In our latest roundup of regional news headlines, China’s Gree Real Estate has put the finishing touches on its entry into the duty-free retail sector, and Singapore-listed ARA Logos Logistics Trust has raised some fresh cash to finance the purchase of a set of Aussie sheds.
Blackstone also makes headlines as the fund management colossus reportedly begins talks regarding an IPO of an India home finance firm and mainland data centre powerhouse GDS sees its Hong Kong-listed stock jump on the first day of trading.
China’s Gree Real Estate Acquires Zhuhai Duty Free for $1.8B
Gree Real Estate has sealed its take-over deal of sister company Zhuhai Duty Free Enterprises Group, first announced in May, in a transaction worth RMB 12.2 billion ($1.8 billion), the property developing arm of the Zhuhai State-Owned Assets Supervision and Administration Commission announced on 30 October.
The entry into the lucrative duty-free sector will boost Gree’s prospects and grant it rare resources, the firm said. It will pay 6.55 percent of the transaction in cash and the rest through the issuance of new stock. Read more>>
ARA Logos Raises About S$50M in Private Placement
ARA Logos Logistics Trust has raised about S$50 million ($36.7 million) from its private placement to partially finance its proposed acquisition of five Australian properties and investment in two of the sponsor’s funds.
About 90.5 million new units were issued at 55.25 Singapore cents each. The issue price represents a discount of 7.2 percent to the volume-weighted average price (VWAP) of 59.52 Singapore cents per unit in the trust for trades done for the preceding market day on 30 October and up to the time the underwriting agreement was signed on 2 November. Based on an adjusted VWAP of 57.43 Singapore cents per unit, the issue price represents a discount of 3.8 percent. Read more>>
Blackstone in Talks to Launch India Housing Finance IPO
Blackstone, the world’s largest alternative asset manager and the largest owner of commercial real estate in India, has launched early stage discussions to evaluate an initial public offering by its portfolio company Aadhar Housing Finance, people familiar with the matter told Moneycontrol.
If plans come to fruition, this would be the first IPO in the Indian housing finance segment in more than two years. The last came from Jaipur-based Aavas Financiers, which launched its $221m IPO on 25 October 2018. Read more>>
China Data Centre Giant GDS Sees Stock Rise 2.6% on Day of IPO
On 2 November, China’s biggest third-party data center brand GDS (GDS:NASDAQ, 09698:HK) began to trade on the Hong Kong Stock Exchange. Its newly listed stock rose 2.6 percent on the IPO day.
The offering was priced at HK$80.88 ($10.44) per share, with total consideration of HK$12.94 billion in proceeds if the greenshoe option was not executed. Read more>>
Microsoft to Join $100M Indonesia E-Commerce Investment
Microsoft has agreed to join a $100 million investment in Indonesian online marketplace Bukalapak.com, according to people familiar with the matter.
The investment was to be possibly announced as soon as Tuesday, said the people, asking not to be named because the details weren’t public yet. Microsoft and existing backers GIC and Elang Mahkota Teknologi, better known as Emtek Group, are investing at a valuation of between $2.5 billion and $3 billion, they said. Read more>>
Alta Capital Readies APAC Distressed Hotel Fund
Distress in the hotel and wellness property segments is likely to be more pronounced next year as the coronavirus pandemic continues to devastate the travel and tourism industry, according to the founder of a newly launched private equity fund.
With a likely 20 to 30 percent discount in prices of hotels and resorts that have seen their cash flow restricted by border closures aimed at stemming the spread of the deadly disease, Hong Kong-based Alta Capital Real Estate hopes to scoop up five properties in Asia-Pacific, rebrand them and sell them as an income-earning portfolio in six years’ time. Read more>>
China Real Estate Sales Slow for Second Straight Month
China’s property sales slowed for a second month in a row in October, indicating that potential buyers are taking a more robust wait-and-see approach, according to a new report.
Sales rose 25.2 percent to RMB 1.14 trillion ($170.5 billion) last month from a year earlier, CRIC Research Center said in a report released on 31 October. They jumped 29 percent in September after peaking at 30.7 percent in August. On a monthly basis, sales fell 3.9 percent last month. Read more>>
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