Fragrance Group chairman and CEO James Koh Wee Meng
A buyout led by Singapore’s love hotel king leads today’s headline roundup, as James Koh arranges to privatise hospitality group AF Global. Also making news, Google proposes a 1-gigawatt data centre in India and Sweden’s EQT explores a range of Japan investments.
Fragrance Group Boss Launches Buyout of SGX-Listed AF Global
A consortium comprising Aspial Corp and property tycoon James Koh has launched a bid to privatise Singapore-listed AF Global via a scheme of arrangement.
The consortium aims to buy the remaining 27.35 percent stake in AF Global for 11 cents a share, making for a total outlay of S$31.8 million ($24.6 million). AF is an investment holding company that owns and runs hotels and serviced residences in Singapore, China, Thailand, Vietnam and Laos. Read more>>
Google Proposes to Invest $9.8B in 1GW India Data Centre
A subsidiary of Google has proposed to set up a 1-gigawatt AI-powered data centre in the Indian state of Andhra Pradesh with an investment of INR 872.5 billion ($9.8 billion), officials said.
According to official sources, the company has submitted a detailed proposal to the state government, outlining plans to complete the first phase of construction within two and a half years. The sources said this will be Asia’s largest data centre, with Google already planning another massive facility in Visakhapatnam involving an investment of INR 520 billion. Read more>>
EQT Points to Japan as Top Target Market
Swedish private equity group EQT is set to expand in Japan in a broad range of investment fields, including real estate and infrastructure, according to CEO Per Franzen.
“Japan is one of our absolute top strategic markets,” Franzen said. “Strengthening our presence in Japan sits at the top of EQT’s firm-wide priorities.” EQT in July announced a $2.7 billion tender offer for elevator maker Fujitec and revealed in June that it would sell consumer electronics company Pioneer to a subsidiary of Taiwanese LCD maker Innolux. Read more>>
Lendlease Fends Off Challenge for Control of Flagship Funds
ASX-listed property company Lendlease has beaten a challenge to the management of its flagship local property funds empire, defeating a move by Aussie super giant Hostplus to sack it as manager of a A$2.8 billion ($1.9 billion) shopping centre trust.
The win came after a closely fought battle between Lendlease and some of the country’s largest superannuation funds, which had sought to remove it and install rival group Mirvac as manager across the A$10 billion APPF empire. Read more>>
Hilton Adding 1,800 Rooms in Vietnam via Five-Hotel Deal
Hilton has announced multiple property agreements across Vietnam with existing partner Sun Group to bring the global hospitality company’s Conrad, LXR and DoubleTree brands to Vietnam, while expanding the presence of the group’s flagship brand in the country.
The deal will bring Hilton-branded properties to the Vietnamese destinations of Quang Ninh and Da Nang and the island of Phu Quoc, where a trio of assets will span 1,500 rooms. Read more>>
Singapore’s OUE REIT Issues $116M in Green Notes
UE REIT Treasury, a wholly owned subsidiary of Singapore-listed OUE REIT, issued its second seven-year investment grade green notes on Wednesday.
The notes are set to be listed on the SGX on Thursday and are expected to be recognised under the SGX Sustainable Fixed Income initiative, the manager said Wednesday. Read more>>
IWG Opens 10-Storey Flexible Office Tower on Hong Kong’s Des Voeux Road
International Workplace Group has opened a new 10-storey facility in Hong Kong’s Central, as rising stock market confidence and listing activities support recovery in the city’s office market, according to property consultants.
IWG on Wednesday opened the company’s 22nd workspace location in Hong Kong at The Voeux, located at 102-104 Des Voeux Road, which offers more than 6,400 square feet (595 square metres) of flexible office space to cater to the needs of businesses of various sizes. Read more>>
Gaw Capital Sets Up Education Investment Platform
Gaw Capital Partners said Wednesday that it has established holding company Nauticus Education Group to promote education by partnering with top-tier institutions and pioneering providers. The group aims to deliver innovative, accessible and high-quality education solutions that meet the diverse needs of students and families across Asia Pacific and the Middle East.
With the platform focused on education services, K-12 and early childhood education, Samuel Chan, founder of Asia-based education consultancy firm Britannia StudyLink, will be appointed as the CEO of Nauticus Education Group. Read more>>
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