Korea's NPS, Stockbridge Acquire $2B US Logistics Portfolio

Korea’s NPS has been rapidly expanding its holdings of overseas real estate

In our latest roundup of regional news headlines, Korea’s National Pension Service has added to its growing stockpile of overseas real estate assets by teaming up with a US private equity firm in the purchase of an American logistics portfolio.

Also in the news, warehouse heavyweight ESR has been frustrated in bid to consolidate its Singapore industrial holdings after activist shareholders torpedoed a proposed REIT merger, JD.com’s logistics arm invites investment banks to submit proposals for a Hong Kong IPO, and plans for a luxury hotel and casino in Macau come up snake eyes.

Korea’s NPS Acquires $2B US Logistics Portfolio With Stockbridge

The National Pension Service has teamed up with the US-based Stockbridge Capital Group to acquire a $2 billion portfolio of logistics facilities in America, in the largest industrial property transaction by value since the coronavirus struck.

The portfolio consists of Class A logistics centres across the US with 14.3 million square feet (1.3 million square metres), including recently completed and soon-to-be-completed properties. They are under long-term leases to major e-commerce tenants, Stockbridge said on Thursday. Read more>>

Sabana REIT’s Proposed Merger With ESR-REIT Voted Down

Investors in a Singapore real estate investment trust voted down a merger with a larger rival on Friday, in a rare win for shareholder activism in a market dominated by retail investors.

Sabana REIT, which was under pressure from Quarz Capital and Black Crane Capital over the planned merger with ESR-REIT, said shareholders rejected a proposal to amend its trust deed, thus terminating the merger. Read more>>

JD Logistics in Talks With Banks for 2021 Hong Kong IPO

The logistics unit of China’s second-biggest e-commerce platform has invited investment banks to submit proposals for an initial public offering in Hong Kong, becoming the latest arm of JD.com’s stable of companies to tap the stock market for capital.

Multiple banks have submitted proposals to help JD Logistics raise capital, eager to work on what is likely to be one of the largest equity sales in 2021, according to a person familiar with the process, declining to be named. Reuters reported the IPO could raise $3 billion, although bankers said it’s still too early in the process to put a value on the fundraising. Read more>>

ARA Founder’s Family Office Launches Boutique Real Estate Firm

There is a new boutique real estate firm in town. Named The Land Managers Holdings, it is founded by Andy Lim, group CEO of JL Family Office.

The Land Managers Holdings will have an initial capital commitment of S$250 million ($187.7 million) to invest in real estate opportunities in gateway cities across asset classes. Its maiden acquisition in August involved a 5,400 square foot (502 square metre) shophouse at 65 Club Street for S$15.7 million. Read more>>

Ascendas REIT Preferential Offering Raises S$396.5M

Ascendas Real Estate Investment Trust’s preferential offering was oversubscribed, raising gross proceeds of around S$396.5 million ($297.6 million), its manager said Thursday night in an exchange filing.

The offering was part of an equity fundraising exercise, announced last month, alongside a private placement that raised about S$800 million. This brings total gross proceeds for the fundraising to around S$1.2 billion. Read more>>

China’s Miniso Opens First Toy Stores in Guangzhou

Miniso Group Holding, the newly New York-listed Chinese budget retailer, is making its first foray into the $86 billion global toy market as it tries to take on heavyweights like Toys “R” Us on its home turf and beyond.

Known for selling low-cost items ranging from household goods to electronic gadgets with a clean aesthetic, Miniso will open the first store of its new chain Toptoy this month in Guangzhou, founder and chief executive Ye Guofu told Bloomberg in an exclusive interview in November. Read more>>

Macau Luxury Hotel’s Investors Fold as Bet Goes Sour

Thirteen was supposed to be Stephen Hung’s lucky number. The flamboyant former investment banker persuaded a Canadian teachers’ pension fund and other investors to back a bold $1.4 billion vision for Macau: the world’s most luxurious hotel.

Hung pitched the Louis XIII as a vision of ostentatious French royal splendor where free-spending Chinese tycoons would wager and spend millions without a care, just down the road from Macau’s sprawling gaming resorts. Read more>>

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