At the top of today’s news, Singapore’s sovereign wealth fund GIC is partnering with a group of global investors to shell out $5.4 billion for a controlling stake in the property business of France’s AccorHotel. Also in the headlines, debt-strapped HNA Group is still in action as the Hainan-based conglomerate plans to hit the Silk Road with a new pair of investment funds. And JLL is launching a new proptech innovation lab in India. Read on for all these stories and more.
Singapore’s sovereign wealth fund GIC, together with a group of international investors, have signed an agreement to acquire a 55 per cent stake in AccorHotel’s property business arm AccorInvest.
The majority stake will be sold by the French property group to investors including Saudi Arabia’s Public Investment Fund, as well as institutional investors Credit Agricole Assurances, Colony NorthStar, and Amundi among others. The acquisition is subject to certain regulatory approvals, and is expected to be finalised in the second quarter this year, GIC said. Read more>>
Chinese conglomerate HNA Group’s unit HNA Capital said it will lead two funds totaling RMB 20 billion ($3.2 billion) that will focus on investments linked to the ambitious Belt and Road initiative of the world’s second-largest economy.
Through these two funds, HNA Group’s financial arm will prioritise projects in the infrastructure, financial services and high technology sectors across Greater China and Southeast Asia, it said in a statement on Tuesday. Read more>>
Shanghai’s Pudong New Area plans to build the Lujiazui area into the city’s top retail hub by 2020, featuring the most high-end brands and bringing in the highest revenue compared to the city’s other districts, officials said yesterday.
Over the next three years, Pudong will introduce one to two renowned global retailers every year so as to make local retailers stand apart from the usual shopping destinations. French upscale retail chain Galeries Lafayette will open its Shanghai store in Lujiazui in October, according to Lu Qixing, deputy director of Pudong’s commercial commission. Read more>>
JLL, India’s largest real estate services firm, today announced the launch of IDEA Lab, an incubation cell, to tap into the ecosystem of startups and vendor partners and to bring the best of technology applications, tools and solutions with an aim to drive client experience and productivity. Through this pioneering programme, JLL’s Facilities Management business aims to bring the best of breed FM solutions and disruptive technologies such as Internet of Things, Artificial Intelligence, Robotics, Chatbots, Machine Learning, Predictive Analytics, etc., that have current or future applications in the space their clients operate in.
JLL has recently inducted “Tech Innovator” Hemant Soni, to helm this initiative. Hemant is an IIT Roorkee alumnus, a young entrepreneur with an experience of starting and leading technology startups. He is also the Founder and CEO of mPass – a visitor management solution. Read more>>
Parkson Holdings, a Malaysian department store operator with outlets across Asia, has closed another store in Ho Chi Minh City due to a business downturn. Parkson Flemington was opened in 2009 in HCMC’s District 11, but is now the fourth Parkson center in Vietnam to close.
In an announcement posted on its website, Parkson said the closing of Parkson Flemmington “will not affect the business of other department stores under the Parkson brand in Vietnam, and the privileges and benefits for Parkson membership card holders will still be preserved and applicable at all Parkson stores.” Read more>>
SM Investments, the Philippines’ most valuable conglomerate, logged a 2-percentage-point drop-off in profit growth for 2017 as its retail empire’s earnings slipped.
SM recorded a consolidated net income of 32.9 billion pesos ($630 million), up 6% from 31.2 billion pesos in 2016, when profit grew at an 8% clip. Consolidated revenue expanded by 9% to 396.1 billion pesos in 2017. The company also owns the Philippines’ largest lender and mall developer. Read more>>