Mamsha Gardens in Abu Dhabi’s Saadiyat Cultural District (Image: Gaw Capital Partners)
Hong Kong’s Gaw Capital makes its Middle East debut with a residential buy in Abu Dhabi, with that acquisition leading today’s headline roundup. Also in the news, Frasers Property is said to be preparing a privatisation offer for its hospitality REIT and Princeton Digital Group raises $1.2 billion for regional data centre expansion.
Gaw Capital Buys Abu Dhabi Residential Building for $150M
Gaw Capital Partners on Tuesday announced the acquisition of a residential building at Mamsha Gardens, a property on Saadiyat Island in Abu Dhabi. The total net acquisition price of the asset exceeds $150 million, the Hong Kong-based firm said.
Developed by Aldar, Mamsha Gardens is a low-density project with seven residential buildings in Saadiyat Cultural District, known for its museums such as Louvre Abu Dhabi and the future Guggenheim Abu Dhabi. The development is surrounded by premium educational institutions, luxury resort hotels, and golf and beach clubs. Read more>>
Frasers Property Mulls Privatisation of Hospitality Trust
Frasers Property is planning to make a privatisation offer for its Singapore-listed hospitality REIT, according to people familiar with the situation. Discussions to take Frasers Hospitality Trust private are in the early stages, and a potential deal may or may not materialise, the people said.
Listed on the mainboard of the Singapore Exchange since 2014, Frasers Hospitality Trust has a portfolio of 14 assets, including eight hotels and six serviced residences in nine cities across Asia, Australia and Europe. Read more>>
Princeton Digital Raises $1.2B to Fuel Expansion in India and Beyond
Princeton Digital Group has raised over $1.2 billion in financing to expand its data centre infrastructure across Asia, including $800 million in project financing for the development and expansion of its campuses in Mumbai, as well as two other geographies.
PDG currently has one facility, MU1, on a 50 acre (20 hectare) plot in Airoli, Navi Mumbai. PDG has also planned its CH1 project in Chennai. Read more>>
US Investor Pushes Japan’s Fuji Media to Spin Off Real Estate Business
Dalton Investments co-founder James Rosenwald said he wants to avoid a proxy fight with Fuji Media Holdings and has called on the Japanese broadcaster to negotiate a settlement.
Dalton is proposing 12 candidates to Fuji Media’s board, including SBI Holdings’ outspoken chairman, Yoshitaka Kitao. It is also demanding that the media group, which is grappling with a sexual assault scandal, spin off its real estate business, unwind cross-shareholdings and push through corporate governance reform. Read more>>
Singapore F&B Tycoons Buying Luxury Residential Site for $44M
The family of Koufu Group founders Pang Lim and Ng Hoon Tien is understood to be in the early stage of a deal to buy a large freehold site in the Caldecott Hill Estate Good Class Bungalow Area for S$58 million ($44.4 million).
The price works out to S$1,477 per square foot on the freehold land area of 39,276 square feet (3,649 square metres). On the regular-shaped site in District 11’s Joan Road are two bungalows. Read more>>
Li Ka-shing’s Bout With Beijing Over Port Sale Spooks Hong Kong Elite
Li Ka-shing’s strained relationship with Beijing has sent a clear reminder to Hong Kong’s tycoons and global investors eyeing the city as a wealth hub: never downplay geopolitics.
China’s move to amplify criticism of the billionaire’s blockbuster ports deal with BlackRock and probe the transaction for antitrust violations has drawn the attention of rich investors and their advisors. Read more>>
Founder of Japan’s Raysum Arrested on Drug Charges
Tokyo Metropolitan Police have arrested the former chairman and founder of real estate investment company Raysum and a female companion over the alleged possession of illegal drugs in a hotel in Chiyoda ward last year, reports NHK.
On 24 June, Tsuyoshi Tanaka, 60, is suspected of possessing 0.859 grammes of cocaine and 0.208 grammes of kakuseizai (methamphetamine), together with 32-year-old Miho Okumoto in a room of the hotel in Otemachi. Read more>>
Son of Guangzhou R&F Co-Founder Barred From Leaving China Over Dispute
The son of a Chinese property tycoon has been barred from leaving the country because of his involvement in a loan dispute, a person familiar with the matter said, highlighting the risks to executives caught up in a years-long real estate crisis.
A court in Hangzhou issued the exit ban against Zhang Liang last month, said the person, asking not to be identified discussing a private matter. The court said Zhang failed to fulfil a guarantee on a borrowing made by his company, Chinese builder Seedland Real Estate, where he is the controlling shareholder, the person added. The court had earlier ruled that Zhang was responsible for the debt, the person said. Read more>>
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