SC Capital Said in Talks to Buy Global Switch and More Asia Real Estate Headlines

Singapore-based SC Capital is said to be in talks to acquire data centre operator Global Switch, with that report leading today’s headline roundup. Also making the list, Hong Kong property investors continue to dump commercial assets at steep losses and defaulted developer Country Garden reaches an agreement with a key bondholder group.

Singapore’s SC Capital Said in Talks to Buy Data Centre Operator Global Switch

Singapore-headquartered fund manager SC Capital Partners has emerged as a potential bidder for British data centre group Global Switch, two people familiar with the matter told Reuters.

The firm, backed by Temasek-controlled CapitaLand Investment, is working with advisors to buy the London-based company, which is controlled by Chinese steelmaker Jiangsu Shagang Group, one of the people said. Read more>>

Hong Kong Funds Sell Commercial Assets at Steep Losses

Hong Kong property investors have continued to put up assets for sale at a loss as a tariff war between the US and China escalates, unsettling a market that has already struggled to overcome years of distress.

Bridgeway Prime Shop Fund Management sold a ground-level shop at One Eighty in Shau Kei Wan for HK$20.1 million ($2.6 million) on 8 April, founder Edwin Lee said, implying a 20 percent loss. The fund paid HK$25 million each on average for two ground-level lots and a first-floor shop in the building in July 2023. Read more>>

Country Garden Wins Support From Bondholder Group for Offshore Debt Overhaul

Chinese developer Country Garden said Friday that it had reached an agreement with a key bondholder group and was close to finalising negotiations with a group of bank creditors.

The company defaulted on its offshore debt in late 2023 and is now in a restructuring process that aims to cut $14.1 billion of that debt by 78 percent. The restructuring support agreement with the key bondholder group holding 30 percent of the embattled developer’s $10.3 billion in existing offshore bond debt came ahead of a liquidation court hearing in Hong Kong on May 26. Read more>>

Blackstone Said Marketing $374M Sydney Mall

Blackstone has decided the time is right to divest one of Sydney’s best-known malls, Top Ryde City in the city’s northwest, the first retail property acquired by the US private equity powerhouse in the Australian market.

With a value estimated at A$600 million ($374 million), the mall at Ryde was once a key component in a A$3 billion portfolio of 10 shopping centres that Blackstone had once hoped to sell off through either a float or a mega trade sale, nine years ago. Read more>>

APG Seen Doubling Down on Asia

APG Asset Management is bullish on Asia’s growth prospects, with local CEO Thijs Aaten saying he would like to eventually see half of the Dutch pension fund’s real assets invested in the region.

The fund’s Asia operations are mainly conducted out of its Hong Kong office, and investors can reach countries representing almost half of the world’s GDP and around 80 percent of the global GDP growth within a six-hour flight from the city. Aaten referred to the zone as “the Hong Kong circle”. Read more>>

BlackRock Subscribes to $750M Adani Bond Issue

BlackRock has subscribed to a $750 million bond issue by India’s Adani Group, a private placement deal that signals a turnaround in the conglomerate’s fortunes even as its billionaire founder remains mired in US legal troubles.

The world’s biggest asset manager was among a half-dozen US and European investors that participated in the sale and bought about a third of the debt, said a person familiar with the matter. Read more>>

New Convention Hub Could Be on the Way in Singapore

A new hub for meetings, incentives, conventions and exhibitions in Singapore’s downtown area could be in the works, as the city-state aims to capture a larger share of the valuable sector.

Grace Fu, the minister in charge of trade relations, said at the annual Tourism Industry Conference on Friday: “To boost Singapore’s global competitiveness, we are studying the development of a new Mice hub in the downtown area of Singapore that can leverage the synergies of existing Mice venues and attractions located in the city.” Read more>>

CapitaLand’s Ascott Aims to Add 600 Units in India

Ascott, the lodging business of CapitaLand Investment, has inked three agreements to add 600 units to its India portfolio, a move that will grow its total portfolio in the country to around 6,100 units across 22 properties.

The new units, spread across three signings under the Oakwood brand, will be located in the cities of Lucknow and Thanjavur, as well as the state of Goa. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.