GIC Makes $122M Exit From Mumbai Mall Venture and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Singapore’s GIC sells its half-stake in a Mumbai mall, and Fitch puts industrial giant GLP on a negative ratings watch. Also happening in India, Blackstone’s Nexus Select Trust IPO was oversubscribed on the third day of the offering and a PIMCO Prime office JV is said to be looking for an exit.

GIC Sells Stake in Mumbai Mall for $122M

Realty major Runwal has bought out Singapore sovereign wealth fund GIC’s entire 50 percent stake in their joint retail property R City Mall for INR 1,000 crore ($121.8 million) to gain complete control of the asset in Mumbai’s Ghatkopar suburb, said people with direct knowledge of the development.

The transaction is one of the largest single property acquisitions in the Indian retail industry, with GIC’s exit said to have brought a return of more than 4 times. Read more>>

Fitch Places GLP on Rating Watch Negative

Fitch Ratings has placed Singapore-based GLP’s BBB- long-term foreign currency issuer default rating, senior unsecured rating, $5 billion medium-term note programme and outstanding senior bonds, as well as the BB subordinated perpetual securities, on Rating Watch Negative.

The RWN reflects uncertainty in the industrial giant’s deleveraging effort via asset monetisation, the agency said. Read more>>

Blackstone’s Nexus Mall Trust Oversubscribed on Day 3 of India IPO

The India IPO for Blackstone’s Nexus Select Trust REIT Ltd was subscribed 2.39 times on Day 3, as per cumulative data from the exchanges at 13:25 IST.

According to cumulative data on the bourses, the non-QIB portion (NII, HNIs, retail and corporate) or other investors portion was subscribed 2.84 times, and Qualified Institutional Investors or Institutional investors portion was subscribed 2.00 times on Day 3. Read more>>

PIMCO Prime-Shapoorji JV Plans to Sell Stake in Hyderabad’s IT SEZ

A joint venture of Allianz Group (now PIMCO Prime) and Shapoorji Pallonji Group is trying to exit the roughly 2.5 million square foot (232,258 square metre) IT SEZ property Waverock in Hyderabad for INR 2,000 crore ($243.6 million).

Apple, Accenture and TCS are among the tenants at the building. Several institutional investors have expressed interest in the property. Read more>>

Frasers Property’s Profit Climbs on ‘Buoyant’ Singapore Market

Frasers Property posted a 43 percent rise in first-half profit as the Singapore developer benefited from a recovery in property prices and the hospitality business.

Net income rose to S$225.8 million ($171 million) in the six months ended 31 March, the company said in a filing with the Singapore Exchange on Thursday. Read more>>

Daiwa House Logistics Trust Q1 Distributable Income Up 2.5%

Singapore-listed Daiwa House Logistics Trust on Thursday said its first-quarter distributable income grew 2.5 percent year-on-year to S$9.1 million ($6.9 million).

Net property income for the REIT rose 0.1 percent to JPY 1.1 billion ($8.2 million), while gross rental income climbed 5.3 percent to JPY 1.4 billion, based on unaudited figures. Read more>>

Brookfield to Develop BTR Towers in Brisbane

Canadian giant Brookfield is targeting Australia as one of the key markets for its growing build-to-rent platform and has identified sites in Brisbane to kick off its local operations.

The move by the giant alternative asset manager puts into place one of the last pieces of the puzzle for the company and the Australian development market. Read more>>

Far East Organization-Sino Group Condo JV Set to Launch in Singapore’s Bukit Timah

Far East Organization and Sino Group will start previews for The Reserve Residences in Singapore’s Bukit Timah area on Friday, with prices starting from S$2,300 ($1,732) per square foot.

Located at Beauty World, The Reserve Residences in District 21 will house 732 residential units split over eight blocks. Read more>>

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