Digital Connexion CEO C R Srinivasan (Image: Digital Connexion)
India data centres lead today’s look at real estate investment news from around Asia as Brookfield, Digital Realty and Reliance announce plans for $11 billion in new projects. Also making the list, The Living Company is set to expand its senior living bets and Robert Kuok may build some more Singapore condos.
Brookfield, Digital Realty, Reliance India JV Plans $11B in Data Centres
A Reliance Industries joint venture will invest $11 billion over five years to develop 1 gigawatt of AI data centre capacity in the southern Indian state of Andhra Pradesh, the companies and the state’s government said Wednesday.
Canadian giant Brookfield and US-based trust Digital Realty are the other partners involved in the joint venture, called Digital Connexion. Read more>>
The Living Co Said in Due Diligence to Buy Retirement Village Operator
Student accommodation provider Scape is believed to be deep in due diligence on a deal to buy part of retirement village operator Keyton, despite shareholders’ earlier hesitation to negotiate with the group.
Market experts believe it now appears more likely that Scape will buy a 25 percent stake in Keyton, after it was earlier thought that existing shareholder Aware Super could be an obstacle to a deal. After a sale process, Scape was understood to have offered the highest price for the business and is now carrying out exclusive due diligence. Read more>>
Kuok’s Allgreen Places Top Bid for Singapore Condo Site
A residential plot at Singapore’s Bedok Rise, next to Tanah Merah MRT station, drew a crowd of developers at a state tender that closed Thursday, as competition for fresh land sites and optimism over home sales chased up bids.
Robert Kuok’s Allgreen Properties put in the highest bid of S$464.8 million ($358.6 million), or S$1,330 per square foot of built area, for the plot, which can accommodate 380 private condo units. Read more>>
BlackRock Seeks to Extend Asia Private Credit Fund
BlackRock is seeking to extend the investment horizon of its second Asia private credit fund and revise a key clause in the strategy, in the latest sign of complications as it tries to navigate the region’s private markets.
The world’s largest asset manager is proposing a 12-month extension for its Asia Pacific Private Credit Opportunities Fund II as it looks to deploy outstanding capital, which is about 40 percent of the portfolio, according to a document sent to investors earlier this week and seen by Bloomberg. The fund’s investment period expired on 19 October, the document showed. Read more>>
Shinsegae Group Hospitality Division to Lead Buy of 2 Greater Seoul Hotels for $340M
Chosun Hotel & Resort, a subsidiary of Shinsegae Group’s hospitality business, will acquire two hotels in Seoul and Pangyo in partnership with Pacific Asset Management and Meritz Securities.
According to sources in the investment banking industry, Pacific has completed the acquisition of Four Points by Sheraton Chosun Myeongdong and Gravity Seoul Pangyo Hotel. The total acquisition price is in the early KRW 500 billion ($340 million) range, including incidental expenses. Read more>>
Vanke Bond Delay Sparks Developer Sell-Off
China Vanke’s proposal to delay repayment of an onshore bond led to trading halts in three other local notes and triggered a sell-off in Chinese developers, ratcheting up fears about the country’s drawn-out real estate crisis.
Vanke, one of China’s biggest real estate groups, was once regarded as among the country’s most solid developers. It’s one of the few major Chinese developers that has yet to default amid the country’s massive property bust. In a filing late Wednesday, the company said it was seeking to delay payment of the principal on a RMB 2 billion ($282.5 million) medium-term note due on 15 December. Read more>>
DigitalBridge Ties Up with Korea Telecom for AI Data Centres
Korea Telecom is partnering with digital infrastructure investment firm DigitalBridge on data centres in Asia Pacific, with the company this week announcing the signing of an agreement targeting growing demand for AI services.
“Through this collaboration, both companies plan to proactively prepare for the expected rapid growth in AI data centre demand in the Asia Pacific region, with the goal of building domestic AI data centre infrastructure,” KT said. Read more>>
Hong Kong Developers Postpone Project Sales After Fire
Hong Kong developers have postponed property sales scheduled for Friday as the city mourns the deaths of dozens of residents in the devastating fire that broke out in Tai Po.
Sino Group and New World Development announced Thursday that the sale of 150 units at One Park Place in Yau Tong and 63 units at the Austin Bohemian project in Yau Ma Tei, respectively, would be deferred. 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.
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