Citadines Raffles Place opened in the CapitaSpring tower in October 2022
The world’s biggest asset manager is said to be circling a set of serviced apartments at a Singapore skyscraper, with that potential deal leading today’s headline roundup. Also making the list, Japan’s Nippon Steel backs a Melbourne apartment project and HMC Capital bids to acquire Global Switch’s Australia data centre business.
BlackRock Teaming With YTL for $223M Citadines Raffles Place Buy
BlackRock and the hotel unit of Malaysian developer YTL Corp are set to purchase a group of serviced apartments in a prime office building in Singapore’s central business district, according to people familiar with the matter.
The world’s largest asset manager is seeking to buy the Citadines Raffles Place for just under S$290 million ($223 million), the people said, asking to remain unidentified because the discussions are private. Malaysian tycoon Francis Yeoh’s YTL Hotels will hold a minority stake in the 299-room development, which is located in the CapitaSpring building. Read more>>
Japan’s Nippon Steel Backing Lendlease Melbourne BTR Project
Japanese investors have continued their surge into the property sector, with Nippon Steel Kowa Real Estate striking a deal with Lendlease to back a A$500 million ($336.7 million) build-to-rent apartment development in Melbourne’s Docklands precinct.
The move comes in the wake of another large Japanese company, Sumitomo Forestry, buying a majority stake in Australia’s largest homebuilder, Metricon, and other major investments in the country’s housing and logistics markets. Read more>>
Sydney’s HMC Capital in Talks to Buy Global Switch Australian Data Centres
Investment manager HMC Capital says it’s in talks to purchase a range of data centre assets, including Global Switch’s Australia business.
In a statement released Friday, HMC Capital said it was conducting due diligence ahead of several potential acquisitions. “Discussions between HMC and the relevant vendors are ongoing and the terms of any potential acquisitions remain confidential, conditional and non-binding,” the company said. Read more>>
Trump Organization in Deal for $1.5B Vietnam Golf Course
Vietnamese developer Kinhbac City said Tuesday that its subsidiary has partnered with the Trump Organization to develop a $1.5 billion golf course and hotel project in Vietnam’s Hung Yen province.
A memorandum of understanding between the two companies was signed in late September during the visit of Vietnamese President To Lam to the US, KBC said. Read more>>
Colt Said in Talks With RMZ for India Data Centre JV
Data centre firm Colt is reportedly seeking a partner to invest in its Indian rollout. Citing people with knowledge of the matter, the Indian Economic Times reports that Colt DCS is in advanced talks with local builder RMZ Corp to jointly invest more than $1 billion in developing data centres across key Indian cities, starting with Mumbai and Chennai.
Fidelity-backed Colt updated its website back in March 2023 to announce its plans to expand into India with a 10-building campus in Navi Mumbai. Read more>>
PE Investment in India Real Estate Hit $3.9B in Nine Months
Private equity investment inflows into the Indian real estate sector reached $ 2.2 billion in the third quarter of calendar year 2024, reflecting a 93 percent growth on a sequential basis, or more than double the investment volume recorded in the same period last year, says a report.
Moreover, PE inflows during the January-September period of $3.9 billion have exceeded the investment quantum registered in the entire year of 2023, according to the report by Savills India. Read more>>
ChatGPT Searching for Singapore Office Space
OpenAI, the developer of popular artificial intelligence chatbot ChatGPT, will establish a regional hub in Singapore by the end of the year — marking its second Asia Pacific office, after a Tokyo launch in April.
The Business Times understands that OpenAI plans to hire five to 10 employees by year-end and is scouting for office space. Read more>>
Japan Bankruptcies Jump on Rising Costs
Japan saw the highest number of bankruptcies since 2013 in the six months to September, as companies were increasingly hit by rising costs.
Some 4,990 firms went bankrupt in that period, up 18.6 percent from the previous year, according to a report by Teikoku Databank. The number of firms going under in Japan has continued to increase since the second half of the year ending March 2022. Read more>>
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