Gaw acquired the Oakland Marriott City Center in 2017 (Image: Gaw Capital Partners)
Hong Kong fund manager Gaw Capital’s 500-room California hotel goes under the gavel at a foreclosure auction, with that story leading today’s headline roundup. Also in the news, Keppel DC REIT rejoins Singapore’s Straits Times Index and Country Garden’s sales slide worsens.
Oakland Hotel Slated for Auction After Gaw Capital Default
The largest hotel in Oakland, California is heading to a foreclosure auction later this month after a Gaw Capital fund defaulted on a $100 million loan linked to the property.
The Hong Kong-based firm had defaulted on the loan linked to the 500-room Oakland Marriott City Center hotel earlier this year after buying the property for $143 million in 2017. Read more>>
Keppel DC REIT Set to Rejoin Straits Times Index in Singapore
Following the Straits Times Index’s June quarterly review, Keppel DC REIT will be entering the index to replace Jardine Cycle & Carriage, effective from 23 June. The move increases the number of S-REITs in the index to eight.
Keppel DC REIT, with a market cap of S$4.9 billion ($3.8 billion), re-enters the STI after exiting in June 2023 and is expected to increase S-REITs’ combined weight in the index to over 10 percent. Read more>>
Country Garden Sales Dropped 28% in May as Spiral Deepens
Country Garden Holdings’ sales slide intensified in May, with the developer faring worse than the broader China housing sector.
The Foshan-based company, once China’s largest property firm, reported monthly sales that dropped 28 percent from a year earlier to RMB 3.1 billion ($430 million). The decline was from an already low base and was much steeper than the 8.6 percent drop in new home sales posted by the country’s top 100 developers. Read more>>
GIC, Future Fund Set to Buy ADIA Stake in Aussie Power Firm in $1.3B Deal
Singapore sovereign wealth fund GIC and Australia’s Future Fund are understood to be nearing a deal to acquire the Abu Dhabi Investment Authority’s 20 percent stake in power firm Transgrid, say sources, in a transaction likely to be worth A$2 billion ($1.3 billion).
It comes as GIC is this week expected to close a deal to buy a stake in Transgrid from the Morrison-run fund UTA, securing a 10 percent holding for at least A$1 billion in a deal that values Transgrid at A$10 billion. A finalisation of that process clears the path for an auction to begin for ADIA’s stake in the company, which provides electricity transmission services on behalf of the New South Wales government. Read more>>
GDS’s DayOne Unit Wins $412M Loan for Indonesia Data Centres
APAC data centre developer DayOne has secured a loan to develop a campus in Indonesia’s Batam, with Singapore banks DBS and UOB having announced a IDR 6.7 trillion ($412.1 million) loan facility to finance the development.
Loan proceeds will be used to develop and operate three data centres at Nongsa Digital Park. The first phase is due to go live by the end of 2025, with the campus expected to have a combined IT load capacity of 72 megawatts. Read more>>
Macau’s HN Group Bets on Senior Living Project in Zhuhai
A Macau conglomerate is targeting Hong Kong’s affluent retirees with a new luxury senior housing project in the Greater Bay Area, capitalising on a shortage of high-end retirement options for the city’s affluent retirees.
The community, on an island largely in the Guangdong city neighbouring Macau, includes a 133-room hotel, four residential towers with a total of 300 units, two wellness centre towers and a spa centre. The RMB 2 billion ($280 million) project is part of HN Group, a century-old Macau conglomerate that began importing Portuguese products in 1920 and has since diversified into retail, engineering and other sectors. Read more>>
CoStar Considers Rebranding Domain.com as Aussie Expansion Continues
CoStar has spent more than A$22 million buying Homes.com.au, in a sign of how the American real estate giant plans to reshape the Australian property listings industry after it acquires Domain in a A$3 billion ($2 billion) takeover.
CoStar, one of the world’s biggest real estate listing platform providers, already operates Homes.com in the US. It will pay A$22.8 million to buy the local domain from a company founded by property developer Pat Carbone in 2018, two sources with knowledge of the transaction said. Read more>>
Australia’s Rest Super Intervenes in Dexus Airport Ownership Battle
Super fund heavyweight Rest has dramatically intervened in the bitter legal row between listed property company Dexus and some of Australia’s most powerful investors. Those investors are seeking to force the pair to sell the entire 27 percent interest they own in the company behind Melbourne and Launceston airports.
Rest, which has held its stake for more than two decades, argued that it should not be caught up in the battle and have to quit its stake, adding that this could put its 2 million members at a disadvantage. Read more>>
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