GIC Said in Talks to Buy Stake in Vanke Logistics Unit and More Asia Real Estate Headlines

Troubled builder China Vanke is reportedly in talks to sell a controlling stake in VX Logistics to Singapore sovereign giant GIC, with that story leading today’s headline roundup. Also making the list, Keppel DC REIT posts a jump in distributions and KKR merges its real estate and infrastructure assets under the same leadership.

China Vanke Said in Talks to Sell Stake in Logistics Unit to GIC

Indebted developer China Vanke is in advanced talks to sell a controlling stake in VX Logistics to Singaporean sovereign wealth fund GIC, a person with knowledge of the matter said. The financial details of the potential transaction were not immediately known. Vanke and GIC declined to comment.

State-backed Vanke has been trying to sell a number of assets, including its stakes in cold chain logistics firm VX, logistics platform GLP and property management unit Onewo, to ease liquidity pressure, sources said last week. Read more>>

Keppel DC REIT Posts 13.2% Jump in 2H Distributions

The manager of Singapore-listed Keppel DC REIT on Friday posted a distribution per unit of S$0.04902 for the second half of 2024, up 13.2 percent year-on-year. The result brings full-year DPU S$0.09451, up 0.7 percent.

Excluding the impact from new units raised via a pro rata preferential offering before the completion of the acquisition of Keppel DC Singapore 7 and Keppel DC Singapore 8, second-half DPU would have been S$0.04955, up 14.4 percent year-on-year. Read more>>

KKR Merging Infrastructure, Real Estate Management

KKR is moving its infrastructure and real estate assets under the same leadership as it looks to capitalise on converging opportunities between the rapidly expanding investing units.

Raj Agrawal will become global head of real assets, adding day-to-day supervision of the real estate business to his current responsibilities as global head of infrastructure, according to an investor letter seen by Bloomberg. Read more>>

Hong Kong’s New World Declares Business as Usual Despite Default Worries

Hong Kong-based New World Development faced renewed speculation Thursday as Bloomberg reported on a potential bond default, after the builder clarified earlier in the day that it continues to operate normally.

Bloomberg reported that PJT Partners, a global advisory-focused investment bank, has discussed with New World’s dollar bondholders the possibilities of a potential bond default, set off by the developer’s ongoing loan talks. The company said earlier Thursday that it continues business as usual despite “media rumours” surrounding its operations and financial obligations. Read more>>

EQT Exeter Renamed as EQT Real Estate

Swedish private equity major EQT announced late this week that it has renamed its EQT Exeter unit as EQT Real Estate.

The rebranding comes four years after EQT paid $1.87 billion to buy US real estate fund manager Exeter Property Group. EQT expanded its Asia presence in 2022 with its $7.5 billion buyout of Baring Private Equity Asia. Read more>>

Singapore Shifts to Monetary Easing on Growth Risks

Singapore’s central bank loosened its monetary policy settings for the first time in nearly five years on expectations that price pressures will keep abating and growth momentum will slow.

The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool rather than interest rates, will “reduce slightly” the slope of its policy band, according to a statement Friday. There was no change to the width of the band or the level at which it is centred. Read more>>

UOB Said Shopping Shimao Loan on Kowloon Tong Complex

A Shimao Group lender is in talks with private credit investors in hopes of offloading a HK$10 billion ($1.3 billion) loan due this year tied to a luxury apartment complex that’s key to a restructuring at the defaulted Chinese developer, according to sources familiar with the matter.

Singapore-based UOB has reached out to such investors in recent weeks for a deal regarding the loan, the sources said. The loan, taken out by Shimao in 2022, matures on 30 September and is backed by the Beacon Peak complex in Hong Kong’s Kowloon Tong neighbourhood. Read more>>

OUE REIT 2H Distributions Rise 8.7%

The distribution per unit for Singapore-listed OUE REIT rose 8.7 percent year-on-year to S$0.0113 in the second half of 2024, the trust’s manager said Thursday.

The result came as revenue increased 1.7 percent year-on-year to S$148.8 million. Read more>>

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