Blackstone leads Mingtiandi’s headline roundup today with the private equity giant said to be in talks to acquire a Mumbai office tower from India’s Adani Realty. Also in the news, Microsoft buys land as it looks to expand its India data centre business and Far East Orchard is selling Rendezvous Hotel Perth Central for $12.2 million.
Blackstone in Talks to Buy Adani Mumbai Office Tower for Up to $240M
Blackstone is in advanced talks to buy Adani Realty’s Inspire BKC on the edge of Mumbai’s bustling Bandra-Kurla Complex, people with direct knowledge of the development said.
The US-based private equity major is expected to shell out between INR 18 billion and INR 20 billion ($215.5 million and $239.5 million) for the office tower with 800,000 square feet (74,322 square metres) of space, the people said. Read more>>
Microsoft Buys Hyderabad Data Centre Site for $32M
Microsoft Corporation recently acquired 48 acres (19.4 hectares) of land in Hyderabad in a deal valued at INR 2.67 billion ($31.9 million).
The property in Ranga Reddy district was purchased from land aggregator Sai Balaji Developers, as per a document shared by Propstack, a data analytics firm. Read more>>
Singapore’s Far East Orchard Selling Perth Hotel for $12.2M
Singapore’s Far East Orchard announced Monday that it is selling the Rendezvous Hotel Perth Central and its operating company for A$18.5 million ($12.2 million).
Far East Hospitality Properties (Australia) and Rendezvous Hotels (Australia) are selling the 103-room freehold property at 24 Mount Street to Chesterfield Property Group and Mountstreet Operations. Read more>>
Singapore Condo Complex Goes Unsold at $1.4B Asking Price
The latest collective sale attempt by owners of Pine Grove condominium in Singapore’s Holland Road cluster closed Monday without any bids, sending its owners into a 10-week private treaty negotiation period with interested parties.
There are fewer than 10 interested parties involved, exclusive marketing agent ERA told the Business Times. The massive site was put up for sale for the fifth time since 2008 by the agency in February for S$1.95 billion ($1.4 billion). Read more>>
Vanke Assures Investors It Has Cash Ready to Pay Bond
One of China’s most-watched developers has told some investors that it readied cash for an upcoming RMB bond payment, a move that may boost a firm that has faced concern about its liquidity amid a broader property debt crisis.
State-backed builder China Vanke told some investors recently that it has readied cash to repay its RMB 1.45 billion ($201 million) note due on 25 May, according to people familiar with the matter. Read more>>
Singapore Battles to Revive Struggling Stock Market
Singapore is studying proposals to shake up its struggling stock market as the gap between the financial hub’s performance and other regional exchanges widens.
Singapore Exchange is reviewing a document from the nation’s venture and private capital association, according to three people familiar with the discussions. The Singapore Venture & Private Capital Association includes state funds GIC and Temasek, local and global venture firms, and buyout groups including General Atlantic, Warburg Pincus and KKR. Read more>>
GLP Says Funding Identified for Payment of 2025 Bond
Asian logistics operator GLP told investors that it has identified sources to help it repay a $1 billion bond due in 2025 and has already paid back $1.7 billion in other bonds this year.
Repaying the 2025 bond may include tapping the debt market and loans from its “core relationship” banks, GLP chief financial officer Nicholas Johnson said Friday on an investor call. Read more>>
China Home Sales Slump 47% Over May Day Holiday
China’s average daily home sales during the May Day public holiday sank 47 percent from a year earlier and were down 30 percent from pre-pandemic levels in 2019 for the same holiday period, according to a private survey out Monday.
Home sales fell in 19 of 22 surveyed cities during the five-day May Day holiday compared with the same period of 2023 and plunged more than 60 percent in the megacities of Guangzhou and Shanghai, according to data from the China Index Academy, one of the country’s largest independent real estate researchers. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply