Monogram’s The Mark, in Boca Raton, Florida. Image courtesy of GIC
At the top of today’s real estate headlines, a Greystar fund backed by Singapore’s sovereign wealth fund is buying out a US apartment developer for $4.4 billion, while one of Hong Kong’s richest families makes a $1.2 billion investment in what was once China’s most notorious real estate debt. Meanwhile, a Hong Kong-based private equity shop is buying into the Manila office market, and there is much more if you just keep reading.
GIC-Backed Greystar Fund Buys US Developer for $4.4B
A fund backed by Singapore sovereign wealth fund GIC has completed its acquisition of luxury US apartment developer Monogram for a total transaction value of approximately US$4.4 billion (S$5.93 billion).
Monogram owns, operates and develops luxury apartment communities in coastal and urban markets including southern Florida, Texas and Virginia. As at June 30, 2017, its portfolio includes investments in 48 multifamily communities in 10 states comprising 13,438 apartment homes. Read more>>
Kaisa Shares Jump After $1.2B Investment by HK’s Lau Family
Shares of Chinese property developer Kaisa Group soared 26 per cent on Thursday morning after it was revealed that tycoon Joseph Lau’s family has invested nearly US$1.2 billion in the company’s offshore debts.
Lau’s family, led by his wife Kimbie Chan Hoi-wan, along with their company, Chinese Estates, and several investment partners, have bought US$1.2 billion of Kaisa’s bonds, with the family itself accounting for over 90 per cent of the total, a Chinese Estates spokesman said in a statement on Wednesday night. Read more>>
Arch Capital Buys 40% of Manila Office Building for $31M
Supalai Plc, a Thai listed property developer, has sold its 40 per cent stake in Petron Megaplaza, a Grade A office building in the Philippines, to Sky Megaplaza Properties Inc for 1.62 billion pesos ($31 million), according to the Philippine Competition Commission’s announcement.
Sky Megaplaza Properties is a wholly owned subsidiary of Hong Kong-based private equity fund Arch Capital’s TRG Asian Partners III, which closed the fund at $355 million in 2016. Over half of the fund corpus has been invested in China and the remainder in other countries including Thailand and the Philippines. Read more>>
Switzerland Demands Clarity on HNA Ownership
Switzerland’s takeover body has demanded that HNA clarify its ownership structure because of apparent changes to the acquisitive Chinese conglomerate’s shareholder base after its SFr1.4bn buyout of air services company Gategroup.
The ownership of HNA has been shrouded in mystery since the company emerged as one of China’s top acquirers of overseas assets in recent years. During that time HNA has spent more than $40bn on cross-border deals and has come under considerable scrutiny. Read more>>
China Homebuyers Race into Car Loans as Mortgage Funds Dry Up
Chinese borrowers are turning to a new funding channel to snap up properties – short-term consumer loans usually reserved for cars or an education – as the mortgage landscape continues to shrink, a research firm says.
According to E-House China R&D Institute, the amount of “irregular” consumer loans taken out since March reached 370 billion yuan (US$56.18 billion), with at least 80 per cent going towards property payments. Read more>>
SG’s Yusen Logistics Breaks Ground on New Warehouse
Yusen Logistics Singapore broke ground for its first future-ready warehouse on Wednesday as part of a $50 million investment to boost its operations.
The logistics company is building the new three-storey ramp-up warehouse on its existing premises in Tuas, which will be ready by the first quarter of 2019. Read more>>
Chinese Developer in A$295M Sydney Site Buy
Chinese developer JQZ has confirmed the top end of Sydney’s apartment site market is still running hot with the $295 million purchase of the St Leonards parcel known as 88 Christie from Sydney developer Dyldam.
The long-awaited deal came after months of negotiations in which Dyldam bought surrounding properties and submitted fresh plans for a landmark tower. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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