gambling is permitted, such as state-controlled horse races and an official lottery. Read more>>

China’s Fosun Dumps Thomas Cook After Five Years

Thomas Cook’s Chinese owners have sold the iconic brand to Poland’s eSky Group, just shy of five years since Cook collapsed after 178 years. The deal ends a bid by Fosun Tourism Group to enter the mainstream UK market. Fosun, which also owns Club Med, was the largest single shareholder in Cook when it failed in September 2019.

In November 2019, after a rescue deal failed to materialise, Fosun paid £11 million (now $14.5 million) to acquire the Cook brand and assets, later relaunching it as an online travel agency. Fosun has reportedly been looking for a buyer for some 18 months, with rumours of interest from eSky emerging earlier this year. The group owns a travel platform operating in central and eastern Europe. It did not disclose the purchase price. Read more>>

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