Coffee leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the backer of a Starbucks competitor has raised $2 billion in its debut private equity fund, which may provide a fresh pot of equity re-caffeination for the expanding China coffee giant.
In other news around the region, Singapore’s largest developer is selling its stake in a Hong Kong-listed property company for HK2.83 billion, while two other real estate heavyweights in the same city have just completed the construction of the tallest modular buildings in the world.
Elsewhere, a Warburg Pincus-backed data centre firm has acquired 70 percent of a bit barn portfolio in Indonesia, and the high-end fashion brand formerly owned by Donatella Versace has opened its new flagship store in Beijing.
China’s Centurium Capital, a big backer of domestic startup Luckin Coffee, said it has raised more than $2 billion in its debut fund, giving the private equity firm more firepower to cut deals involving the world’s second-largest economy.
The firm, co-founded by the former head of Warburg Pincus Asia Pacific, David Li, said in a statement on Wednesday that Centurium Capital Partners 2018 L.P. raised the sum in US dollars. Read more>>
CapitaLand has entered into an agreement to sell its entire 24.09 percent stake in Hong Kong-listed Central China Real Estate (CCRE) to CCRE’s existing shareholder, Joy Bright Investments.
At a price tag of HK$2.83 billion ($360 million), this works out to HK$4.30 per share. CCRE last traded at HK$3.45 per share on June 28. Read more>>
Five bidders have thrown their hats in the ring for a 99-year leasehold private housing site in Clementi Avenue 1.
Units of UOL Group and United Industrial Corporation lodged the top bid of S$491.3 million ($362 million) or S$788.31 per square foot per plot ratio. An MCL Land unit was next on $471 million or $755.75 per square foot per plot ratio. Read more>>
Last week, construction of the world’s tallest modular buildings was completed in Singapore.
The Clement Canopy building consists of two 40-story towers with 505 luxury apartments, located in the heart of this city’s residential and Kent Ridge Education Belt districts. Each tower is 459 foot tall (140 metres), and combined they are made up of 1,899 modules whose weight ranged from 37,000 to 64,000 pounds (16,783 kilograms to 29,030 kilograms). Read more>>
Singapore-based Princeton Digital Group (PDG) has acquired a 70 percent stake in XL Axiata’s data centre portfolio in Indonesia, amid increased in-country digital spending.
Operating as the second largest national telecommunications provider, XL Axiata owns five data centres across Indonesia. Read more>>
Versace China’s new flagship store has opened in Beijing as part of a concerted plan by the fashion label’s new owners to expand its footprint globally.
Located in Beijing’s China World Mall, and bringing its store network to 53 outlets, the more than 4300 square foot (399 square metres) two-level boutique features a marble-based store design overseen by French architect Gwenael Nicolas. Capri Holdings, which bought Versace late last year for $2.2 billion, is now implementing a plan to double the label’s worldwide sales with at least 112 new stores scheduled by 2022 along with a refurbishment program for the existing network. Read more>>