Alibaba’s Joe Tsai is buying an arena to get a team
Acquisitive Alibabans lead the way in Mingtiandi’s roundup of real estate headlines today with the news that a co-founder of the e-commerce titan is dunking $700 million into acquiring the home of the Brooklyn Nets as part of a $2.35 billion takeover of the NBA team.
In other news around the region, the holding company of an oil tycoon who was one of China’s biggest investors in European real estate before being disappeared into the country’s extrajudicial judicial system eighteen months ago is set to be de-listed, while a mainland conglomerate’s $905 million rescue of a UK holiday group is starting to wobble, and a US cloud provider is opening its largest campus globally in India.
Elsewhere, developers are set to benefit from the Singapore government’s regeneration plans for the Greater Southern Waterfront.
Alibaba Co-founder to Buy Barclays Center for $700M
Alibaba co-founder Joe Tsai is expecting to sign a deal valued at more than $700 million to buy Brooklyn’s Barclays Center at the same time he acquires the 51 percent of the Brooklyn Nets that he does not already own, sources said.
The simultaneous deals for the team and its home arena are expected to be announced as soon as Friday, sources said. The price of the arena is not expected to be disclosed. Read more>>
Amazon’s Largest Campus in the World to Open in India
E-commerce giant Amazon’s largest campus building in the world is all set to open its doors in Hyderabad.
The campus has come up on a 10-acre (40,469 square metres) parcel of land at Nanakramguda in Hyderabad’s IT hub. The new campus building, which is over 15 storeys high, is understood to have a built area of around three million square feet (278,709 square metres), including a one million square foot parking area. Read more>>
WeWork’s Mystifying IPO Filing
Even after years of money-losing startups raising millions of dollars at multi-billion valuations, The We Co. initial public offering filing was a doozy.
WeWork’s parent company said in its prospectus released Wednesday that it had doubled revenue in each of the last two years. But that growth came at a cost: $1.2 billion in sales and marketing, pre-opening office operations, and new-market development in the last year, a 316 percent increase. In all, the company lost $1.9 billion in 2018. Read more>>
Developers Set to Benefit from SG Govt Regeneration Plans
DBS Group Research on 19 August noted that the Singapore government’s efforts to rejuvenate the Greater Southern Waterfront area offers significant opportunities for developers, with Mapletree Commercial Trust standing to gain as VivoCity, which is owned by the trust, is likely to remain the “bedrock of the GSW rejuvenation”.
Other potential beneficiaries include Frasers Commercial Trust, which owns Alexandra Point and Alexandra Technopark in the vicinity, Keppel Corp, and Genting Singapore, which could all benefit from added revitalisation of the area, said DBS analysts Derek Tan and Ho Pei Hwa. Read more>>
Fosun’s £750M Rescue of Troubled UK Holiday Group Faces Hurdles
Fosun Tourism Group, the operator of the Club Med branded resorts, expects to face hurdles in the planned acquisition of a controlling stake in Thomas Cook Group, its chairman and chief executive said on Monday, adding that there was a chance the Chinese company will not take part in the latter’s re-organization.
“Like any merger and acquisition, the acquisition of Thomas Cook involves much difficulty,” Qian Jiannong said at a post-earnings news conference. Read more>>
Missing Oil Tycoon Ye Jianming’s CEFC to be De-listed
The latest turn in the dramatic downfall of one of China’s most aggressive deal makers – CEFC China Energy – is the likely start this week of removing its only mainland-listed unit from the Shenzhen Stock Exchange.
CEFC China amassed a large portfolio of energy and financial assets in Europe, the Middle East, Central Asia and Africa under its mysterious founder, Ye Jianming. Read more>>
Coffee Day Debt Stands At INR 49.7B
Coffee Day Enterprises has said that the group’s total debt stands at INR49.7B ($693 million), and expressed confidence that once it concludes its divestments, the debts will reduce significantly.
“We request all the lenders and creditors to give sufficient time to honour the commitments and to unlock the true potential value of the assets,” the company said in a statement to the stock exchange. Read more>>
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