A pair of India deals lead today’s roundup of regional news headlines, as Canadian pension fund manager CPPIB invests in a Mumbai mixed-use project and Singapore’s CapitaLand acquires a plot for a Navi Mumbai data centre. China’s GDS, meanwhile, picks up a site in Batam for its first Indonesian data centre project.
The Phoenix Mills Ltd and the Canada Pension Plan Investment Board on Monday announced a new joint venture to develop an office-led mixed-use asset in Lower Parel, Mumbai. The asset forms part of a larger mixed-use development at Phoenix Palladium in Mumbai.
CPPIB will commit to investing approximately INR 1,350 crore ($181.6 million) in tranches, for an ultimate equity stake of 49 percent in the entity, known as PCREPL, that will own the asset. With the funds invested by CPPIB and PML, PCREPL will develop office space with a possible leasable area of about 1 million square feet (92,903 square metres) and flagship retail space with a potential leasable area of 200,000 square feet. The target completion date for the development is 2026. Read more>>
Singaporean real estate group CapitaLand has acquired land in India’s Navi Mumbai for a data centre campus.
In July, CapitaLand announced that its Ascendas India Trust was to build a 90-megawatt data centre on a 6.6 acre (2.7 hectare) site. The development will be both CapitaLand and a-iTrust’s first data centre project in the country. Read more>>
Chinese data centre operator and developer GDS has acquired land in Batam, Indonesia for a new data centre campus.
The company plans to build two new data centre buildings on the site, comprising a total net floor area of approximately 10,000 square metres (107,600 square feet) and 28 megawatts of total IT power capacity. Read more>>
Keppel Corporation on Tuesday reiterated that its offer for Singapore Press Holdings is “firm and irrevocable” and also provides the shortest time to pay-out by mid-January 2022 for SPH shareholders.
Keppel’s statement comes one day after the consortium comprising Hotel Properties, businessman Ong Beng Seng and two Temasek-linked entities, CLA and Mapletree, raised its offer for SPH. Keppel just days before had raised its own bid. Read more>>
Three units of troubled Chinese property developer Kaisa Group Holdings will resume trading this morning in Hong Kong, saying that any liquidity issues faced by the parent company won’t have a material impact on their operations.
The units are Kaisa Prosperity Holdings, Kaisa Health Group Holdings and Kaisa Capital Investment Holdings, according to separate filings with the Hong Kong stock exchange late Monday. Meanwhile, at least some of Kaisa’s creditors have yet to receive bond interest due last week. Read more>>
As developer China Evergrande Group scrambles to meet its debt obligations, its founder is freeing up funds from luxury assets including art, calligraphy and three high-end homes, according to filings and a person with knowledge of the matter.
Chinese authorities have told Evergrande chairman Xu Jiayin to use some of his personal wealth to help pay bondholders, two separate people with knowledge of the matter told Reuters last month. Read more>>
Two UBS Group portfolio managers are leaving after a $3 billion fund got caught up in China’s high-yield bond meltdown.
Singapore-based Jiayi Yew and China-based Brian Lou will depart the bank in January, a UBS spokesperson confirmed. Both report to Ross Dilkes, the lead manager of the Asian High Yield fund. Dilkes is also leaving the firm after about 16 years. Read more>>
Now that its long, strange trip from a failed IPO to merger with a special-purpose acquisition company is complete, WeWork is just another publicly traded enterprise.
The flexible office space provider released its earnings report for the third quarter on Monday, the first since officially going public in October. In the quarter, WeWork reported a net loss of $844 million, an improvement of more than $100 million over the nearly $1 billion it lost in Q3 2020, Reuters reports. The smaller loss was entirely a result of cost-cutting measures over the intervening year, as its third quarter revenue was $661 million, compared with over $810 million in the same period of 2020. Read more>>