Bain Capital partner Naofumi Nishi says there is room to scale up 7-Eleven
Private equity major Bain Capital sets a three-year horizon for the public listing of Japanese retailer Seven & I’s non-core business, with that story leading today’s headline roundup. Also in the news, Australia’s Lendlease targets a Sydney tower owned by Shimao chairman Xu Rongmao and fund manager Hillhouse expands in Japan.
Bain Capital Plans to List Seven & I Spin-Off Within 3 Years
Bain Capital aims to list Seven & I Holdings’ supermarket and retail business in around three years after boosting synergies within the group, an executive of the US private equity firm said Thursday.
Bain also plans to scale up the business, potentially through acquisitions of rival retail chains, as well as technology companies to digitise operations. Seven & I agreed Thursday to sell York Holdings, its non-core businesses including its sprawling supermarket operations, to Bain for JPY 814.7 billion ($5.5 billion). Seven & I and its founder families will reinvest to take 40 percent of York. Read more>>
Lendlease in Talks to Buy Sydney Tower From Shimao Boss
Development heavyweight Lendlease is circling a major Sydney office tower as it looks to restock its luxury apartment pipeline, in a play where it could emerge with control of a key property overlooking Hyde Park.
A successful move on the near-A$1 billion ($630 million) office tower would see the Australian major again capitalise on the exit of a Chinese developer that had planned a project but has been unable to realise its ambitions of launching luxury apartments in Australia. Read more>>
Hillhouse to Invest Up to $2B Annually in Japan
Hillhouse Investment is looking to invest $1 billion to $2 billion annually in Japan and roughly double its headcount in the country, an executive at the firm told Reuters.
The asset manager has around $6 billion in dry powder in its $20.5 billion fifth fund series, said co-chief operating officer Adam Hornung. It also plans to raise a sixth buyout fund, he said. “The Japanese market now has a tremendous number of opportunities that we think are coming around that maybe weren’t as available five or 10 years ago,” Hornung said. Read more>>
Sinar Mas-LG JV Breaks Ground on $300M Jakarta Data Centre
Sinar Mas-backed digital infrastructure and services company SM+, together with partner Korea Investment Real Asset Management, has broken ground on a $300 million data centre project in central Jakarta.
The joint venture plans to develop SMX01, a data centre capable of supporting nearly 2,400 racks across nine data halls, by 2026. The carrier-neutral facility will have an initial IT load capacity of 18 megawatts, which will be upgradable to 60MW, according to a statement. Read more>>
Singapore Ministers Claim Bloomberg Intentionally Disparaged and Impugned Them
In statements of claim filed in Singapore’s High Court, ministers K Shanmugam and Tan See Leng said parts of an article Bloomberg published in 2024 were false, baseless and calculated to disparage and impugn them.
The ministers, who filed separate defamation suits against the media organisation and its journalist Low De Wei, set out their claims in documents that were each 49 pages long. In their submissions, Bloomberg and Low denied that the words complained of in the article, “Singapore mansion deals are increasingly shrouded in secrecy”, are defamatory or capable of being defamatory of the two ministers. Read more>>
Singapore Regulator Questions CDL on Role of Chairman’s Advisor
Singapore’s investor watchdog has asked City Developments Ltd, which is currently embroiled in a boardroom tussle, to clarify the role of its former adviser Catherine Wu, as well as the appointment process of its newly appointed directors and management reporting lines.
The developer called for a trading halt on 26 February amid a conflict between executive chairman Kwek Leng Beng and his son and group CEO Sherman Kwek. Read more>>
Hong Kong Home Sales Poised for Best Month in a Year
Hong Kong’s homebuyers are likely to snap up 2,500 new flats in March, on track to deliver the best sales month in a year to developers, as a stock market rally and a cut in stamp duty spurred transactions.
Kerry Properties on Thursday put 133 units at the Hava residential project in Yuen Long for sale, following two sell-out weekends for 371 flats. The latest batch is priced between HK$3.28 million ($422,000) and HK$6.42 million, with discounts of as much as 18 percent. Read more>>
Singapore’s JTC Extends Land Leases for Industrial Sites
Businesses taking up JTC industrial land will get longer leases and more flexible lease renewal terms, in line with the agency’s latest changes to its industrial land lease framework.
The changes come out of recommendations from the Alliance for Action on Business Competitiveness and the work under the Inter-Ministerial Committee for Pro-Enterprise Rules Review, Second Minister for Trade and Industry Tan See Leng said Thursday. Read more>>
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