PG&E’s former San Francisco headquarters spans an entire downtown block
The Hines-NPS joint venture behind a San Francisco mixed-use development reaches an agreement to pay off a recently matured loan, with that story leading today’s headline roundup. Also making the list, a mystery buyer picks up 26 Hong Kong homes and Australia’s HMC launches its $1.8 billion data centre REIT.
Hines, NPS Reach Deal to Pay Off $500M Loan on San Francisco Asset
Hines and the National Pension Service of Korea reached a deal with lenders to pay off a $500 million loan backed by PG&E’s former San Francisco headquarters, doubling down on their ownership of the sprawling downtown complex.
The pair acquired the 1.7 million square foot (157,935 square metre) headquarters property for $800 million in 2021 using a $503.3 million loan, public records show. That loan recently matured, according to multiple people familiar with the matter. Hines and NPS subsequently struck a deal with their lenders — Goldman Sachs, Blackstone and Virginia-based Pentagon Federal Credit Union — to pay off the loan entirely. Read more>>
Mystery Buyer Picks Up 26 Homes in Hong Kong’s Kai Tak
A mystery buyer splurged HK$150 million ($19.3 million) to snap up 26 new flats in Hong Kong’s Kai Tak district in a one-day shopping spree.
The flats were acquired in projects such as Double Coast 1 and Twin Victoria, whose developers extended discounts to buyers when they were launched earlier this year, according to agents. The buyer is looking at the purchases as a long-term investment with an eye on leasing, said Sammy Po, CEO of Midland Realty’s residential division. Read more>>
Australia’s HMC Launches $1.8B Data Centre IPO
David Di Pilla’s funds house HMC Capital faces a key test with the launch of its DigiCo Infrastructure REIT on the Australian Stock Exchange on Friday, as the performance of the A$2.75 billion ($1.8 billion) vehicle is a pointer to whether its ambitions of growing to a A$50 billion empire over the next five years will be met.
The company has outlined aggressive plans to transform itself into the country’s premier alternative assets manager, with early comparisons to US private equity giant Blackstone being drawn — but only if it is able to bring investors along with it as it keeps up a frenetic pace of dealmaking. Read more>>
PLDT Announces Plan for Southern Luzon Data Centre
Manila-based PLDT Inc, through its unit ePLDT, is planning to build its next data centre in South Luzon to position VITRO Sta. Rosa as a data centre hub and maintain a strong market presence in the data centre business, according to the company’s president.
“Hopefully, we can already get another lot to build our next data centre. It will be no less than 100 megawatts,” ePLDT president and CEO Victor S Genuino said during a media briefing on Tuesday. Read more>>
Investors Dumping New World Perpetual Securities as Uncertainty Rises
With a persistent property downturn, money is tight for some of Hong Kong’s most indebted developers. Bankers are nervous, while a fire sale of valuable assets is never a good option. The question now is how the city’s tycoon families will manage their financial interests, and whether they will take actions at the expense of some creditors.
On 8 November, HKEX-listed Road King Infrastructure said it would not distribute its coupon on a 7.75 percent perpetual bond, reigniting discussions on the nature of this financial instrument. In particular, the spot is back on the Cheng family, whose empire spans property flagship New World Development and Chow Tai Fook Jewellery Group. New World has about $4.5 billion worth of perpetuals outstanding. Read more>>
Ultra-Wealthy Draw Veil Over Singapore Bungalow Buys
Singapore’s ultra-rich are increasingly cloaking their purchases of mansions in the city-state in secrecy, to avoid drawing attention to their wealth and social status.
The market for exclusive, multimillion-dollar houses called good-class bungalows has heated up this year in the Asian financial hub. At least S$1.1 billion ($819 million) worth of deals were inked from January to early December, according to data compiled by Bloomberg and List Sotheby’s International Realty, a luxury residential brokerage. Read more>>
Jackie Chan’s Beijing Luxury Condos on the Block
Two luxury Beijing apartments seized from martial arts film star Jackie Chan will be put up for auction for about $10 million due to an ownership dispute, according to court documents seen by AFP. The action star sparked controversy in 2013 when he joined China’s top political advisory body despite being born in Hong Kong, where his reputation has taken a beating over his pro-Beijing stance.
Chan, wife Joan Lin and son Jaycee Chan have lived in the high-end properties since 2007. But a legal dispute between two real estate firms has resulted in the properties being commandeered and put up for sale, despite appeals by the star. Read more>>
Data Centre Startup Announces Plans for 1.5GW of Thai Facilities
A new firm has launched with plans to develop data centre campuses in Thailand. Doma Infrastructure Group, which describes itself as a developer of master-planned data centre parks, partnered with Silicon Tech Park, a Thai technology park operator, to jointly develop three AI-ready green data centre parks in the Eastern Economic Corridor.
The joint venture is set to acquire 300 acres (121 hectares) of freehold land across Chachoengsao, Chonburi and Rayong provinces, with a total planned power capacity of 1.5 gigawatts. Read more>>
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