Blackstone’s Horizon Parks Said to File for $500M India IPO and More Asia Real Estate Headlines

India leads real estate news from around Asia Pacific today at Blackstone’s Horizon Industrial Parks readies the paperwork for a $500 million IPO and Brookfield announces a $1 billion office project in Mumbai. Also making the list today is the ongoing slide in China housing prices and a string of defaults linked to the owners of Hong Kong-listed Haichang Ocean Park. 

Blackstone’s Horizon Industrial Parks Said to File for $500M India IPO

Horizon Industrial Parks Ltd is preparing to file for an initial public offering in Mumbai that could raise up to $500 million, according to people familiar with the matter, marking what could be one of India’s biggest logistics listings in recent years.

The Blackstone-owned company is working with JM Financial Ltd, Axis Bank Ltd and SBI Capital Markets Ltd to submit its draft prospectus by month-end, the people said, asking not to be identified as the discussions are private. The issue will be fully primary, and will be used for building assets, they added. Read more>>

Brookfield to Develop $1B Mumbai Office Project for Multinational Bank

Brookfield Asset Management plans to invest $1 billion in a global capability center in Mumbai, and has already lined up a major multinational bank to occupy the space.

The investment underscores the rise of India as a hub for so-called global capability centers, which international companies and banks often use for back-office services. The project will be jointly developed with the Mumbai Metropolitan Region Development Authority and will house a multinational bank over a 20-year term. Read more>>

China Home Prices Fell Again in November as Housing Slump Drags On

China’s home price slump dragged on in November, the latest chapter in a yearslong downturn that policymakers have promised intensifying efforts to address.

New home prices in 70 cities, excluding state-subsidized housing, dropped 0.39 percent from October, when they slid 0.45 percent in the biggest decline in a year, figures from the National Bureau of Statistics showed on Monday. Resale home values, which are subject to less government intervention, fell 0.66 percent, the same pace as a month earlier. Read more>>

Hangzhou Shadow Bank Fails to Repay Investors in Funds Backing Ocean Park Parent

Hangzhou-based Zhejiang Zhejin Asset Operation Co has failed to pay investors holding RMB 20 billion ($2.8 billion) in wealth management products backing affiliates of China’s Sunriver Holding Group Co, the parent firm of Hong Kong-listed Haichang Ocean Park. 

Holders of wealth management products from Zhejiang Zhejin Asset, which is controlled by Sunriver, did not receive payments due in late November, with at least 10 Sunriver affiliates having defaulted on bonds in approximately the last year, according to a Bloomberg report citing government documents. Read more>>

Mitsui Fudosan REIT Buying Pair of Tokyo Apartment Blocks for $17M

The manager of Mitsui Fudosan Accommodations Fund announced this past week that it has agreed to acquire a pair of Tokyo apartment blocks for a combined JPY 2.6 billion ($16.8 million) at the same time that it sells a Fukuoka asset.

The Tokyo-listed REIT is paying JPY 1.3 billion to purchase Park Cube Kinshicho in Tokyo’s Sumida ward and will acquire Park Cube Ueno Sakuragi in Taito ward for another JPY 1.3 billion, according to a statement to the stock exchange. The REIT is disposing of Park Axis Takamiya Higashi for JPY 790 million. Read more>>

IKEA’s Ingka Centres Selling Three China Malls to GoHigh Fund

Ingka Centres, a branch of the IKEA franchisee Ingka Group, has announced a new partnership with investment firm GoHigh Capital to establish a real estate fund which will co-own three of Ingka’s Livat shopping centers in China.

Subject to approval by regulatory authorities, the agreement would entail Ingka continuing to manage and operate the centers – one in Wuxi, Jiangsu province, one in Beijing and another in Wuhan, Hubei province – under the Livat brand while the fund takes ownership of the properties. Read more>>

Nomura Targets Acquisitions of Private Credit Managers

Japan’s Nomura Holdings is on the lookout for private debt asset management acquisitions as it expands its alternative assets business, chief executive Kentaro Okuda said in an interview this past week. 

Nomura also hopes to bring know-how from more mature overseas markets to the fledgling direct lending industry in Japan, where demand is expected to grow now that interest rates have finally begun to rise, Okuda said. Read more>>

Amazon’s AWS Commits $7B to Hyderabad Data Centre Projects

Amazon’s cloud arm has followed up on its recent announcement of a $35 billion India investment plan with Amazon Web Services saying last week that it has committed $7 billion to expand its cloud data centre footprint in Hyderabad over the next 14 years. 

The $7 billion investment was formalised through a framework agreement between AWS and the Telangana state government. Read more>>

Hong Kong Condo Project Nears Sell-Out After Developers Offer Discounts

A residential project in Yau Tong triggered buying euphoria on Saturday, with more than 70 percent of the 150 units on offer snapped up by midafternoon amid heightened expectations for a recovery in Hong Kong’s home market next year.

The flats at One Park Place, priced between HK$4.23 million (US$543,684) and HK$9.51 million, were in high demand after developers Sino Land, CSI Properties and MTR Corporation offered discounts of up to 15 percent to lure buyers. Read more>>

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