In our latest roundup of regional news headlines, Oaktree looks to steal Blackstone’s thunder Down Under with a rival bid for Crown Resorts, a Hong Kong tycoon who paid $292 million for a London mansion is set to plough nearly as much into revamping the house, and Singapore-listed Frasers Property scores the latest green financing with a sustainability-linked loan in Australia.
Global investment giant Oaktree has lobbed a bid for Crown Resorts, upping the pressure on rival suitor Blackstone by offering up to A$3 billion ($2.3 billion) for James Packer’s 37 percent stake in the embattled casino giant.
Crown on Monday announced Oaktree’s offer to buy “some or all” of Packer’s shares, held via Consolidated Press Holdings. Read more>>
Last year, Hong Kong billionaire Cheung Chung Kiu obliterated London’s real estate record by paying roughly $292 million for a 45-room mansion overlooking Hyde Park. Now, he reportedly plans to spend roughly that same amount to renovate it.
Cheung has submitted plans to the Westminster City Council for an extensive renovation of the 62,000 square foot (5,760 square metre) mansion at 2-8A Rutland Gate in Knightsbridge. Per a website that shares information on the renovation, the house is “heavily dilapidated” and requires “extensive refurbishment prior to occupation”. Read more>>
Frasers Property Ltd’s subsidiaries in Australia have jointly obtained a A$300 million ($233.4 million) five-year syndicated sustainability-linked loan from a syndicate of banks comprising Barclays, Mizuho and UOB.
The loan comes with an accordion option of A$25 million under the Loan Market Association’s Sustainability Linked Loan Principles. Read more>>
In one of the latest big-ticket property deals in Singapore, a sea-facing bungalow in the exclusive residential enclave of Sentosa Cove was reportedly bought in recent weeks for more than S$39 million ($29.2 million) by a Chinese national from Fujian province.
Closer to the city, a 5,070 square foot (471 square metre) luxury penthouse at South Beach was sold to a Chinese buyer last week. Read more>>
Asia-Pacific’s logistics expenditure is estimated to log a compound annual growth rate of 6.5 percent between 2020 and 2024, according to Transport Intelligence.
The UK-based research and analysis company estimated that spending amounted to nearly €2.6 trillion ($3.1 trillion) in Asia-Pacific in 2020, accounting for 45 percent of global logistics. Read more>>
Asia’s billionaires had only just started taking to blank-cheque companies, but now the SPAC boom is deflating on Wall Street.
After a frenzy of listings by special purpose acquisition companies — 326 have raised over $101 billion this year — the whole pipeline is now in limbo due to regulatory overhang, including a number of deals by Asian investment firms and tycoons. Read more>>
Shares of Macrotech Developers, earlier known as Lodha Developers, struggled in their first day of trading. On the National Stock Exchange, the shares opened at INR 436 ($5.82) each, a 10 percent discount to the issue price of INR 486. But there were buyers at these lower levels, and the stock traded at INR 464 at the time of writing, or down 4.5 percent from the issue price.
After two failed attempts in 2009 and 2018, Lodha’s IPO was subscribed 1.36 times on the final day of bidding. Compared with domestic institutional investors, foreign portfolio investor interest in this issue was higher, which could be attributed to the relatively large size of the company and the seemingly attractive pricing of the issue. Read more>>