WeWork India IPO Just 4% Subscribed on First Day and More Asia Real Estate Headlines

An IPO’s slow start leads our look at real estate headlines from around the region as WeWork India gets a tepid response from investors. Also on the list are a Warburg Pincus investment in an India housing lender and Hysan selling Hong Kong flats to members of the builder’s controlling family.

WeWork India IPO Just 4% Subscribed as Institutional Buyers Stay Away

The initial public offering of WeWork India Management, which opened for bidding Friday, received a tepid response from investors, with the issue subscribed at just 4 percent on day one.

The retail portion was booked at 15 percent, while non-institutional buyers and qualified institutional buyers were each subscribed at only 2 percent. In contrast, the employee quota saw strong demand, with 90 percent subscription. The company aims to raise INR 30 billion ($338 million) from the issue. Read more>>

Warburg Pincus to Invest Additional $56M Into India Property Lender

Truhome Finance, which focuses on the affordable housing segment, is set to receive an additional INR 5 billion ($56 million) fund infusion from its largest shareholder, Warburg Pincus, later this month, a top official says.

This will take the private equity major’s overall investment in the entity formerly known as Shriram Housing Finance to over INR 20 billion crore. Read more>>

Hysan Sells Hong Kong Luxury Flats to Members of Controlling Shareholder Family

Hysan Development sold three units at its Bamboo Grove luxury complex in Hong Kong’s Mid-Levels for a total of HK$133 million ($17 million), two of which were bought by company chairwoman Irene Lee’s son, Nicolas Hugh Ingram, while the third was acquired by the wife of non-executive director Lee Chien.

The transactions, disclosed by the company on Friday, are expected to yield a total gain of HK$49.3 million for the developer. The proceeds would be allocated for general working capital, according to the company. Read more>>

Mapletree Said Planning First India Data Centre Projects

Singapore-based developer and investor Mapletree is looking into development of data centres in the country, sources in the know said. The firm is looking to invest $500 million to $700 million in its maiden data centre project in Mumbai with a capacity of 400 megawatts, a source said.

Temasek-owned Mapletree is also exploring cities like Hyderabad, Pune and Bengaluru among others for similar centres, sources said. When contacted, Mapletree declined to comment on the matter. Read more>>

AEW Said in Talks to Sell Melbourne Office Tower at a Discount

AEW is said to be in talks to sell 31 Queen Street in Melbourne to local fund manager Bayley Stuart for A$170 million ($112 million) after having purchased the 27-storey office tower for over A$200 million in 2019, according to a report in the Australian.

Should the deal move forward, it would mark the latest discounted office deal in Melbourne after Singapore’s Mapletree recently sold a St Kilda Road property at a loss as sellers come to grips with new pricing realities in the Victorian capital. Read more>>

Alibaba-Led 8 Shenton Way Project in Singapore to Feature Aman Hotel and Apartments

Luxury hotel brand Aman is making its Singapore debut at The Skywaters at 8 Shenton Way, the 63-storey skyscraper set to become the nation’s tallest building when completed in 2028.

The new property, called Aman Singapore, will include a hotel, branded residences and a global private members’ club. The launch marks the fourth “urban Aman” after properties in Tokyo, New York and Bangkok. Read more>>

Greystar Plans to Double Aussie Student Housing Beds

US funds giant Greystar plans to more than double its newly acquired student accommodation holdings in Australia within two years after taking over a A$1.6 billion ($1.1 billion), 4,084-bed portfolio.

That acquisition last year, from Singapore sovereign fund GIC, has now been bedded down, with Greystar rolling out its new student accommodation platform, Accolade, this month. It has now set its sights on establishing a 10,000-bed portfolio under management by 2027. Read more>>

Tanjong Pagar Office Floor on the Market for $8.4M in Singapore

An office floor in a 26-storey commercial development at 143 Cecil Street in Tanjong Pagar has been put up for sale for S$10.8 million ($8.4 million) or S$1,990 per square foot, said marketing agent Savills Singapore.

Situated on Level 19 of GB Building, it spans 5,425 square feet (504 square metres) and has exclusive use of the lift lobby. The building occupies a corner plot within the Tanjong Pagar submarket in the central business district and has dual frontage along Cecil Street and McCallum Street. Read more>>

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