CapitaLand Fund Closes on Buy of SG’s ABI Plaza and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, a CapitaLand-affiliated fund completes its purchase of Singapore’s ABI Plaza from MYP, billionaire Ray Dalio makes plans to open a family office in the city-state, and Japanese department store operator Takashimaya turns to property development in Vietnam.

CapitaLand Fund Completes Purchase of Singapore’s ABI Plaza

Real estate investment firm MYP completed the sale of ABI Plaza in Tanjong Pagar on Thursday, it said in an exchange filing.

MYP had announced plans in September to sell ABI Plaza for S$200 million ($149 million) to Artemis Ventures, which is a Singapore-incorporated investment holding company linked to a private fund managed by CapitaLand Fund Management. Read more>>

Korea’s Vestas Sets Up $272M European Logistics Fund

South Korean real estate investment manager Vestas Investment Management has set up a KRW 300 billion ($271.5 million) blind fund with local institutions to target Europe’s burgeoning logistics market amid growing demand for online shopping in the face of the pandemic.

The fund drew South Korea’s four major institutional investors, including local pension funds and credit unions, according to industry sources on Thursday. Read more>>

Pair of Singapore Residential Sites Launched for Sale

The first executive condo site at Tengah and a condo site at Ang Mo Kio were launched for sale on Thursday under the second half of the 2020 government land sales (GLS) programme.

Both residential sites are on the GLS programme’s confirmed list, which was released in June. Read more>>

Billionaire Ray Dalio Set to Open Family Office in Singapore

Ray Dalio, the billionaire founder of Bridgewater Associates, is opening a family office in Singapore to run his investments and philanthropy throughout the region.

Dalio has long held ties to Asia and Singapore, and felt it was “high time” to open a family office there, the hedge fund manager’s spokesperson said in a statement, without elaborating on the timing or staffing plans. Read more>>

Blackstone, Carlyle Said Joining Bidders for FANCL Asia

More than 10 entities, including buyout firms Blackstone and Carlyle, have lodged bids for skincare brand FANCL’s Asia business outside Japan, valuing it at close to $1 billion, said people with direct knowledge of the matter.

Bain Capital, MBK Partners, Sequoia Capital and CITIC Capital are also among bidders for CMC Holdings, the sole distributor of FANCL Corp products in Asia outside Japan, the people said, declining to be named because the information is confidential. Read more>>

Takashimaya Chases New Identity as Developer in Vietnam

With its mainstay department store business foundering amid the coronavirus pandemic, Japan’s Takashimaya has turned to property development overseas as the company’s next engine for growth.

About six kilometres (3.7 miles) from central Hanoi, development of a new urban hub called Starlake is underway. Takashimaya is investing JPY 1.3 billion ($12.5 million) in the construction and operation of a K-12 school there in cooperation with Edufit International Education, a Vietnamese school operator. Read more>>

Chinese Retailer Miniso Shows Strains in Dash for Global Growth

The Parisian district known as the 8th arrondissement is famous for the showcase luxury stores of the Avenue des Champs-Elysees.China’s Miniso Group is hardly in their league.

Yet last month, fresh on the heels of its successful $608 million IPO in New York, the first French outlet for Miniso’s signature mix of cheap but trendy household goods opened in the district under a franchise deal with Jonathan Siboni, head of a local luxury retail consultancy. Read more>>

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