Lumina Cloudinfra co-founder and global CEO Anil Reddy (Image: Lumina Cloudinfra)
A Blackstone-backed data centre operator has added a fresh site to its Mumbai-area portfolio, with that story leading Mingtiandi’s look at headlines from around the region. Also making the news are the sale of a disused Seoul Sheraton and KKR bringing its global leadership on a trip to Tokyo.
Blackstone-Backed India Data Centre Operator Buys Mumbai Plot
Blackstone-backed data centre developer Lumina CloudInfra has acquired two land parcels measuring 3.8 acres (1.5 hectares) in Mumbai’s Chandivali area of Andheri East for INR 4.75 billion ($54 million), according to property registration documents accessed by CRE Matrix.
Chandivali’s proximity to the Powai area in Mumbai, home to several IT companies, along with the presence of commercial and residential space and easy access to the Western and Eastern Express Highways, has made it a preferred destination for tech-led developments, local brokers said. Read more>>
Pole Capital Korea Said Buying Seoul Sheraton Site for $330M
Pole Capital Korea, a Singapore-incorporated fund manager, is acquiring the former Sheraton Palace Hotel in Seoul’s Seocho district after the site had been left idle for years.
According to investment banking industry sources, Pole Capital Korea recently signed a sales contract worth KRW 460 billion ($330 million) to buy the site from Shinhan Asset Trust. Pole Capital Korea paid a conditional deposit of KRW 22.5 billion to the trust company in June and plans to complete the balance payment and ownership transfer within the year. Read more>>
KKR Picks Tokyo for First Ever Board Meeting in Asia
New York-headquartered KKR is holding its first board meeting in Asia this week in Tokyo, a spokesperson for the firm said Tuesday, underscoring how important Japan has become for the global alternative asset manager.
KKR’s two co-founders, George Roberts and Henry Kravis, as well as co-CEOs Joe Bae and Scott Nuttall, are among those present at the two-day board meeting, which commenced Monday, the spokesperson said. Read more>>
Seazen Holdings Raises $160M as Mainland Builders Return to Offshore Bond Market
Issuers from mainland China, Hong Kong and Macau are storming back into the offshore dollar-bond market this year, driving total issuance to its highest level since 2022.
Among them is Seazen Group, a struggling developer that tested the waters a few months ago with a $300 million deal — the first dollar-note sale by a major private Chinese builder since 2023. A unit of the firm — once ranked among the nation’s 10 largest homebuilders by contracted sales — on Tuesday priced $160 million in two-year notes at a hefty 13 percent yield, according to a person familiar with the matter. Proceeds will be used to repay debt and for general corporate purposes. Read more>>
Warburg Pincus Pledges Support for Vietnam Data Centres
Private equity major Warburg Pincus wants to support Vietnam in building a high-tech data centre, in line with the country’s strategic development orientation.
Jeffrey Perlman, CEO of Warburg Pincus and chairman of the US-ASEAN Business Council, made the statement at a meeting with Vietnam President Luong Cuong in New York on Monday. He added that one of the areas that the fund has been focusing on is digital infrastructure. Read more>>
China Vanke in Talks With Domestic Creditors After Skipping Interest Payments
China Vanke is in talks with major domestic creditors to cut borrowing costs on private debt worth tens of billions of yuan, as the embattled developer seeks to ease liquidity stress, according to people familiar with the matter.
Vanke recently decided to skip interest payments on some private debt as part of the negotiations, said the people, requesting not to be named discussing private information. The Shenzhen-based firm told some creditors, including insurance firms, that it wants to cut interest rates on some debt to about 3 percent or lower from at least 4.3 percent currently, the people said. Read more>>
Australia’s QIC Aims to Triple Convenience Retail Holdings
Queensland government-backed funds manager QIC wants to forge deeper into the hot convenience retail sector and could treble its holdings in the area to about A$1.5 billion ($993 million).
QIC has launched an equity raising in order to treble the portfolio of the refreshed QIC Everyday Retail Fund over the next three years. It has already received backing from the Clean Energy Finance Corporation and Prime Super alongside existing investors. Read more>>
Frasers Property Completes Purchase of Yishun Shops for Development Project
The manager of Frasers Centrepoint Trust says that the divestment of 10 strata lots at Yishun 10 to Frasers Property has been completed, resulting in a gain of S$34.5 million ($27 million).
Frasers Property had entered into a sale and purchase agreement with FCT’s trustee on 25 August. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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