Thomson View Condominium at 7 Bright Hill Drive (Image: Edmund Tie)
A joint venture of UOL and CapitaLand completes its acquisition of a Singapore condo complex, with that collective purchase leading today’s headline roundup. Also making the list, Japan’s Daiwa House REIT agrees to buy a residential property in Chiba and the chairman of China’s Agile Group sells nine Hong Kong condos at knockdown prices.
UOL, CapitaLand Confirm $601M Buy of Singapore Condo Project
Thomson View has been sold for S$810 million ($601.2 million) to UOL, Singapore Land and CapitaLand Development after the Singapore condo complex’s owners on Friday green-lit a deal for an en bloc sale.
At least 80 percent of owners consented to lower the reserve price to S$808 million, allowing them to accept the offer that had come in 12 percent below their original reserve price of S$918 million. Read more>>
Daiwa House REIT Buys Chiba Apartments for $17.5M
The manager of Daiwa House REIT announced Monday that it has decided to acquire a residential property in Chiba prefecture for JPY 2.7 billion ($17.5 million).
The Tokyo-listed trust is acquiring what will soon be known as Castalia Nishifunabashi II at a 4.3 percent yield, based on net operating income, under an agreement expected to be signed Tuesday. The five-storey property spans 5,568 square metres (59,933 square feet) and has 60 apartments. Read more>>
Agile Chairman Dumps Nine Hong Kong Condos at More Than Half-Off
Chen Zhuolin, the chairman of distressed Chinese developer Agile Group, has sold all nine units he owned in a Hong Kong luxury residential project at less than half the original investment six years ago.
The 62-year-old tycoon sold the units in Hamburg Villa on Eastbourne Road in Kowloon Tong, which were valued at HK$213 million ($27.3 million), earlier this month, according to an agent from Centaline Property. The flats were sold at discounts between 53 and 63 percent. Read more>>
Wanda Seeks to Extend Maturity on $400M in Bonds After PAG Buyout
A unit of Dalian Wanda Commercial Management is proposing new terms for its US dollar bonds due in 2025 to extend the maturity, reflecting the Chinese company’s liquidity challenges amid the country’s property downturn.
Wanda Properties Global is inviting eligible holders of its $400 million, 11 percent guaranteed bonds to approve some amendments, including extending the maturity from 20 January 2025 to 12 January 2026, according to a filing with the Singapore Exchange dated 25 November. The company is also seeking to add a mandatory redemption on 20 January of 25 percent of the aggregate principal amount of bonds then outstanding. Read more>>
Vanke Asks to Change Covenants on $2B in Loans
China Vanke is seeking lenders’ approval to change terms on two offshore loans, people familiar with the matter said, after its finances worsened amid a prolonged property crisis.
Vanke has been asking to waive certain covenants on two facilities due near the end of 2026, according to the people, who asked not to be identified discussing private matters. The company has two five-year loans of HK$10.5 billion ($1.35 billion) and HK$5.2 billion maturing in December 2026, said one of the people. The covenants Vanke has discussed changing concern key ratios that measure potential credit strains: consolidated net debt to consolidated tangible net worth, and the tangible net worth threshold, one of the people said. Read more>>
Stonepeak’s Digital Edge Said Seeking Up to $500M in Credit for India Data Centres
Digital Edge, a company backed by private equity fund Stonepeak Infrastructure Partners, is reaching out to banks for a potential loan to fund a data centre project in India, according to people familiar with the matter.
Singapore-headquartered Digital Edge, which operates data centres in Asia, is seeking a loan of $400 million to $500 million, said the people, who asked not to be identified discussing private matters. The financing could carry a tenor of between five and seven years, the people said. Read more>>
Korean Investors Offer Rescue Financing for Struggling Overseas Office Assets
South Korean institutional investors are offering rescue financing for overseas office buildings, which their local peers have yet to exit, as they are selectively resuming global real estate investments.
Amid signs of a recovery in the global office market, Korean limited partners expect improved market liquidity to help them divest of these with little difficulty in case their investment goes awry. The Korea Scientists & Engineers Mutual-aid Association recently poured KRW 40 billion ($29 million) into Crystal Park in northwest Paris for its debt refinancing, according to investment banking sources on Tuesday. Read more>>
Former Indiabulls Real Estate Debuts as Equinox Under Embassy Ownership
Equinox India Developments, formerly Indiabulls Real Estate, has launched its first project in suburban Mumbai under the Embassy brand name after the company was recapitalised earlier this year, said a top company executive.
Indiabulls Real Estate was renamed as Equinox India when Bengaluru-based developer Embassy Group, global asset manager Blackstone Real Estate Fund, UK-based investment firm Baillie Gifford & Co and other investors infused INR 39.1 billion ($460 million) into the company through a preferential allotment of shares. Read more>>
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