Wayne Lasky, executive chairman of MaxCap
In today’s roundup of regional news headlines, Dutch pension fund manager APG completes its $419 million mandate with Australia’s MaxCap, the CEO of private equity giant Carlyle Group resigns out of the blue, and China springs an audit on its $3 trillion trust industry.
Dutch Fund Manager APG Completes A$600M MaxCap Agreement
Dutch pension fund manager APG has completed the A$600 million ($419 million) mandate with Australian non-bank lender MaxCap Group that it agreed to three years ago and has given itself the option to double that exposure to A$1.2 billion, tapping growing demand for funding at a time when banks are holding back.
The asset manager has exercised the option it took out in 2019 to invest a second tranche of A$300 million for first-mortgage loans across all real estate asset classes with MaxCap, which last year sold a half stake in itself to US-based Apollo Global Management. Read more>>
Carlyle CEO Resigns in Sudden Reversal of Generational Shift
Carlyle Group chief executive Kewsong Lee has stepped down, reversing a changing of the guard set in motion just five years ago when founders of the private equity giant ceded leadership to a new generation. Carlyle’s stock dropped as much as 6.3 percent.
Lee’s sudden exit, announced late Sunday, follows tensions with the company’s old guard and a stretch in which Carlyle’s shares trailed peers. Co-founder Bill Conway, currently the non-executive co-chairman, will step in as interim CEO during the search for a successor. Read more>>
China Orders Surprise Audit of $3T Trust Industry
China’s top auditor is conducting a review of the $3 trillion trust industry, paving the way for a potential overhaul of a key shadow banking sector where losses on property loans are mounting.
In an unscheduled move, the National Audit Office — which previously led an examination of bank exposures to Jack Ma’s Ant Group — has for the past month been inspecting the books of at least 20 trust firms, including the top five, to gauge the risks they pose to financial stability, according to people familiar with the matter. Read more>>
Bank Stake Held by Evergrande Unit to Be Auctioned
A stake in Shengjing Bank held by a unit of China Evergrande will be auctioned off with a starting price of RMB 7.3 billion ($1 billion).
The 1.28 million shares of Shengjing Bank that are held by Evergrande Nanchang with a valuation of RMB 7.56 billion will be auctioned from 6 to 7 September. Read more>>
Keppel Land to Buy 1M Sq Ft in Indian Office Project for $150M
Singapore-based Keppel Land is set to acquire part of Piramal Realty’s commercial development Piramal Agastya Corporate Park in central Mumbai’s Kurla locality for more than INR 1,200 crore ($150 million), said people with direct knowledge of the plan.
The deal will be among the largest outright commercial real estate transactions so far this year. Read more>>
Frasers Snags $1.7B in Pre-Sold Revenue for Residential Projects
Frasers Property has achieved pre-sold revenue of S$2.3 billion ($1.7 billion) so far in its fiscal 2022 for its residential projects across Singapore, Australia, China and Thailand, the real estate group said Monday in a business update for the third quarter ended in June.
In Singapore, the group said the demand for quality residential developments remains resilient, with sales of launched projects strengthening despite property cooling measures introduced in December 2021. Read more>>
Lendlease REIT H2 DPU Gains 4.9%, Revenue Up on Jem Acquisition
Lendlease Global Commercial REIT on Monday posted an improved second-half performance, with distribution per unit rising 4.9 percent year-on-year to S$0.0245.
Gross revenue was also 68.6 percent higher at S$62.5 million (now $45.4 million), following the acquisition of the Jem mall in the second half of fiscal 2022. Read more>>
Parkway Life REIT Posts 1.5% Rise In H1 DPU
Parkway Life REIT’s distribution per unit rose 1.5 percent year-on-year to 7.06 Singapore cents for the first half of 2022, its manager announced Monday.
The healthcare trust’s gross revenue was up 1 percent year-on-year to S$60.2 million for the half-year period. Read more>>
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