China’s Luckin is hoping to put $3 bil into its IPO bag
Selling coffee appears to be the big deal of the day as a Chinese online to offline java specialist hopes to raise billions of dollars in an IPO before mainland brew sippers run out of discounted opportunities to try their cup of joe.
In the more traditional real estate world, Korea’s Mirae Asset has followed through on the $526 million purchase of a home town office building and in Singapore, a 12-storey commercial block near Tanjong Pagar has changed hands for S$148 million.
Keep reading for all the details on these stories and more.
Luckin Coffee Files for Potential $3B IPO
Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission, after being valued at nearly $3 billion in its latest round of funding.
The Beijing-based coffee chain set a placeholder amount of $100 million to indicate the size of the IPO and did not disclose the number of shares it would offer, a filing with the regulator showed. Read more>>
Mirae Asset Buys $526M Seoul Tower From ADIA
Mirae Asset Global Investments has agreed to purchase the State Tower Namsan in central Seoul from the Abu Dhabi Investment Authority, according to sources familiar with the transaction who spoke with Mingtiandi.
The South Korean financial institution had been chosen as the preferred bidder for the 67,000 square metre tower in January after 10 investors filed bids in December last year. In January, Mirae’s bid was reported at $526 million, however, final financial details of the transaction have not yet been made available. JLL and Cushman & Wakefield were acting as sole agents on the transaction. Read more>>
Realty Centre in Singapore Sells for S$148M
Realty Centre, an office building in Tanjong Pagar, has been sold for $148 million in 2019’s first commercial en bloc sale, although the figure falls short of the reserve price.
Marketing agent Cushman & Wakefield had put the freehold 12-storey building up for collective sale with a reserve price of $165 million in January. Read more>>
Hong Kong’s The Executive Centre Targets Business Class Clientele
Office space operator The Executive Centre (TEC) believes that it has found a market in the luxury niche of Hong Kong’s growing number of co-working space operators, as a strategy to survive the overcrowded market.
“I think of [the co-working sector] as the economy class of a flight,” said TEC’s chairman and chief executive Paul Salnikow. “We create locations across Asia where multinationals can settle in.” Read more>>
Guoco Midtown Project Promises to Remake SG’s Ophir-Rochor Corridor
The Beach Road area is set for a fillip with the addition of a $2.4 billion mega mixed-use development, further cementing the Ophir-Rochor corridor as a work-live-play hot spot near the Central Business District.
Guoco Midtown by GuocoLand will feature a 30-storey office block, a residential tower with more than 200 units and an array of public spaces across a gross floor area of almost 1 million sq ft. Read more>>
India’s Nitesh Estates Plans to Raise $187M to Build Commercial Assets
Nitesh Estates Ltd plans to raise about ₹1,300 crore ($186.8 million) to build a commercial office portfolio even as it mulls exiting the residential business, the company’s top executive said. The Bengaluru-based developer will raise ₹800 crore as equity and partner a foreign investor primarily to build a commercial office platform, chairman and managing director Nitesh Shetty said in an interview.
Shetty said the company has mandated Industrial and Commercial Bank of China (ICBC) for the same. Nitesh Estates also plans to raise up to ₹500 crore of mezzanine capital or structured debt for three to four residential projects, which will be eventually converted into offices. Read more>>
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