CPPIB president and CEO John Graham
Canadians in India lead today’s look at real estate news from around Asia, as CPPIB hunts for more opportunities on the subcontinent. Also in the news, Malaysia’s YTL bets on Kiwi hospitality and Korea’s Mirae aims to collect after winning an arbitration case over a failed Seoul deal.
CPPIB Vows More India Deals After Building $22B Portfolio
Canada’s largest pension fund will further boost its investments in India with a focus on real assets like energy, infrastructure and real estate, its CEO said at a Wednesday media briefing in Mumbai.
The Canada Pension Plan Investment Board’s net assets in India stood at around C$30 billion ($22 billion) at the end of June, up from C$10 billion in 2020. Read more>>
Malaysia’s YTL Buys New Zealand Hotel for $92M
YTL Corp’s YTL Hotels and Properties has acquired the 225-room Hotel Indigo in Auckland for NZ$160 million ($92.4 million), marking the Malaysian group’s first hotel investment in New Zealand.
“The agreement is the second-largest hotel transaction on record in New Zealand this year,” Invest New Zealand, the government agency dedicated to facilitating foreign direct investment, announced Tuesday. Read more>>
Korea’s Mirae Announces Legal Action Against Brookfield Over Failed IFC Deal
After nearly three years of legal dispute, South Korea’s Mirae Asset Global Investments has won an international arbitration case against Canada’s Brookfield Asset Management over the return of a KRW 200 billion ($140 million) down payment for the failed acquisition of International Finance Center Seoul.
On Monday, the Singapore International Arbitration Center ordered Brookfield to return the full down payment to Mirae Asset, along with interest for the delay and all arbitration-related costs, which are estimated at between KRW 70 billion and KRW 80 billion. The ruling is final and cannot be appealed, bringing the prolonged conflict between the two asset managers to a close. Read more>>
Singapore’s Soilbuild Said in Talks to Buy Stake in $237M Sydney Office Tower
Singapore-based Soilbuild Group Holdings is circling a one-quarter stake in North Sydney’s Coca-Cola Place in a deal that would value the entire tower at A$360 million ($237 million).
The move comes as more large towers trade in North Sydney, signalling renewed interest in the area as an investment destination, but transactions have been at a lower pricing than what once would have prevailed. The 25 percent interest in the 40 Mount Street asset is being sold by British fund manager M&G Real Estate and is expected to show a yield of 7 percent. Read more>>
Malaysia’s PNB, EPF Say No Plans to Exit Battersea Project in London
Permodalan Nasional Bhd and the Employees Provident Fund said the Battersea Power Station project in London remains a key strategic investment for their shareholders.
The Malaysian investors said the landmark development, owned by a consortium led by Sime Darby Property Bhd and SP Setia Bhd, continues to be an important asset within their global real estate portfolio. Read more>>
Mori Building Announces Completion of Azabudai Hills Complex
Mori Building Co on Wednesday announced the completion of Residence B, the final piece of the Azabudai Hills project and part of the larger Toranomon-Azabudai District Category 1 Urban Redevelopment Project in central Tokyo’s Minato ward.
In the making for 35 years in collaboration with 300 rights holders, Azabudai Hills is now fully complete with an additional 970 residential units, a comprehensive east-west and north-south road network and a barrier-free underground pedestrian network linking two subway stations. Read more>>
Mapletree Industrial Trust Distributions Dip 5.6%
Singapore-listed Mapletree Industrial Trust reported a distribution per unit of S$0.0318 for the second fiscal quarter to the end of September, down 5.6 percent from the year-ago period.
The decline was mainly due to the absence of the distribution of net divestment gain from its Tanglin Halt Cluster, the trust’s manager said Wednesday in a bourse filing. Read more>>
CapitaLand China Trust Net Property Income Falls 8.5%
CapitaLand China Trust posted net property income of RMB 273.5 million ($38.5 million) for its third quarter to the end of September, down 8.5 percent year-on-year.
The lower NPI was mainly due to a drop in gross revenue and absence of Q3 contributions from CapitaMall Yuhuating, but it was partially offset by a cost reduction of 1.3 percent year-on-year on a same-store basis, the trust’s manager said Thursday. Read more>>
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