GIC is leading a $500 mil bet on Vietnamese retail stores
An investment Vietnam’s jump from wet markets to superstores leads today’s set of real estate headlines from around Asia as Singapore’s sovereign wealth fund leads a $500 million deal bet on a retail platform set up by Vingroup. South Korea’s growing taste for European office buildings is also on evidence as a Seoul0-based asset manager does some shopping in Amsterdam.
The ongoing demand for Singapore sites, both physical and virtual also gets some ink today as an apartment block leased to Frasers Property goes on the market and the island nation’s biggest property listing website gets ready for an IPO. There’s still more news about PE funds and green loans if you keep reading.
Singapore’s GIC leads US$500 mil Investment in Vingroup Retail Business
A consortium led by GIC Pte and Vingroup JSC has paid US$500 million for a minority stake in a retail unit of Vingroup, according to a statement from the Singapore sovereign wealth fund Monday (Sept 9).
Vingroup and VCM Services & Trading Development JSC have “established themselves as reputable retail companies, with attractive brands in Vietnam’s fast-growing consumer market,” GIC said in the statement. “As a long-term investor, GIC is confident in the growth outlook for disposable incomes and household consumption in Vietnam.” Read more>>
South Korean Asset Manager Buys Amsterdam Office Tower for €130M
South Korean investor Kiwoom Asset Management has acquired the Queens Towers office buildings in the Netherlands for €130m. The asset manager, with the help of AF Advisory and DTZ Investors, has bought the fully let 28,000sqm office building on Amsterdam’s West Axis.
AF Advisory sourced the investment opportunity and advised on deal structuring and financing. DTZ Investors acted as the European asset manager and will continue to provide investment and asset management services going forward, with AF Advisory providing strategic asset management input. Read more>>
Frasers Residence Apartment Block on the Market in SG for S$230M
A freehold serviced apartment block at No 2 Mount Elizabeth Link has been put up for sale via tender with an indicative price of $230 million.
The 22-storey tower block comprises 72 apartment units with sizes ranging from 760 square feet (sq ft) to 7,135 sq ft. It is currently leased and operating as Fraser Residence Singapore, one of the brands under global hospitality operator Frasers Hospitality Pte Ltd. Read more>>
M&G Said Nearing $5B Closing on Asia Property Fund
M&G Real Estate’s pan-Asian core strategy is close to reaching US$5bn (€4.5bn) in size, following new commitments from investors based in Finland, Switzerland, Germany and Canada.
The M&G Asia property strategy, the oldest open-ended core fund in the region, has raised US$400m in the past 12 months, according to Ng Chiang Ling, CEO of M&G Real Estate Asia. Read more>>
SG’s PropertyGuru Plans A$400M Aussie IPO
South-east Asian online realtor PropertyGuru Group, which counts buyout firms TPG Capital and KKR among its backers, is targeting an Australian IPO which could raise up to A$400 million (S$378.5 million) this year, sources with knowledge of the deal told Reuters on Tuesday.
Senior officials from the Singapore-based company, which operates real estate portals in the region, will start meeting Australian investors within the next few weeks before starting their pitches to Asian and US investors, two sources said. Read more>>
SG’s Soilbuild Grabs First Green Loan
SOILBUILD Group Holdings has secured a S$248 million green development club loan for the redevelopment of its upcoming Solaris @ Tai Seng project.
The group’s first green loan will be used to build its third green mark platinum build-to-lease business space with a proposed gross floor area of 1.1 million square feet (sq ft), slated for completion in 2022. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Note: an earlier version of this story indicated that the 72-unit Singapore apartment block was owned by Frasers Property. The building is leased to Frasers Hospitality, while the original news account does not specify the building’s ownership.
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