Signature Tower Seoul received the 29th Seoul Metropolitan Architecture Award for Excellence (Image: IGIS)
Seoul office space continues to be an investor favourite, with news of IGIS and the National Pension Service lining up a $724 million bid for a commercial tower in the city leading today’s headline roundup. Also in the news, The Executive Centre’s India unit files for an IPO and China’s Country Garden may be inching closer to a restructuring deal with its creditors.
IGIS, NPS Pick KB Asset Management as Preferred Bidder for Seoul’s Signature Tower
IGIS Asset Management and Korea’s National Pension Service are said to have chosen KB Asset Management Co as the preferred buyer for Seoul’s Signature Tower.
The South Korean asset management firm is said to have offered slightly over 1 trillion won ($724 million) for the two-tower complex in Seoul’s central business district. KB will tap an in-house core plus blind pool fund formed by its parent, KB Financial Group, and raise an additional fund through equity shares for the transaction. Read more>>
Executive Centre India Files for $301M IPO
Flexible workspace solutions provider Executive Centre India has filed its draft red herring prospectus with India’s stock exchange regulator for an initial public offering which could bring in 26 billion rupees ($301 million).
The IPO will offer fresh shares in the company with proceeds primarily pegged for investment in its Abu Dhabi subsidiary, as well as to partially finance acquisitions of two step-down subsidiaries – TEC SGP and TEC Dubai – from one of its promoters, TEC Singapore. Read more>>
China’s Country Garden Said to Agree to Key Bank Demands in Restructuring
Chinese developer Country Garden Holdings has agreed to some key restructuring terms a group of bank creditors had demanded, according to people familiar with the matter, potentially easing the path for an overall debt deal.
The company, once China’s biggest developer, has sent a document to a group of banks known as the co-ordination committee addressing their concerns. The document details a deal in which the key term is $178 million in compensation that Country Garden will pay the banks for the return of seized collateral, the people said, asking not to be identified discussing private matters. Read more>>
Keppel DC REIT Boosts Distributions by 12.8%
Keppel DC REIT posted a 12.8 percent increase in distribution per unit to S$0.05133 for its first half of the financial year ended 30 Jun, from S$0.04549 in the same year-ago period.
The REIT’s manager attributed the rise in distributions mainly to contributions from the acquisition of data centre buildings Keppel DC Singapore (KDC SGP) 7 and 8 last November, and Tokyo Data Centre 1 in July 2024, as well as from contract renewals and escalations. Read more>>
Equinix Plans to Expand Edge Data Centre Network in Japan
US data center operator Equinix plans to expand its small in-city data centers in Japan as companies race to match global standards of cloud and artificial intelligence use, while highlighting the risks posed by a scarcity of electrical infrastructure and construction workers.
Kuniko Ogawa, representative director at Equinix Japan, told Nikkei Asia on the sidelines of the Nikkei Global Digital Summit on Wednesday that she is looking to expand small centers “as much as possible,” from the current around a dozen sites in the country. Read more>>
India’s Lodha to Invest $220M in First Project in Capital Region
Lodha Developers Ltd., India’s number two property developer by market value, is planning a residential project in and around New Delhi next year, in signs of an intensifying turf war as it enters industry leader DLF Ltd.’s stronghold.
The Mumbai-based developer is considering rolling out a project with an investment of as much as 19 billion rupees ($220 million) in the year starting April 2026, Prashant Bindal, the firm’s chief sales officer said in an interview. The financial details are still being worked on and clarity will emerge closer to the actual launch, he added. Read more>>
Singapore’s GIC Shows Off AI Tools for Dealmaking
The next time a banker pitches an investment to GIC Pte, one of the world’s biggest sovereign wealth funds, their deal might get picked apart by its latest AI tools: a Virtual Investment Committee and an “Agentic Devil’s Advocate” chatbot designed to ask tough questions.
GIC on Thursday unveiled a video demonstration of its newest platform to highlight how AI is changing the way the Singapore state investor does deals. About an hour after uploading data and background materials on a proposed investment, the bot spits out a detailed summary of the key issues and examples of questions an investment committee member might ask before giving it a green light. Read more>>
Stack Wins $856M in Green Credit to Develop Melbourne Data Centre
Stack Infrastructure has closed on an AUD $1.3 billion ($856 million) green financing facility to fund the next phase of development at its MEL01 hyperscale campus in West Melbourne, Australia.
The facility was fully underwritten by lead arrangers and underwriters Deutsche Bank, MUFG Bank, Natixis, Oversea-Chinese Banking Corporation, and Société Générale. MEL01 is set to offer 72MW while an additional nearby campus will provide an additional 252MW of capacity. Read more>>
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