Blackstone Said Ready to Buy Kolkata Mall for $400M and More Asia Real Estate Headlines

Investment titan Blackstone is preparing to buy a Kolkata mall for $400 million, with that report leading today’s headline roundup. Also making the list, Nomura’s REIT picks up a pair of Tokyo apartment blocks and S&P places China Vanke on credit watch.

Blackstone Said Ready to Buy Kolkata’s South City Mall for $400M

In the largest deal in India’s mall space, global investor Blackstone is set to acquire South City Mall in Kolkata for INR 34.8 billion ($400 million), said people familiar with the matter. Apart from the mall, the deal also includes the purchase of a school property in Sri Lanka, the people said.

The same people said the deal is being sealed at about 20 percent higher than Select City Walk, which was included in Blackstone’s Nexus Select Trust. The deal will enable Nexus Select Trust to make a foray into Kolkata. Blackstone did not reply to any comments, while South City Projects could not be contacted. Read more>>

Nomura J-REIT Buying Tokyo Apartments for $33M

The manager of Nomura Real Estate Master Fund said Tuesday that it has decided to buy a pair of Tokyo apartment blocks from its sponsor for a total of JPY 4.9 billion ($33 million).

With more than $6.7 billion in assets under management, the Tokyo-listed REIT is set to acquire Proud Flat Asakusa Tresage for JPY 2.9 billion and proposes to pay an additional JPY 1.9 billion for Proud Flat Nippori. Read more>>

S&P Places China Vanke on Credit Watch After Management Changes

S&P Global Ratings said Wednesday that it has placed China Vanke’s B- rating on credit watch following changes in the mainland developer’s management and the company’s ongoing liquidity struggles.

Secured shareholder loans provided by Shenzhen Metro Group Co Ltd are timely but insufficient to fully address Vanke’s liquidity strains, S&P said. Read more>>

China’s Country Garden Misses Target for Debt Restructuring

Country Garden has missed a self-imposed target date to reach a deal on its debt restructuring plan as it struggles to gain support from creditors, according to people familiar with the matter.

The Chinese developer, which defaulted on dollar debt in 2023, told a court in January that it expected an agreement by the end of February. But it has made little progress since then with a key group of creditors, the people said, asking not to be identified discussing private matters. Read more>>

Longfor Bonds Sink Deeper Into Junk Territory as Sales Slide

Beijing-based Longfor Group is the latest firm to see its bonds downgraded further into junk territory, as weakening sales plague China’s beleaguered developers despite the central government’s recent support measures.

S&P Global Ratings on Wednesday downgraded Longfor’s long-term issuer credit rating to BB from BB+ and its senior unsecured notes to BB- from BB, citing concerns that the company’s contracted sales could remain under pressure through next year due to a further depletion of saleable resources. Read more>>

Singapore’s Patience Capital Aims to Raise $170M for Japan Residential Strategy

Patience Capital Group, the real estate investment manager helmed by Ken Chan, former Japan head of Singapore sovereign fund GIC, is raising a new JPY 25 billion ($170 million) fund focused on residential properties in Japan.

The vehicle follows Patience Capital’s first residential fund, the Japan Residential Opportunities Fund, which closed at JPY 15 billion in 2020 with a shorter-than-usual fund life of five years. That fund is already divesting assets and returning capital to investors, with the portfolio peaking at about JPY 45 billion. Read more>>

Bungalow in Singapore’s District 10 on the Market for $32M

A freehold good-class bungalow in Singapore’s exclusive Oei Tiong Ham Park enclave is up for sale at a guide price of S$42.8 million ($32.1 million).

The price tag translates to S$2,800 per square foot on the land area of 14,982 square feet (1,392 square metres), marketing agent Savills said Thursday. Located at 5 Jalan Sampurna, the freehold plot close to Holland Road now houses a 10,000 square foot bungalow built in the 1980s. Read more>>

Asian Investors Turn to European Real Estate as China Market Struggles

Private equity players in Europe are upbeat on the region’s property market, especially the residential and industrial sectors that are boosted by rising interest from Asian investors who are moving away from China.

China’s lacklustre economic growth and persistent property slump have led Asian investors to dial back their exposure there. While European real estate has always appealed to Asian investors, they are increasingly focusing on certain sectors. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.