In today’s roundup of regional news headlines, data centre firm Global Switch reportedly draws takeover interest from a pair of private equity titans, US property giant Hines picks up a third build-to-rent site in Melbourne, and trading in Chinese developer Jiayuan’s HKEX-listed shares is suspended after a price plunge.
Chinese-controlled data centre company Global Switch Holdings is expected to commence in the coming days its sale process amid interest from companies including private equity giants Blackstone and KKR, Bloomberg reported, citing people familiar with the matter.
The unnamed sources said marketing materials for the London-based $10 billion company are now ready to be distributed. Two of the people added that details including the potential valuation of Global Switch’s assets may have also contributed to the delay in the sale. Read more>>
American real estate giant Hines acquired a build-to-rent site in Melbourne for A$40 million ($27.9 million), marking its third similar purchase in the Australian city.
China-based developer Ousia Investments sold the 2,874 square metre (30,935 square foot) site at 15-29 and 31-33 Bank Street. Two office buildings spanning 2,625 square metres sit on the site, along with parking space for 385 cars. Read more>>
Trading in shares of mainland developer Jiayuan International Group and its property management arm Jiayuan Services Holdings were suspended on Wednesday after they plunged soon after the market opened.
The crash came after Mingyuan Group Investment, majority owned by Jiayuan International chairman Shum Tin Ching, pledged 1.04 billion shares of the developer and 450 million shares of Jiayuan Services to SHK Finance on 11 May, filings to the Hong Kong stock exchange showed on Wednesday. Read more>>
Ascendas India Trust agreed to acquire the first phase of the Casa Grande development at Mahindra World City in Chennai from private firm Chengalpattu Logistics Parks for INR 2.12 billion ($27.3 million).
The targeted industrial facility spans 420,000 square feet (39,019 square metres). It is fully leased to an international electronics contract manufacturer, the Singapore-listed Indian property trust said in a release. Read more>>
Singapore-listed First REIT, through subsidiaries of its trustee, is selling the Siloam Hospitals Surabaya in Indonesia for IDR 430 billion ($29.2 million) to PT Siloam International Hospitals and Indonesian developer Lippo Karawaci.
The trust said it may use proceeds from the sale to repay debt, finance capital expenditures and asset enhancement works and/or general working requirements. Read more>>
China Vanke’s Hong Kong arm, Vanke Real Estate (Hong Kong), sought to list a $9.5 billion medium-term note programme on the city’s bourse.
The debt shelf underwritten by lenders including Credit Suisse, JP Morgan, Goldman Sachs and Morgan Stanley is valid for a year commencing 19 May, with the listing also taking effect the same date, according to a filing. Read more>>
Carl Huttenlocher’s hedge fund firm, Myriad Asset Management, is considering the shutdown of its office in Hong Kong, the city where it was founded and based for much of its 11 years, Bloomberg reported, citing a person with knowledge of the matter.
Myriad made the decision after pandemic-induced curbs made it difficult for Huttenlocher and his portfolio managers to travel, and the fund’s Asian investment underperformed other strategies this year, the unnamed source said. The firm plans to make West Palm Beach, Florida its new base, the person said. Read more>>
CBRE, as exclusive marketing agent, launched the sale of a three-storey industrial building at 1 Ang Mo Kio Street 63 in Singapore with a price tag of S$27 million ($19.4 million).
The property comes with a loading area, a car park, an ancillary office and a staff canteen. It occupies an 87,340 square foot (8,114 square metre) development site with a total gross floor area of 116,768 square feet, the marketing agent said. Read more>>