Mastern developed Center Point Gangnam on the site of the former Hongeun-dongju building
Korean investor Mastern confirms its disposal of an office tower in Seoul’s Gangnam district, with that divestment leading today’s headline roundup. Also in the news, Sweden’s EQT completes its acquisition of listing website PropertyGuru and Brookfield’s India REIT raises $412 million.
Korea’s Mastern Completes $246M Sale of Center Point Gangnam in Seoul
Mastern Investment Management announced Friday that it has finalised the sale of Center Point Gangnam, a newly built office tower near Gangnam Station in Seoul, to local fashion giant F&F for KRW 351.9 billion ($246 million).
Center Point Gangnam features six basement levels and 14 above-ground floors, spanning a total floor area of 27,000 square metres (290,626 square feet). According to Mastern, the modern design is tailored to maximise space efficiency, giving it a competitive edge over older office buildings in Gangnam, one of Seoul’s key commercial hubs. Read more>>
EQT Wraps Up $1.1 Buyout of PropertyGuru
EQT Private Capital Asia and PropertyGuru Group on Friday announced the completion of the acquisition of PropertyGuru by BPEA Private Equity Fund VIII for $6.70 per share in cash in a transaction that values PropertyGuru at an equity value of $1.1 billion.
In connection with the closing, PropertyGuru’s common shares ceased trading before the market open on 13 December and the company was delisted from the New York Stock Exchange. PropertyGuru will operate as a privately held company. Read more>>
Brookfield India REIT Raises $412M via QIP to Reduce Debt
Brookfield India Real Estate Trust has raised INR 3,500 crore ($412.6 million) by selling units to institutional investors, mainly to reduce debt.
In a regulatory filing Friday, the company said it successfully completed the capital raise through a qualified institutional placement of units. The QIP was launched on 9 December, and investors included the International Finance Corporation, Life Insurance Corporation of India, SBI Mutual Fund and ICICI Prudential Mutual Fund. Read more>>
HMC’s Aussie Data Centre Play Drops as Much as 10% in Trading Debut
Australia’s marquee float of the year, the DigiCo Infrastructure REIT launched by David Di Pilla’s HMC Capital, was given a harsh reception by investors on Friday, with its shares plunging by as much as 10 percent on their ASX debut.
The much-hyped stock was sold off heavily ahead of the market close, raising questions about how the vehicle that owns A$4.2 billion ($2.7 billion) in data centres in Australia and the US would bounce back. Read more>>
Allianz Prepares to Walk Away From $1.6B Buy of Singapore Income Insurance
Allianz is close to scrapping a proposed S$2.2 billion ($1.6 billion) acquisition of Singapore’s Income Insurance after a public backlash to the deal, people with knowledge of the matter said.
The German insurer is discussing dropping its pursuit of Income Insurance after it had difficulty finding a way to assuage government concerns, the people said. The companies could make an announcement as soon as the coming days, according to the people, who asked not to be identified discussing private information. Read more>>
Link REIT Files Wind-Up Petition Against Gym Chain Physical Over Unpaid Rent
An arm of gym chain Physical Beauty & Fitness received a liquidation petition from a major mall operator in Hong Kong, following the shuttering of its branches earlier this year.
The wind-up petition against Physical Health Centre (TST) Ltd was filed by Link Properties Ltd, according to a court document dated 6 December, and the first hearing is scheduled for 19 February. Read more>>
China to Cut Rates, Reserve Ratio in 2025
China will cut interest rates and the reserve requirement ratio in a timely manner next year, the 21st Century Business Herald reported, citing Wang Xin, director of the research bureau under the People’s Bank of China.
The central bank will increase the intensity of monetary and credit supply, Wang said at an event on Saturday, according to the report. It has room to further reduce the RRR — the amount of cash banks must hold in reserve — from the current average level of 6.6 percent, he said. Read more>>
Blackstone Buys TPG Czech Warehouse Portfolio for $495M
Funds managed by Blackstone have acquired a portfolio of eastern European warehouse properties in one of the largest real estate transactions on the continent this year as the firm doubles down on logistics.
The private equity giant bought CT Real Estate, a portfolio of 10 logistics parks for €470 million ($495 million) from a venture led by TPG Real Estate, people with knowledge of the transaction said. Read more>>
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