Blackstone JV Said Planning 500MW India Data Centre and More Asia Real Estate Headlines

Private equity titan Blackstone is reportedly involved in what’s being billed as India’s largest data centre project, with that story leading today’s headline roundup. Also in the news, Hong Kong’s Kitec convention centre adjusts its redevelopment plans and investment giant Apollo agrees to buy real estate fund manager Bridge.

Blackstone Said to Plan 500MW Mumbai Area Data Centre

Blackstone is reported to have partnered with India’s Panchshil Realty to take on the country’s single largest data centre project. The 500-megawatt project in Navi Mumbai is said to involve an investment of over INR 200 billion ($2.3 billion).

A Panchshil Realty subsidiary, Gramercy Info Park, has paid INR 9 billion, including consideration, levies and charges, for 50 acres (20.2 hectares) of land next to Reliance Corporate Park in the Ghansoli neighbourhood of Navi Mumbai. The 14-building campus is planned to span 3 million square feet (278,709 square metres) and will run on up to 65 percent renewable energy. Read more>>

Owners of Hong Kong’s Kitec Readjust Plans for $1.3B Property

The owner of Kowloon Bay International Trade and Exhibition Centre has proposed to turn the site into a commercial and residential project, making a fresh attempt to adapt its redevelopment plans to Hong Kong’s struggling property market.

International Trademart, which paid HK$10 billion ($1.3 billion) for Kitec in 2021, has proposed a new mixed-use project comprising one office tower and four towers offering 1,494 apartments and 720 hotel rooms, according to a 19 February redevelopment plan submitted to the Town Planning Board. Read more>>

Apollo Buying Bridge Investment Group for $1.5B

Apollo Global Management is buying a publicly traded real estate investment firm in a bid to fill a gap in its investment offerings. The deal will nearly double Apollo’s real estate assets under management to more than $110 billion, making it a major player in an area it hasn’t historically dominated.

The investment giant is buying Bridge Investment Group for about $1.5 billion in stock, the companies said Monday, confirming an earlier Wall Street Journal report. Read more>>

Ichigo Sells Tokyo, Osaka Apartments to Dai-Ichi Life

Ichigo Inc said this week that it has sold 11 fully leased residential properties in Tokyo and Osaka to a Dai-Ichi Life private fund for JPY 11.2 billion ($75 million).

The developer and fund manager said the sale is part of its business of providing quality real estate assets to suit client investment needs and that it continues to acquire and lease up central Tokyo residential assets. Read more>>

Hankyu Hanshin REIT Holds Judgement on 3D Investment Plan

The manager of Tokyo-listed Hankyu Hanshin REIT said this week that it is reserving judgement on a tender from Singapore’s 3D Investment Partners to acquire a stake in the trust.

The Singaporean hedge fund had initiated an unsolicited tender for Hankyu Hanshin REIT shares, saying it sought a non-controlling stake. The REIT’s manager urged investors to use caution in responding to the tender offer. Read more>>

India’s CtrlS Launches Chennai Data Centre 

Indian data centre operator CtrlS has launched its Chennai campus with the inauguration of the second and final facility.

Located in the Ambattur industrial area, the Namma data centre park is home to CtrlS’s two Chennai facilities totalling 72 megawatts across 1 million square feet (92,900 square metres). Plans for the campus were first announced last February, with the first of the two facilities launched soon after. Read more>>

Korea’s KIC Explores Mid-Market Opportunities in Europe

Korea Investment Corporation on Monday explored investment opportunities in Europe’s middle-market private equity sector with other South Korean institutional investors and London-based asset managers at KIC’s 30th London International Financial Cooperation Council.

The gathering brought together about 30 participants, including officials from Korean securities firms, banks and insurance companies. Read more>>

Hong Kong High Court Pulls Shimao Wind-Up Petition

The Hong Kong High Court has ordered the withdrawal of the winding-up petition against Chinese builder Shimao Group filed by CPYM Link Investment, Shimao said Tuesday.

CPYM Link filed its petition against Shimao on 10 January in relation to a cross-border loan guarantee of $35.5 million issued by the developer, and a hearing was set for 19 March. Shimao’s press statement did not give a reason for the court’s order. Read more>>

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