Blackstone Takes on $5B Persian Gulf Logistics Partnership and More Asia Real Estate Headlines

Making friends with major Arab investors leads today’s collection of real estate news from around the region as Blackstone teams with a subsidiary of ADIA chairman Tahnoon bin Zayed al-Nahyan’s International Holding Company to exploit the Arab world’s booming e-commerce sector with $5 billion in sheds. Also on the list, US activist investor Elliott Investment Management steps up its Japanese battles and Hong Kong’s Lai Sun wins some new financing.

Blackstone Teams With UAE’s Lunate for $5B Gulf Logistics Venture

Blackstone said Monday that it has set up a partnership with UAE investment manager Lunate to invest in logistics facilities in the Persian Gulf countries through a $5 billion venture.

Blackstone’s partnership with the unit of the Abu Dhabi ruling family’s International Holding Company will focus on development of warehouse properties in Gulf Cooperation Council countries including Saudi Arabia, Qatar and Kuwait, in addition to the UAE, with the goal of serving demand from e-commerce and manufacturing clients, according to a statement. International Holding chairman Tahnoon bin Zayed al-Nahyan also chairs ADIA and is the brother of Mubadala chair Mansour bin Zayed al-Nahyan. Read more>>

Elliott Working to Boost Stake in Japan’s Sumitomo Realty

Elliott Investment Management has approached several Japanese companies about buying their shares in Sumitomo Realty & Development, according to people familiar with the matter, as the investment firm seeks to ramp up pressure on the builder to boost value.

The US activist investor has sent letters in recent months to companies that have so-called cross-shareholdings with Sumitomo Realty, offering to buy their stakes in block trades at around market price, the people said, asking not to be identified discussing private matters. Read more>>

Hong Kong’s Lai Sun Secures $445M to Refinance Portfolio

Lai Sun Development has obtained a HK$3.46 billion ($445 million) loan refinancing deal, according to people familiar with the matter, giving the Hong Kong builder controlled by local tycoon Peter Lam some breathing room as it grapples with a liquidity squeeze fuelled by the city’s prolonged property slump.

Lai Sun’s five-year syndicated loan drew support from 20 lenders, wrapping up negotiations that began in January, said the people, who asked not to be identified discussing private matters. The proceeds were used to refinance a HK$3.6 billion loan originally due on 6 October, according to Bloomberg-compiled data. Read more>>

John Lim Family Office Selling Singapore Shophouse for $16M

Singapore’s JL Family Office, set up by ARA Asset Management co-founder John Lim, is selling a conservation shophouse at 65 Club Street for S$21 million ($16.3 million).

The price is S$5.3 million or 33.8 percent higher than the S$15.7 million JL paid for the 999-year leasehold property in 2020. The buyer is Singapore-incorporated Asia Success Management, the primary business of which is single/multiple family office activities. Read more>>

Japan’s Nomura Takes 49% Stake in Development Project Outside Hanoi

Taiwan-backed developer Phu My Hung has sold a 49 percent stake in a northern Vietnam project to Japan’s Nomura Real Estate, marking a significant partnership between the two companies.

Under an agreement announced last week, Phu My Hung and Nomura Real Estate Vietnam will jointly develop Hong Hac City, a mixed-use project in Bac Ninh province valued at $1.1 billion. Bac Ninh is a neighbour of Hanoi and home to a Samsung factory. Read more>>

ESR Wins Approval to Add Warehouse to Western Sydney Project

ESR has received the green light for a A$91.6 million ($60.6 million) warehouse at the developer’s Westlink Industry Park in Sydney.

The facility will include 35,750 square metres (384,810 square feet) of warehouse space and 1,740 square metres of office space for a total gross floor area of 37,490 square metres, as well as parking for 163 vehicles. Read more>>

US Hyperscalers Slow India Data Centre Commitments Amid Trade War

US tech firms are delaying decisions to lease large data centres in India, jittery from the recent souring of trade ties between New Delhi and Washington. The orders from Big Tech companies for hyperscalers are “still in the pipeline, but they are holding the pen and saying let me not sign it just yet,” said Alok Bajpai, managing director for India at NTT Global Data Centers.

New deals for data centres have been on hold for more than two months now, while hyperscalers may revisit their plans in the next three to six months, said a property consultant who spoke on condition of anonymity due to business sensitivities. Clauses for tariff pass-throughs, change in law and phased capacity are quietly becoming standard. Read more>>

Japan’s Aeon to Break Ground on Northern Vietnam Mall in December

Aeon Mall Vietnam, under Japanese retail giant Aeon Mall, and local partner Newland Investment JSC aim to begin construction of a VND 4 trillion ($151.6 million) shopping mall in northern Vietnam’s Bac Ninh province on 19 December.

The information was disclosed at a Friday meeting between representatives of the two companies and Bac Ninh Chairman Vuong Quoc Tuan, according to the province’s news portal. The project, spanning more than 7.6 hectares (18.8 acres), has completed land procedures and environmental impact assessments and is under review for its feasibility study report. Read more>>

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