GIC Enters $300M Mexico Multi-Family JV and More Asia Real Estate Headlines

Cross-border deals dominate the news today, with Singapore’s sovereign wealth fund GIC entering into a $300 million venture to build rental residences in Mexico. Also in the headlines, a US pension fund has committed $50 million to Chinese car parks via a LimeTree Capital-managed fund, and Hyatt Hotels is making its own foray into China with a new hospitality tie-up. And Indian development giant DLF just nabbed a major site in the New Delhi area. Read on for all these stories and more.

GIC Joins $300M JV for Multi-Family Assets in Mexico

CCLA, a partnership between CIM Group and Compass Group, has created a $300 million joint venture with Singapore sovereign wealth fund GIC. CCLA develops, owns, and operates well-amenitized multifamily residential for-rent assets including mixed-use real estate assets in Mexico and Latin America.

The new venture with GIC will develop and operate purpose-built, for-rent multi-family buildings across Mexico’s largest cities including Mexico City, Guadalajara and Monterrey. The joint venture aims to develop a portfolio of mid-to high-rise buildings, with each comprised of approximately 250 to 400 rental units. CCLA will develop and operate the buildings. Read more>>

Indiana Pension Fund Bets $50M on China Car Parks

Indiana Public Retirement System (INPRS) is to invest in Chinese car parks through a specialist fund managed by LimeTree Capital. The US pension fund has made a $50M (€40.6M) commitment to China Car Parks Invest Fund II, according to a board meeting report.

It will invest in parking garages in tier-one cities in mainland China, including acquisitions and development projects. LimeTree is anticipating a rise in parking rates in China in the coming years. Read more>>

Hyatt Partners with Tianfu Minyoun for China Hotel Expansion

Chicago-based Hyatt Hotels Corporation announced on Monday that it will partner with China’s Tianfu Minyoun Hospitality, or Tianfu Minyoun, in a strategic development deal that will allow the expansion of Hyatt Place and Hyatt House hotels in China, according to a press release by Hyatt.

Hyatt said in the press release that 50 Hyatt Place and Hyatt House hotels are planned over the next five years of which Tianfu Minyoun, in cooperation with Chinese investors, will be in charge of the development. The first of the planned hotels include Hyatt Place Nanchong Gaoping, Hyatt Place Changchun Jingyue and Hyatt House Changchun Jingyue. The three hotels will be operated and managed by Tianfu Minyoun upon completion. Read more>>

India’s DLF Buys Delhi-NCR Commercial Parcel for $230M

DLF Ltd, one of India’s biggest developers, has bought a 11.76-acre land parcel in Gurugram for Rs 1,496 crore ($230 million) to develop a commercial project.

DLF said in a stock-exchange filing that unit Aadarshini Real Estate Developers Pvt. Ltd emerged as the highest bidder for the land parcel in an auction conducted by Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC). This is the single-highest bid for any site in Haryana, HSIIDC said in a statement. Read more>>

Vietnam’s Vingroup Taps 4 Banks for Planned $1B IPO

Vingroup JSC, Vietnam’s biggest property developer, has picked four foreign banks for a planned $1 billion listing of its residential property business, sources familiar with the matter said, which will mark a strong run of IPOs in the country.

Vingroup has tapped Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley for the planned initial public offering of Vinhomes, which, if completed, could be one of the biggest ever equity offerings in Vietnam, the sources said. Read more>>

CDL, TID Place Top Bid of S$509M for Singapore EC Site

Amid a severe supply shortage in the executive condominium (EC) segment, an EC site in Sumang Walk in Punggol fetched a whopping 17 bids at a state tender that closed on Tuesday. The top bid of S$509.37 million works out to a record to S$583 per square foot per plot ratio (psf ppr).

The bid came from a joint venture between City Developments’ fully owned subsidiary CDL Constellation and TID Residential. TID Residential is a fully owned unit of TID Pte Ltd, which in turn is a joint venture between Hong Leong Holdings and Mitsui Fudosan Co. Read more>>

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