Bain Capital partner Drew Chen
Chinese bit barns lead today’s look at real estate news from around Asia Pacific, with Bain Capital having closed on its sale of the mainland China assets of the business formerly known as Chindata for $4 billion. Also making the list are Brookfield’s effort to refinance a Seoul office complex and China Vanke winning some relief from domestic bond investors.
Bain Closes on $4B Sale of Former Chindata China Data Centres
Bain Capital completed its sale of the China business of its data centre portfolio company WinTriX DC Group, formerly Chindata, to a consortium led by Shenzhen Dongyangguang Industry Co. The transaction values the business at $4 billion and represents China’s largest-ever data centre deal.
“We are pleased to see this landmark transaction successfully completed,” said Bain Capital partner Drew Chen. “Chindata’s growth journey reflects Bain Capital’s long-term commitment to building and scaling category-leading businesses in partnership with strong management teams. We believe that HEC will build on this strong foundation and continue to advance Chindata into its next phase of growth.” Read more>>
Brookfield Seeking $1.7B Loan to Refinance Seoul IFC
Brookfield Asset Management is seeking a KRW 2.5 trillion ($1.7 billion) loan backed by Seoul’s International Finance Center, people familiar with the matter said, underscoring the refinancing squeeze facing investors stuck with unsold commercial real estate.
Proceeds from the new facility, which could carry a five-year tenor, will refinance an existing loan of KRW 2.55 trillion that supported Brookfield’s purchase of the complex, said the people, who asked not to be identified discussing private matters. The asset manager is currently in talks with banks and details of the deal could still change, the people said. Read more>>
China Vanke Wins One-Year Extension on Domestic Bonds
China Vanke won enough creditor backing to extend payments on a yuan bond for a year, after it sweetened an earlier proposal with an upfront cash payment, easing the embattled developer’s risk of an imminent default.
According to a filing to the Shenzhen Stock Exchange, 92.11 percent of holders who exercised a put option on Vanke’s RMB 1.1 billion ($158 million) bond voted in favour of the revised extension plan. Under the proposal, Vanke would repay 40 percent of the RMB 1.03 billion owed to those investors. The builder will make the payment on 30 January. It would delay repaying the rest of that amount until 22 January next year. Read more>>
India’s K Raheja Aims for $700M IPO
K Raheja Corp, one of India’s largest developers, is weighing an initial public offering that could raise as much as $700 million, according to people familiar with the matter, potentially setting the stage for one of the country’s biggest listings in the industry.
The Mumbai-based company has held preliminary discussions with bankers about a possible share sale, the people said, asking not to be identified discussing private deliberations. The company is seeking a valuation of $7 billion and the offering could take place later this year, they said. Read more>>
NPS Said in Discussions to Replace IGIS as Manager of Seoul Office Investment
As IGIS Asset Management moves to sell Yeoksam Centerfield, a core office asset in southern Seoul’s Gangnam, the National Pension Service, a key investor, is pushing to replace the fund’s general partner.
According to investment banking sources, NPS’s fund management headquarters held an investment committee meeting Tuesday and approved an agenda to replace the GP of the fund holding Yeoksam Centerfield. Although NPS and Shinsegae Property, the key co-revenue holders, oppose the sale, IGIS has maintained its plan to proceed, leading to the decision to replace the manager. Read more>>
EG Funds Completes $36M Sale of Brisbane Business Park to Pittwater
Australian investment manager EG Funds has finalised the sale of a Greater Brisbane business park to Sydney-based shed specialist Pittwater Industrial for A$53 million ($35.7 million), according to a statement this week.
EG sold 140 Wecker Road in Mansfield, Queensland after having acquired the 13,165 square metre (141,707 square feet) industrial estate for A$32 million in early 2021. The sale was executed via an on-market expression of interest campaign managed jointly by Ben Lyons and Matthew Frazer-Ryan of CBRE and Elliot Ryan and Ben Hatch of Knight Frank. Read more>>
Brookfield Said Moving to Mori’s Roppongi Hills in Tokyo
Brookfield Asset Management plans to double its Tokyo office space with a move to the landmark Roppongi Hills development, according to people familiar with the matter.
The North American investment firm will move to Roppongi in April from its current office in Kasumigaseki, an area home to government agencies, the people said, asking not to be identified discussing private plans. The move will accommodate a Japan team that has doubled in recent years, they said. Read more>>
Heitman Raises $2.6B for Global Fund
Real estate investment firm Heitman raised $2.6 billion to take advantage of opportunities arising from the dislocation in property markets, closing its biggest-ever closed-end fund.
Heitman Value Partners Fund VI received commitments totalling $2 billion, exceeding its target size, according to a statement Tuesday. Backers committed an additional $620 million of co-investment capital to the fund, and leverage will give Heitman an estimated $6.6 billion in total to deploy. Read more>>
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