NPS headquarters is drafting in some external help (Image: NPS)
South Korea’s biggest institutional investor appoints outside managers for a real estate debt fund, with that story leading today’s headline roundup. Also making the list, receivers sell a seized Hong Kong apartment and a Shanghai builder issues shares under a restructuring.
Korea’s NPS Appoints Koramco, Hana to Manage $436M Debt Strategy
The National Pension Service, South Korea’s largest institutional investor, has selected Koramco Asset Management and Hana Alternative Asset Management as managers of its real estate debt fund valued at KRW 600 billion ($436.1 million).
This marks the first time in five years that NPS, the world’s third-largest pension fund with KRW 1.15 trillion worth of assets under management, has committed to outside real estate asset managers. Read more>>
Receivers Sell Seized Hong Kong Apartment for $14M
A Hong Kong luxury apartment seized by creditors was sold for HK$110 million ($14.1 million), an almost 40 percent discount from its asking price two years ago, according to several local media reports, citing Midland Realty.
The apartment is located in The Mayfair, a luxury development in the Mid-Levels area. Its previous owner was Andrew Hui, a local textile businessman and president of Profits Fund Global Holding. It was seized by creditors and put up for auction in 2022, with an asking price of around HK$180 million, reports say. Read more>>
Shanghai’s Yuzhou Group Issuing $1.5B in Shares in Restructuring
Shanghai-based developer Yuzhou Group said Friday that it would issue HK$12.01 billion ($1.54 billion) worth of shares to some creditors as part of the restructuring of its offshore debts.
The company will issue 5.65 billion existing shares to be exchanged with some creditors for their debt at a rate of HK$2.127 apiece, it said in a statement to the Hong Kong stock exchange. Read more>>
Chow Tai Fook, FEC-Backed Casino Operator Reports Q3 Loss Down Under
Star Entertainment Group reported a net EBITDA loss of A$18 million ($12 million) for the quarter ending 30 September, reflecting a difficult three-month period marked by rising regulatory costs, operational changes and limited initial earnings from its new A$3.6 billion integrated resort, The Star Brisbane.
Opened on 29 August, the Brisbane property generated A$45.9 million in revenue within its first month, though Star’s share as an operator amounted to A$4 million. The project, a joint venture with Chow Tai Fook and Far East Consortium, forms part of Star’s strategic expansion but contributed minimally to the group’s earnings this quarter. Read more>>
Macquarie Ready to Boost Data Centre Bets After AirTrunk Exit
Macquarie Group’s recent mega-deal to sell AirTrunk was just a warm-up act when it comes to data centres, according to CEO Shemara Wikramanayake.
The Australian investment bank owns 4.3 gigawatts of data centre capacity worldwide, and almost a third of the investments by its asset management arm are in digital infrastructure, Wikramanayake said. The firm is betting on higher income in that unit from the sale of more investments in the future, with a swathe of data centre businesses part of that. Read more>>
India Hospitality Group Brigade Hotel Ventures Files Red Herring Prospectus
Brigade Hotel Ventures, the second-largest owner of chain-affiliated hotels and rooms in South India among major private hotel asset owners, has filed its Draft Red Herring Prospectus with market regulators.
The company’s initial public offering comprises a fresh issue of equity shares of face value of INR 10 each aggregating up to INR 9 billion ($110 million). Read more>>
Singapore Could Play Starring Role in Hongkong Land’s New Strategy
Seven months into the job, CEO Michael Smith is stirring things up at Jardine Matheson Group’s 135-year-old Hongkong Land.
Under its new strategy, Hongkong Land will focus on investment properties in key Asian gateway cities. It will no longer invest in the build-to-sell segment and will instead recycle capital from this segment into new integrated commercial property opportunities. Read more>>
Health and Beauty Clinics Leasing More Space in Hong Kong and Singapore
As the average age in Hong Kong and Singapore gets higher, health and beauty clinics are becoming more substantial tenants and investors in the two cities’ commercial property markets, according to real estate agents.
By 2030, around one in four Singaporeans will be aged 65 or above, up from one in 10 in 2010, according to official data. In Hong Kong, the percentage of the city’s population that is considered elderly is expected to rise to 36 percent by 2046 from 20.5 percent in 2021, according to the Census and Statistics Department. Read more>>
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