Bain Said Mulling Fresh Backers for Bridge Data Centers and More Asia Real Estate Headlines

Cash for digital infrastructure leads today’s roundup of regional headlines as Bain Capital seeks fresh backers for Singapore’s Bridge Data Centres. Also in the news, Stonepeak unveils an Asia-focused cold chain business and Hillhouse’s bid for a Korean asset manager hits turbulence.

Bain Said Mulling Fresh Backers for Bridge Data Centres to Raise Cash

Bain Capital is considering options including bringing in fresh backers for Singapore-based Bridge Data Centres to help it raise cash and expand, according to people familiar with the situation.

The US private equity firm is holding early talks with advisors about a review that may lead to a stake sale, the people said, asking not to be identified discussing private information. One of the options could include setting up a continuation fund, a move that would enable Bain to retain a holding in the business while bringing in new investors to turbocharge growth, the people said. Read more>>

Stonepeak Launches APAC Cold Logistics Operator Peregrine

Stonepeak on Monday announced the launch of Peregrine Cold Logistics, a cold chain platform in Asia Pacific and the Arabian Gulf states, to meet accelerating demand for temperature-controlled infrastructure across the region.

Singapore-based Peregrine will target cold chain opportunities across key markets with the goal of providing high-quality storage capacity and ancillary logistics solutions to support the movement of temperature-sensitive and perishable goods throughout the supply chain, said Stonepeak, an infrastructure-focused private equity firm. In conjunction with the launch, Peregrine has agreed to acquire an initial seed asset, a cold storage business in the Philippines. Read more>>

Hillhouse’s Chinese Background in Spotlight Amid Battle for Korea’s IGIS

Hillhouse Investment, a private equity fund manager founded by China’s Zhang Lei, has emerged as a leading acquisition candidate in the race for IGIS Asset Management, South Korea’s largest real estate asset manager, by offering the highest price.

Hillhouse says it is not a China-affiliated firm on the grounds that Zhang studied in the US and acquired Singaporean citizenship, but strictly speaking it can be classified as Chinese. Concerns are being raised about a major domestic house that manages public money, including the National Pension Service, being taken over by Chinese capital. Read more>>

Mirae Recovers Seoul IFC Deposit After Arbitration Ruling

Mirae Asset Global Investments has recovered the full amount it claimed from Brookfield, the Canadian investment giant, ending a years-long dispute over a failed property deal in Seoul’s financial district of Yeouido, industry officials said Monday.

They said Brookfield returned KRW 283 billion ($193 million) last week, as ordered by the Singapore International Arbitration Centre’s ruling in October. The sum includes a KRW 200 billion performance deposit, accumulated interest and arbitration-related costs linked to the collapsed acquisition of the International Finance Center in Yeouido. Read more>>

Singapore’s Elegant Group Linked to Guangzhou’s Grantral Group

An entity linked to Zhao Zhichao of property firm Elegant Group is believed to have purchased The Clementi Mall in Singapore in a deal worth S$809 million ($625 million).

Elegant Group is linked to Grantral Group, a Guangzhou-based conglomerate founded in 1982 whose businesses include wholesale markets, industrial parks, shopping malls, luxury villas and a hotel at a hot spring resort, according to its website. At least two Grantral-linked entities in China are wholly owned by companies registered to the same address as Elegant in Singapore. Read more>>

Brookfield, GIC May Make Offer for Additional Aussie Storage Player

After finalising a A$4 billion ($2.6 billion) buyout for National Storage REIT, Brookfield and GIC could already be turning their attention to their next sector opportunity.

Speculation suggests that the Canadian investment giant and the Singapore sovereign fund have informally engaged with National Storage’s rival, the A$1.94 billion Abacus Storage King, on a potential buyout of that business. Abacus Storage King may want a 15 percent premium to its net tangible assets of A$1.74, taking the transaction size to A$2.63 billion or A$2.26 per share. Read more>>

Wanda Seeks Extension on $400M Bond

Dalian Wanda Group’s commercial real estate unit is seeking a two-year extension on a $400 million bond, the latest developer to seek a debt payment delay as China’s property crisis weighs on liquidity.

Dalian Wanda Commercial Management Group said in a statement that it is seeking noteholders’ approval to extend the maturity date of the 11 percent dollar notes to 13 February 2028. The company proposed redeeming the bonds in instalments while keeping the interest rate steady. Read more>>

Singapore’s URA Releases Three Sites for Sale

Singapore’s Urban Redevelopment Authority on Monday released three private residential sites for sale in Lentor Central, Kallang Close and Dunearn Road. 

Market watchers predict keen competition for the sites in Dunearn Road and Kallang Close, given their attractive locations. More measured bids are expected for the Lentor Central plot, given the already-high supply of homes in the area. Read more>>

Hong Kong Apartment Sells for $113M

A duplex apartment sold for a record price in Hong Kong, in the latest sign that the luxury property sector in the city is bouncing back.

The unit at The Legacy, a joint project of Henderson Land Development and New World Development, sold for HK$880 million ($113 million), according to people familiar with the matter. The transaction is going through company transfer, a common way for buyers to shield their identity, the people said. Read more>>

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