KKR Japan CEO Hiro Hirano
Private equity giant KKR is extending its follow-up tender offer for Japan’s Fuji Soft a second time, with that move leading today’s headline roundup. Also in the news, KKR’s industrial J-REIT completes an Osaka shed buy and Singapore-listed Manulife US REIT previews its 2024 loss.
KKR Extends Second Tender Offer for Japan’s Fuji Soft
KKR announced Thursday that it has extended its follow-up offer for Japan’s Fuji Soft as it battles with Bain Capital for control of the Japanese software maker and its property portfolio.
With the tender offer to have closed Thursday, the US private equity firm said it would extend the deadline for shareholder acceptance to 24 January, while calling into question the feasibility of Bain’s competing proposal. Read more>>
KKR-Backed J-REIT Completes $66M Osaka Logistics Acquisition
KKR-managed Industrial & Infrastructure Fund announced this week that it has completed its JPY 9.24 billion ($66 million) purchase of a warehouse near Osaka.
The manager of the Tokyo-listed trust had announced in September that it planned to acquire the 33,387 square metre (359,375 square foot) facility from KKR-owned logistics firm Logisteed. Read more>>
Manulife US REIT Warns of 2024 Loss
Singapore-listed Manulife US REIT said it expected to post a loss in the last fiscal year due to fair value loss on its properties but could deleverage its balance sheet sooner than expected.
Based on an independent valuation, Manulife US REIT’s portfolio was valued at $1.137 billion at the end of 2024, down 9.3 percent year-on-year, the company said Friday. Read more>>
Epson Industrial Facility in Singapore’s Tuas Area on Market for $40M
Epson is aiming to sell its Tuas facility for about S$55 million ($40.2 million) as the Japanese electronics firm winds down operations at its Singapore plant over the next three years, exclusive marketing agent CBRE said Thursday.
The two-storey industrial building at 1 Tuas Link 4 stands on a 307,420 square foot (28,560 square metre) plot of land. It has a total gross floor area of 302,458 square feet, a potential built-up area of 768,550 square feet and an additional 466,092 square feet of untapped plot ratio, CBRE said. Read more>>
Singapore Tycoon Ong Beng Seng Ups Stake in Hotel Properties Ltd
Property tycoon Ong Beng Seng has acquired 150,000 shares in Hotel Properties Ltd via an off-market transaction for S$3.58 ($2.62) per share.
Ong’s stake in the company increased to 60.22 percent from 60.19 percent previously, according to a bourse filing on Thursday. He now holds a deemed interest of 206,479,232 shares in HPL, of which he is the founder and managing director. Read more>>
Analysts Call Bottom to Hong Kong’s Housing Slide
Hong Kong’s residential property market is set to finally turn a corner after a three-year slump as lower interest rates draw more buyers, according to analysts. Just don’t expect prices to grow much.
Cheaper borrowing costs, an influx of mainland Chinese talent and robust rents will help to stabilise the market. Home prices — which have fallen to an eight-year low amid rate hikes and a population outflow — are expected to bottom out this year, though they are unlikely to increase significantly due to a lingering supply glut. Read more>>
China’s State-Backed Builders Handing Back Undeveloped Land
From Vanke to China Resources Land, a number of state-backed developers on the mainland have unloaded land that they accumulated during the boom times, and analysts believe more firms will follow suit in an effort to ease their liquidity crises.
Yuexiu Property, which is backed by the municipal government of Guangzhou, has returned RMB 12 billion ($1.6 billion) worth of land to local governments since August. In July, state-owned China Resources Land returned a plot in Fuzhou that it bought for RMB 920 million in 2014. The developer reacquired it three months later for RMB 947 million after the city’s government offered more lenient terms. Read more>>
Data Centre Startup Led by Former STT GDC Exec Touts Sydney Project
Doma Infrastructure Group, an Australian data centre startup led by former STT GDC Southeast Asia CEO Clement Goh, announced plans this week to develop a 50- to 60-megawatt facility in Sydney.
In December, Doma unveiled a partnership with Silicon Tech Park Thailand to develop three data centre campuses in that country’s Eastern Economic Corridor which would provide 1.5 gigawatts of capacity. Read more>>
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