Blackstone president and chief operating officer Jonathan Gray
Blackstone leads this Friday edition of Mingtiandi’s headline roundup, with the private equity giant exploring an issuance of asset-backed securities to fund the expansion of Asia Pacific data centre platform AirTrunk. Also in the news, Australia’s Charter Hall tiptoes into the residential market and creditors seize shares from Guangzhou R&F’s founders.
Blackstone Plots ABS to Fuel AirTrunk Asia Expansion
Blackstone is considering tapping the asset-backed securities market to fund the expansion plans of AirTrunk, the Australia-based data centre firm it acquired last year, according to people familiar with the matter.
The private equity firm is in early talks to structure ABS bonds to raise capital in support of AirTrunk’s growth in Asia Pacific, said the people, who asked not to be named discussing private matters. If the deal materialises, AirTrunk would be among the first major data centre firms in the region to package a securitisation deal. Read more>>
Australia’s Charter Hall Unveils Rental Residential Strategy
Australian fund manager Charter Hall, best known as an owner of office towers, warehouses, pubs and malls, has quietly put together a portfolio of 1,000 apartments for development, as it taps its vast land bank for opportunities to address the national housing shortage.
Recognition of that residential play — a relatively new element in Charter Hall’s commercial property portfolio — came as managing director David Harrison delivered upgraded guidance for full-year earnings, backed by a strong performance in its investment business in the first half. Read more>>
Guangzhou R&F Says Creditors Seize Shares From Co-Founders
Guangzhou R&F Properties announced this week that 300 million shares in the company had been seized from co-founders Li Sze Lim and Zhang Li following loan defaults.
R&F chairman Li Sze Lim lost 100 million shares, reducing his stake in the developer from 28.97 percent to 26.31 percent, while Zhang Li gave up 200 million shares, dropping his holdings in the company from 27.77 percent to 22.44 percent. Read more>>
CoStar Preparing $1.7B Bid for Australia’s Domain
US online real estate firm CoStar is preparing a A$2.7 billion ($1.7 billion) bid for Australian property classifieds firm Domain Holdings, said a person with direct knowledge of the matter.
CoStar declined to comment. Domain, which is about 60 percent owned by Australian media group Nine Entertainment, didn’t immediately respond to a request for comment from Reuters. CoStar began buying Domain stock at A$4.20 a share on Thursday and has gained control of as much as 19 percent of the company, the person said. Read more>>
SGX-Listed Manulife US REIT to Sell New Jersey Office Building for $40M
The manager of Manulife US REIT said Thursday that it’s selling 500 Plaza in New Jersey for a net consideration of $40 million as the Singapore-listed trust looks to pare down debt.
The sale of the office building is expected to be completed this quarter. The latest independent valuation of the asset, done on 31 December, was $43.7 million. MUST completed the acquisition of the 11-storey office building for $115 million in July 2017. Read more>>
IHG Reaches 50-Hotel Milestone in Japan After Rolling Out Three More Brands
IHG Hotels & Resorts has passed 50 open properties in Japan, where it remains on track to double its estate after market debuts by three brands.
The milestone was celebrated during the recent visit of IHG CEO Elie Maalouf to Tokyo after the parent company of the Intercontinental and Holiday Inn brands introduced its Six Senses, Vignette Collection and Garner marques to the country last year. Read more>>
S&P Warns Hong Kong Landlords to Brace for Lower Retail Rents
Retail rents in Hong Kong are expected to be hard-hit this year, with landlords likely to slash prices to maintain occupancy levels, S&P Global Ratings said Thursday.
Major S&P-rated landlords will see 5 to 10 percent cuts in rent for new leases in 2025, the agency predicted, adding that the situation could get worse if tenants walk away in spite of the lower prices. Read more>>
Hong Kong Homes Lost $62B in Value in Past Year
The removal of property curbs a year ago has failed to support Hong Kong home prices, as the market value of private residential properties is down by HK$480 billion ($61.7 billion) since February 2024, Centaline Property said Thursday.
As part of his budget address last year, Financial Secretary Paul Chan removed decade-old curbs on the property market in a bid to support the ailing sector. The withdrawn measures included the buyer’s stamp duty that targeted non-permanent residents and a new residential stamp duty for second-time purchasers. Read more>>
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