Pinnacle is located in Laguna, south of Manila (Image: Arch)
Manila leads news from around Asia Pacific’s real estate industry today with Arch Capital selling a cold chain facility outside the Philippine capital to a new venture backed by Stonepeak. Also making the headlines is a Barings real estate credit strategy backed by Mubadala and Korea’s NPS shifting assets away from IGIS.
Arch Sells Metro Manila Cold Logistics Warehouse to Stonepeak’s Peregrine
Arch Capital Management on Monday announced that it had completed the divestment of Pinnacle Cold Storage, a refrigerated logistics facility outside of Manila to Peregrine Cold Logistics, an Asia Pacific cold chain platform backed by US private equity firm Stonepeak.
Peregrine was officially launched last week with Pinnacle Cold Storage serving as a seed asset for a platform focusing on Southeast Asia, north Asia and the Persian Gulf, according to a statement from Stonepeak. Read more>>
Mubadala Teams with Barings for $500M Real Estate Debt Partnership
Abu Dhabi-based sovereign investor Mubadala Investment Company together with Barings announced on Monday the launch of a $500 million global real estate debt partnership.
Mubadala will be investing in the venture alongside Barings parent firm MassMutual with partners focusing on investing in senior and subordinated real estate loans across real estate asset classes. Read more>>
Korea’s NPS Said Removing IGIS as Manager of Mall Assets
Korea’s National Pension Service is moving to replace IGIS Asset Management as general partner for funds holding the Yeoksam Centerfield and Starfield Goyang shopping malls potentially upsetting efforts to sell the asset manager.
According to sources in the investment banking industry and the appraisal industry, the NPS held an internal meeting on Monday to discuss plans to replace IGIS as manager of Yeoksam Centerfield, retail property in Seoul’s Gangnam district which is approximately 50 percent owned by the NPS, with Shinsegae Property holding the remaining 49.7 percent. Read more>>
Lotte Hotels & Resorts Buying Site Beneath New York Palace Hotel for $490M
Lotte Hotel & Resorts said Monday it will acquire the land beneath The New York Palace Hotel, securing full ownership of one of its most prominent overseas assets.
The South Korean hotel group purchased the Midtown Manhattan property’s building in 2015, reopening it as the Lotte New York Palace, but continued to lease the land from the Archdiocese of New York. After prolonged negotiations, Lotte said it reached a deal with the archdiocese to acquire the site for $490 million. Read more>>
Vanke Sweetens Offer in Bid to Defer Payment of Onshore Bond
Distressed developer China Vanke offered better terms on its request to delay payment on a bond after creditors rejected its initial proposal.
Vanke, once China’s biggest homebuilder by sales, told bondholders late Monday afternoon that it could pay RMB 60 million ($8.5 million) in interest on the RMB 2 billion yuan bond due 15 December before the 22nd of this month. The developer is also seeking to extend the five-business-day grace period to 30 trading days, according to people familiar with the matter. Read more>>
Hang Seng Bank Board Committee Approves $13.6B HSBC Buyout Offer
Hong Kong’s Hang Seng Bank said on Monday that an independent board committee found HSBC’s $13.6 billion take-private offer to be fair and reasonable, and recommended its minority investors vote in favour of the proposal.
Under the offer, HSBC is proposing to purchase 36.5 percent of shares in Hang Seng not already owned by the company. The deal comes as HSBC looks to boost operations strategically through acquisitions while continuing with divestments. Read more>>
Singapore Housing Market Quiet as Developers Hold Back Project Launches
Singapore’s new private home sales slowed sharply in November with a lack of major projects released, a month after a surge in buying reignited concerns that the government may take fresh steps to cool the market.
Developers sold about 325 new homes last month, Urban Redevelopment Authority figures showed Monday. It’s a large drop-off from October, when more than 2,400 units were snapped up. Read more>>
India’s Welspun to Develop Pune Logistics Park
Welspun One plans to build a 1.2 million square foot logistics park in Pune, India as the warehouse developer and fund manager continues to expand its footprint.
Located 10 km from the upcoming Pune Ring Road and 11 km from the Mumbai-Pune Expressway the site offers connections to Pune, Mumbai, Nashik, and western Maharashtra state after Welspun leased approximately 7.4 million sq. ft. of warehouse space so far this year. Read more>>
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