PDG Unveils Green Energy Deal for Indonesia Data Centre and More Asia Real Estate Headlines

Green energy in Indonesia leads today’s collection of regional real estate headlines as a Warburg Pincus-backed data centre operator continues to expand in Southeast Asia’s most populous nation. Also in the news, the Chinese owners of Global Switch may need to break up their platform to find a buyer and GLP Capital Partners raises cash for renewable energy in mainland China.

PDG Secures Green Power for 20% of Indonesia Data Centre’s Needs

Princeton Digital Group (PDG) has entered into a renewable energy contract with PT Cikarang Listrindo Tbk to procure power generated from biomass sources for its 30MW data center campus in Cibitung near Jakarta. The multi-year contract will enable PDG to derive an initial 20 percent of the energy for its data center campus in Cibitung from renewable sources.

PDG’s Greater Jakarta campus will start consuming biomass powered energy from Cikarang Listrindo’s mixed fuel plant in August 2023. Earlier this year, PDG also became the first data center operator to procure biomass International Renewable Energy Certificates from Cikarang Listrindo. Read more>>

Global Switch May Split Off Asian Business as Data Centre Sale Drags On

Global Switch Holdings Ltd.’s Chinese owners are considering carving up the data center group in the hopes of reviving a sale that could fetch about $6 billion, people with knowledge of the matter said.

The UK company’s shareholders have been discussing a potential move to sell Global Switch operations in Europe and Asia Pacific separately to different buyers, the people said, asking not to be identified because the information is private. Each division could be valued at roughly $3 billion, according to the people. Read more>>

GLP Capital Partners Closes China Commingled Green Energy Fund at RMB 4B

GLP Capital Partners has established its first commingled clean energy strategy in China, raising approximately RMB 4 billion ($554.6 million) in total capital commitments from domestic institutions including National Green Development Fund and feeder funds affiliated with CHN Energy Investment Group, one of China’s largest electricity providers.

The overall investment of the fund is expected to reach approximately RMB 20 billion. The capital raised provides dry powder for renewable energy investments across wind, solar, energy storage infrastructure and related energy management solutions and the fund will target both greenfield projects and acquisitions in these sectors. Read more>>

Singapore’s LHN Buys Rangoon Road Property to Add to Co-Living Portfolio

LHN’s Coliwoo subsidiary has entered into an option to purchase 99 Rangoon Road in Singapore for S$14.5 million ($10.8 million), with plans to convert the property into a student hostel with retail or food and beverage on the first floor.

Coliwoo on Monday paid a deposit of S$725,000 to the seller, Rangoon 99, which is owned by an independent third party. The amount is equivalent to 5 percent of the consideration. The real estate management services group said the remaining balance of S$13.78 million will be paid on the completion date, which will fall around 16 Oct. Read more>>

Country Garden Denies Report of Local Govt Team Moving into HQ

A source at Country Garden Holdings dismissed an online rumor that a local government team is stationed at China’s largest property developer, it has been reported. This is the third time that the builder has shot down a recent rumor about its operating conditions.

Information claiming that a working team led by a deputy mayor of Foshan city in Guangdong province is encamped at Country Garden is untrue, The Paper reported today, citing an unidentified person at the Foshan-based builder. Read more>>

Lendlease Global Commercial REIT Distributions Slide 8%

The manager of Lendlease Global Commercial REIT (Lendlease REIT) posted a distribution per unit (DPU) of 2.25 cents for the second half of financial year 2023 ended June, down 8 percent from 2.45 cents in the corresponding period a year earlier.

Distributable income rose 21.6 percent to $52.2 million, from $42.9 million a year earlier, while gross revenue climbed 65.1 percent to $103.1 million over the same period. Read more>>

Singapore Developer OUE Posts 55% Profit Drop

Property developer OUE reported a 54.6 percent decrease in net profit to S$40.2 million for the six months ended June 30, from S$88.7 million in the corresponding period a year ago. The decline in net profit came despite a 53.3 percent rise in revenue to $$304.5 million, from $$198.7 million a year ago.

In a bourse filing on Monday, the group said that the year-on-year decline in net profit was mainly due to a lower share of results of equity-accounted investees; higher finance expenses; a lower net change in fair value of investments designated at fair value through profit or loss; and a lower net change in fair value of investment properties. Read more>>

India’s Sobha Says Q1 Profit Doubles

Indian real estate developer Sobha Ltd (SOBH.NS) on Monday said its June quarter profit more-than-doubled as demand in the country stayed resilient, with more people booking flats and houses in big cities and towns. The Bengaluru-headquartered company’s consolidated net profit rose to 120.5 million rupees ($1.46 million) for the three months ended June 30.

Sobha said last month it had achieved its highest ever quarterly sales value of 14.65 billion rupees, citing a record average price realization during the quarter which stood at 10,506 per square feet, up 24.6 percent on year on year basis. Read more>>

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