ADIA Joins Kotak in India Residential JV and More Asia Real Estate Headlines

The Abu Dhabi Investment Authority leads Mingtiandi’s first headline roundup of April with news that it is tying up with Kotak for its first residential investment in India. Also making the list, Singapore-listed Digital Core REIT acquires a further 10 percent interest in an Osaka data centre and Blackstone’s Crown Resorts is declared fit for duty in Melbourne.

ADIA-Kotak Investing $240M in India Residential Venture

The Abu Dhabi Investment Authority and Kotak AIF will invest INR 20 billion ($240 million) in four residential projects by Prestige Group. The funds will be used to develop projects in Delhi, Mumbai, Bengaluru, and Goa.

The investment marks ADIA’s maiden venture into a residential platform in India, expanding beyond its previous commitments in commercial office spaces. The transaction has been structured as a 60:40 joint venture of ADIA-Kotak and Prestige, where the former will invest INR 20 billion in the form of quasi-debt. Prestige will contribute the rest. Read more>>

Digital Core REIT Acquires Additional 10% Interest in Osaka Asset for $51.5B

Singapore-listed Digital Core REIT has acquired an additional 10 percent interest in a data centre in Osaka for JPY 7.7 billion ($51.5 million).

The trust entered into a share purchase agreement with Japanese conglomerate Mitsubishi Corporation on Friday and completed the acquisition on the same day, the REIT’s manager said in a bourse filing on Monday. Read more>>

Blackstone-Owned Crown Resorts Found Fit to Hold Melbourne Casino Licence

Blackstone-owned Crown Resorts can keep its licence to operate its flagship Melbourne casino, a gambling regulator said on 26 March, more than two years after the casino was put under government supervision for breaking anti-money-laundering laws.

The Victorian Gambling and Casino Control Commission said it was in the public interest that the Melbourne casino licence of Crown Resorts remain in force. Read more>>

China New Home Prices Rise at Fastest Pace in More Than 30 Months

New home prices in China rose at the fastest pace in more than two and a half years in March versus a month earlier, a private survey showed Monday, driven by a slew of supportive steps to prop up the crisis-hit property sector.

The average new home price across 100 cities rose 0.27 percent in March, the biggest rise since July 2021, according to data from real estate researcher China Index Academy. That compared with a 0.14 percent gain in February. Read more>>

Mizuho to Offer Real Estate Loans Tied to Decarbonisation

Mizuho Financial Group will begin offering real estate loans which incentivise property owners to cut greenhouse gas emissions by lowering interest rates if they do so.

The company will begin offering the loans in April, according to internal documents obtained by Bloomberg. Naohiro Takahashi, a spokesman for the company, confirmed the information. Read more>>

London Office Sales Shelved in Bet on Higher Property Prices

Investors in London’s office market have been desperately hoping for signs of improvement. Moves to pull two heavily discounted deals to bet on a price recovery may provide them.

Sales processes for 20 Old Bailey in the City of London and 5 Churchill Place in the Docklands district were both shelved in March, according to people familiar with the processes. Read more>>

ESR-Logos REIT Secures $148M Sustainability-Linked Credit Facility 

ESR-Logos REIT has obtained its first sustainability-linked loan worth S$200 million ($148 million).

The unsecured revolving credit facility agreement is entered into by Perpetual (Asia) in its capacity as the trustee of ESR-Logos REIT. Read more>>

Thai Investor Plans to Buy Signa Brands, Including Selfridges

Thailand’s Central Group plans to buy upscale brands from Signa Retail Luxury Holding, including Selfridges in London, Germany’s KaDeWe Group and Switzerland’s Globus, according to a report by Business Insider. Central is in talks with Saudi Arabia’s Public Investment Fund about Selfridges, according to the report.

The Thai investor bought the high-end department store in London together with Signa in 2022 for about €4 billion ($4.3 billion). Signa founder Rene Benko later facilitated a separate deal that gave PIF a 10 percent stake in a company that also owns the property used by Selfridges. The retail business and underlying real estate are managed by separate Signa companies. Central Group wants to lift its stake in Selfridges to 60 percent and take control of the operating business, according to the report. Read more>>

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