Pi Labs team in London just notched a partner in India
In today’s roundup of regional news headlines, Indian giant Embassy Group invests in one of UK-based Pi Labs’ proptech funds, a home on Hong Kong’s Peak reportedly sets a fresh record for monthly rent, and Canadian asset manager Brookfield may be about to join the bidding for Singtel’s Australian mobile towers.
India’s Embassy Group Invests in Pi Labs Proptech Fund
Embassy Group, one of India’s largest real estate conglomerates, has joined proptech investor Pi Labs as a limited partner in its current Fund 3.
The investment will support Embassy Group’s commitment to the transformation of the real estate sector through innovative technology, drawing on synergies from Pi Labs’ proptech ecosystem. Read more>>
Home on Hong Kong’s Peak Sets Record With Monthly Rent of $206,000
Hong Kong’s luxury real estate sector continues to hit new highs, defying a declining rental market in the city.
A house on 73 Mount Kellett Road on The Peak was leased for HK$1.6 million ($206,000) a month, Hong Kong Economic Times reported, citing unidentified sources. That translates into about $2.5 million a year for the tenant. Read more>>
Brookfield, IFM Mull Bids for Singtel’s Australia Towers
Brookfield Asset Management and IFM Investors are considering bidding for Singapore Telecommunications’ portfolio of Australian mobile phone towers, according to people familiar with the matter, joining a crowded field of possible suitors for the digital infrastructure assets.
A deal for the towers, held under Singtel’s Australian subsidiary, Optus, could value the assets at about A$2 billion ($1.6 billion), the people said, asking not to be named discussing confidential matters. First-round offers may be due as soon as later this month, the people said. Read more>>
ARA-Backed Online Investment Firm Absorbs Blockchain-Powered Rival
Blockchain platform Digiassets Exchange Singapore (SDAX) and fintech company Minterest Holdings have agreed to merge to build a global digital asset exchange ecosystem amid growing demand for alternative investments.
The ecosystem will offer fully integrated solutions across deal origination, fundraising, digital securities offering and secondary trading. Read more>>
New World Raises $300M Through US SPAC
A special purpose acquisition company, Artisan Acquisition, backed by New World Development’s Adrian Cheng raised $300 million in the US market on Friday.
The amount raised from the initial public offering will be $345 million, assuming full exercise of the over-allotment option, said UBS, the lead joint bookrunner of the deal. Read more>>
CK Asset Gets Nod for Share Buyback, Acquisitions
CK Asset’s acquisition of four assets from the Li Ka Shing Foundation and the HK$19.38 billion ($2.5 billion) share buyback plan were approved at an extraordinary general meeting Thursday.
The acquisition plan won 86.37 percent of the votes, the share buyback 86.4 percent and the “whitewash” resolution 77 percent. Read more>>
New India REITs May Be Delayed, Says C&W Boss
Anshul Jain, managing director for India and Southeast Asia at Cushman & Wakefield, says the real estate sector learned from last year’s outbreak and is better prepared for coronavirus-led disruptions this time, which will have a near-term effect even as the long-term story remains intact.
With more than 25 years of experience, Jain, who holds a master’s in finance and an international MBA, has his finger on the pulse. Warehousing and logistics segments will draw more investments as demand from e-commerce grows, he says. Cold chain storage is another segment he is bullish on, with the pharma and agriculture sectors also in line for expansion. Read more>>
Cromwell European REIT Net Property Down by Just 0.4%
Cromwell European REIT reported a net property income of €30.8 million ($37.3 million) for the first quarter of 2021, a mere 0.4 percent decrease from the same period last year, when the euro-zone economy was not yet affected by the COVID-19 pandemic.
In a bourse disclosure, the REIT attributed this stable yield to recent expansions to India, Germany, Czechia and Slovakia. This offset the losses from the disposal of 12 high-risk assets in the Netherlands, France and Denmark. Read more>>
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