Blackstone Said Buying $1.3B Mumbai Office Stake and More Asia Real Estate Headlines

India continues to be a hub of activity for US private equity real estate investors, with reports emerging today that Blackstone is set to invest another $1.3 billion in a set of Mumbai office assets. Also in the news, Brookfield and GLP hope to profit from harvesting the sun from the top of Chinese warehouses and one of China’s earliest investors in the US is making a deal in London. Read on for all the details on these stories and more.

Blackstone Said Paying $1.3B for Stake in Mumbai Offices

Global private equity firm Blackstone Group Lp is set to buy a 50% stake in Indiabulls Real Estate Ltd’s prime office assets in central Mumbai for an enterprise valuation of around $1.3 billion, said two people directly aware of the transaction. The assets include Indiabulls Finance Centre and One Indiabulls Centre.

On Wednesday, Indiabulls Real Estate informed the BSE that negotiations and discussions with the third party investor/s for finalization of transaction are on and a meeting of the shareholders will be convened on 23 March regarding the proposed divestment. Read more>>

Brookfield Teams with GLP for China Solar Rooftop JV

A new joint venture (JV) between Brookfield Asset Management – a Canadian alternative asset manager that operates vast renewable energy portfolios globally – and GLP – a China-headquartered industrial logistics specialist – has been created to develop 300 MW of commercial and industrial (C&I) rooftop solar in China over the next three years.

Both entities will own a 50% share in the JV, which intends to build out a 1 GW portfolio of C&I rooftop solar PV in China over the next few years. Currently, GLP operates 33 million square meters of logistics in China, and the hope is that Brookfield’s experience as a global owner and operator of renewable energy projects can make the JV a success. Read more>>

Xinyuan Buys 50% Stake in London Project for $41M

Xinyuan Real Estate, a real estate developer and property manager operating mostly in China and also in other countries, has acquired a 50 percent equity stake in London-based Madison Project for a consideration of 29.11 million pounds (about $40.9 million).

The Madison Project is a site that will develop a 53- story building comprised of 423 residential apartments. Construction is expected to be completed for the third quarter of 2020. Read more>>

OUE to Give Raffles Place Mall a Facelift

OUE Commercial Reit yesterday said its portfolio property, One Raffles Place Shopping Mall, will undergo asset enhancement initiatives in the middle of the year as part of efforts to revitalise the mall with a “more diverse and dynamic tenant mix”.

The enhancements include improving the circulation areas of the mall, as well as creating more inviting and open retail space with better visibility. These upgrades will help provide a better shopping experience while simultaneously driving the per square foot productivity of the mall, said OUE C-Reit in a Singapore Exchange filing. Read more>>

Investors Losing Faith in CCCC Buyout of AECON

Investor skepticism appears to be growing that Aecon Group Inc.’s takeover by a Chinese company will be approved by the Canadian government, at least in its present form.

Shares of the Toronto-based construction company have dropped to their lowest level relative to China Communications Construction Co.’s offer price of C$20.37 since the deal was announced in October. Read more>>

China Price Controls Plunge Beijing Housing Market into Deep Freeze

To reach the main exhibition hall of Ten Scenes Palace, a new villa and town house complex on the outskirts of northern Beijing, you have to pass through three gates, being saluted on the way by smartly dressed receptionists in scarlet coats and black leggings.

Outside, the large Chinese-style courtyard is decorated with peach trees, while in the spacious hall itself there’s a model of the complex, with every visitor closely hounded by a sale representative. Read more>>

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