An ESR project in Chennai, India (Image: ESR)
India’s rising property values lead today’s review of real estate news from around Asia, as ESR and Xander Investment Management are said to be shopping logistics portfolios at healthy prices. Also making the list is a $7 billion fund raising effort by Bain Capital and Carlyle is said to be in talks to sell its stake in an India data centre operator.
ESR, Xander Said Marketing India Logistics Portfolios as Valuations Rise
ESR and Xander Investment Management are looking to monetize their warehousing assets in India, three people familiar with the plans said, as investor interest in industrial real estate soars.
Both will aim to sell 100 percent of their stake in their respective portfolios to investors, the people cited earlier said, all of whom spoke on the condition of anonymity. Read more>>
Bain Capital Aims to Raise $7B for Asia PE Fund
Bain Capital is looking to raise billions of dollars for its next Asia fund and a special situation fund in the region, as it moves to back private equity and credit deals in countries from Japan to India, according to people familiar with the matter.
The investment firm plans to raise at least $7 billion for its Bain Capital Asia Fund VI, targeting more than the amount obtained for its previous fund, the people said, asking not to be identified because the matter is private. The company will start the move at the end of April, the people added. Read more>>
Carlyle said in Talks to Sell India Data Centre Stake to Alpha Wave
New York fund manager Alpha Wave Global is looking to acquire a 24.04 percent stake in Bharti Airtel’s data centre unit, Nxtra Data from Carlyle Group, according to local media reports in India.
The stake is reportedly valued at around INR 52 billion ($600 million) with Nxtra Data Nxtra currently operating 12 data centers in India, with Carlyle said to have been marketing the stake since last year. Read more>>
Korea’s NPS to Begin Talks This Month on Reallocating Assets to Higher-Yield Strategies
South Korea’s National Pension Service (NPS), the country’s largest institutional investor, is set to overhaul its investment strategy with a focus on increasing exposure to higher-risk assets to enhance returns, about a month after a revision to the national pension scheme was passed by the National Assembly.
According to sources in the investment banking industry on Friday, NPS Investment Management, the investment arm of the NPS, will hold a closed-door workshop later this month to discuss strategic reforms, including a reallocation of assets within its investment portfolio. Read more>>
Stack Files for 450MW Sydney Data Centre Campus
US data center firm Stack Infrastructure is planning a large new data center in Sydney, Australia. In a SEARS application with the New South Wales government, Stack has filed to develop a 450MW data center campus at 78 Lockwood Road in Penrith’s Erskine Park.
Stack aims to invest A$650 million ($405.3 million) in the project.to construct a three-story facility spanning 82,020 square metres (882,855 square feet) in ESR’s Erskine Park Logistics Estate. Read more>>
Taiwan’s Shayher Group Said Closing in on $126M Melbourne Hyatt Buy
Melbourne’s Park Hyatt Hotel is close to being sold for A$200 million ($126 million) in the largest commercial deal in the city in 12 months, as a giant Taiwanese apartment developer looks to bulk up its Australian hospitality portfolio.
Shayher Group, part of apartment developer Par Jar Group, is close to purchasing the city’s Park Hyatt hotel, adding to its portfolio of large Australian hospitality assets including Brisbane’s best hotel, W, a 32-level five-star 312-room hotel in the city centre. Read more>>
Dexus Forced to Sell $523M Stake in Sydney Mall to Super Funds
Dexus will be forced to relinquish a half-stake in Sydney’s Macquarie Centre shopping mall, valued at A$830 million ($523 million), after a court sided with superannuation giants and forced the ASX-listed landlord to sell.
Dexus has been in dispute with UniSuper and Cbus Property for control of the asset, one of the city’s largest retail precincts, and had appealed to the Supreme Court of NSW to keep its share of the property. The two industry super funds had accused Dexus of inadvertently breaching a pre-existing agreement when it acquired its half-stake in the A$1.7 billion mall. Read more>>
Trade War Seen Deterring Mainland Homebuyers in Hong Kong
The escalating trade war between China and the US is dampening the sentiment of mainland Chinese homebuyers in Hong Kong, as macroeconomic uncertainties and currency depreciation risks weigh on the housing market, according to experts.
“Hong Kong’s property market very much depends on the economy, which will inevitably be affected by the tariffs and the trade war,” said Joseph Tsang, chairman of JLL Hong Kong, adding that the current economic direction was unfavourable for the outlook on home prices. Read more>>
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