Australian SWF Backs Greystar Student Housing Buy and More Asia Real Estate Headlines

The sovereign wealth fund of Australia’s government chips in to support US developer Greystar’s $1 billion student housing buy, with that Down Under partnership leading today’s headline roundup. Also on the list, e-commerce giant Alibaba steps away from offline stores and the Abu Dhabi Investment Authority prepares to sell a stake in India’s Mindspace REIT.

Australia’s Sovereign Fund Backs Greystar $1B Student Housing Buy

The Australian government’s Future Fund has stepped into the housing market, backing US group Greystar’s acquisition of a A$1.6 billion ($1 billion) student housing portfolio in one of the largest-ever deals in the hot sector.

After being hit by the pandemic, student housing has bounced back strongly and is still considered a growth sector despite the Albanese government’s crackdown on international students, as there is still a shortage of places. Read more>>

Alibaba Set to Sell Department Store Business in Offline Retail Retreat

Alibaba is expected to sell its department store chain Intime Retail to Chinese apparel company Youngor Fashion as China’s e-commerce giant walks away from offline retailing, according to people familiar with the matter.

The two sides are expected to announce the deal this week, said one source, who declined to be named. Detailed terms of the deal remain unknown. Read more>>

ADIA Seen Divesting Stake in India’s Mindspace REIT

The Abu Dhabi Investment Authority, the world’s second-largest sovereign wealth fund, is likely to divest a 9.2 percent stake in India’s Mindspace Business Parks REIT through a block deal valued at INR 19 billion ($220 million), sources privy to the developments told CNBC-TV18. The floor price for the transaction is fixed at INR 350 per unit, indicating a clean-out trade, sources said.

Mindspace Business Parks REIT reported a 5 percent growth in its net operating income to INR 5 billion in the second quarter of this fiscal and announced a distribution of INR 3 billion for the July-September period. Read more>>

Singapore New Home Sales Triple on Wave of Project Launches

Singapore’s private home market burst back to life in November on the back of consecutive project launches, strong pent-up demand and rising consumer sentiment.

Based on data released by the Urban Redevelopment Authority on Monday, developers sold 2,557 private homes in November, more than trebling from the 784 units moved a year earlier. Read more>>

Banks Oversubscribe $1.7B Loan to Hong Kong’s URA 

Hong Kong’s Urban Renewal Authority is set to obtain a HK$13 billion ($1.7 billion) five-year loan with a group of banks, according to people familiar with the matter, marking the authority’s first syndicated facility in over a decade.

The quasi-government entity, which redevelops projects in the city’s older neighbourhoods, could sign the loan as early as this week, the people said, asking not to be named discussing a private matter. The facility pays an all-in yield of 68 basis points over the risk-free Hong Kong interbank offered rate, the people said. Read more>>

China Home Prices Declined More Slowly November

China’s home prices fell at the slowest pace in 17 months in November, with the crisis-hit property market showing signs of stabilising in some major cities amid government efforts to revive the real estate sector.

New home prices were down 0.1 percent in November from a month earlier, the slowest decline since June last year, according to Reuters calculations based on National Bureau of Statistics data on Monday. Prices dropped 0.5 percent in October from a month earlier. In annual terms, new home prices fell 5.7 percent after a 5.9 percent drop the previous month. Read more>>

Hilton Unveils Flagship Northern India Hotel in Gurugram

Hilton has unveiled its first flagship property in the Delhi National Capital Region with the grand opening of Hilton Gurugram Baani City Centre. The hotel, developed in partnership with Baani Group, marks Hilton’s second collaboration with the company, following the opening of DoubleTree by Hilton Gurugram Baani Square.

The new hotel’s opening is timed to capitalise on Gurugram’s booming commercial and residential market, which has experienced substantial growth over the past decade. Read more>>

IKEA Cancels Plan for Asia’s Largest Logistics Centre in Korea

IKEA has withdrawn its plans to build the largest logistics centre in Asia after signing an investment agreement worth KRW 700 billion ($490 million) with Gyeonggi province.

According to related industries on the 16th, IKEA has decided to abandon the plan for the composite logistics centre it was planning to build in Pyeongtaek Poseung district and will sell the site valued at KRW 55.5 billion. Read more>>

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