Luxury hotels lead the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that an Indian hospitality group has filed paperwork for a $139 million initial public offering.
In other news around the region, a Mumbai-based developer is said to have formed a $600 million warehousing platform with the Abu Dhabi Investment Authority, while a mainland China developer has completed a $1 billion mixed-use project in downtown LA.
Elsewhere, Hong Kong landlords and hotel owners are facing tough times as rents slide and bookings collapse.
Apeejay Surrendra Park Hotels Ltd, which operates luxury boutique hotels under ‘The Park’ brand, has filed its draft red herring prospectus for an INR 10 billion ($139 million) initial public offering.
The initial share sale comprises a fresh offer of INR 4 billion, which will be used to repay debt and for general corporate purposes, while the remaining shares worth INR 6 billion will be sold by its existing investors and promoters. Read more>>
Pallonji Real Estate is setting up a $600 million investment platform in partnership with a global sovereign fund to enter India’s growing warehousing space, a top company official said.
The Shapoorji Pallonji group firm, which builds luxury to mid-income homes across the country, plans to roll out the new business by April. According to two people aware of the development, who spoke on condition of anonymity, the Mumbai-based developer is close to tying up with Abu Dhabi Investment Authority (ADIA) for the warehousing investment platform. Read more>>
Baker McKenzie has advised Gaw Capital Partners on the structuring, formation and successful closing of its sixth flagship Asia-Pacific real estate fund, Gateway Real Estate Fund VI, which raised $2.2 billion, after obtaining approval to exceed its original hard cap of $2 billion.
The law firm also assisted Gaw Capital in securing additional sidecar commitments of $800 million to be deployed alongside the latest fund. Gateway Fund VI is Gaw Capital’s largest fund to date. Read more>>
Greenland USA, a subsidiary of Chinese developer Greenland Group, has announced that its four-building, $1 billion Metropolis development in downtown Los Angeles is complete.
The Los Angeles Department of Buildings and Safety (LADBS) issued a temporary certificate of occupancy for the final tower, the Thea at the Metropolis condominium high-rise, in December. Read more>>
Hong Kong’s hotel operators are looking at news ways to beat seven months of downturn, including tapping the staycation market with hard to resist discount package deals.
Far East Consortium International, which operates nine hotels comprising 2,867 hotel rooms in Hong Kong, is among those pursuing staycationers. Read more>>
Future Retail, which runs India’s Big Bazaar chain, is seeking to raise up to $500 million in its maiden overseas bond issue after two informal sale attempts last year, three people with direct knowledge of the matter told ET.
The Kishore Biyani-backed company will likely start roadshows in Hong Kong, Singapore, London, Los Angeles and New York beginning this week. These bonds are likely to be of three and five-year maturity, and would open for subscription in the next two weeks. Read more>>
Frasers Property Industrial has completed the acquisition of a state-of-the-art logistics property and a greenfield development plot in Frankenthal and Egelsbach, Germany respectively.
This completes the acquisition of a portfolio of 22 logistics and light industrial assets from Alpha Industrial Holding SA announced in 2018. Read more>>