The Hong Kong Jockey Club sold some of its investments in private equity firms’ funds (Image: HKJC)
The challenges facing fund managers lead today’s look at real estate headlines from around Asia, with Hong Kong’s Jockey Club selling off stakes in major private equity vehicles at a discount as asset trades continue to elude investors. Also making the list today, more Japanese backing for Australia’s residential market and some green financing for a Tokyo data centre.
Hong Kong Jockey Club Sells $1B in Blackstone, Warburg Fund Secondaries
The Hong Kong Jockey Club has sold $1 billion worth of assets from its fund portfolio at a discount to Toronto-based Dawson Partners, according to people familiar with the matter, marking one of the biggest disposals by an asset allocator in Asia.
The deal includes investments in funds of Blackstone and other buyout firms, according to the people, who requested not to be named discussing private matters. They were sold at a single-digit discount to the portfolio’s net asset value, one of the people said. Jefferies Financial Group advised on the deal, the people added. Read more>>
Marubeni Leads Japanese Investment in $392M AsheMorgan Sydney Project
Sydney investment house AsheMorgan has tapped Japanese companies Marubeni Corporation, Haseko Corporation and Mizuho Leasing as partners in delivering its A$600 million ($392 million) build-to-rent project in Melbourne’s Docklands.
Marubeni, one of Japan’s largest trading and investment companies, is making its first foray into Australia’s build-to-rent sector through its investment into District Living — a more than 900-unit apartment project across two buildings. Read more>>
Stack Infrastructure Gets $260M in Green Financing to Develop Tokyo Campus
Data centre developer and operator Stack Infrastructure has closed on a JPY 39.7 billion ($260 million) green financing facility to fund the continued development of its 36-megawatt flagship TKY01 campus in Greater Tokyo’s Inzai.
The first 18MW building will be delivered in 2026 with an additional 18MW of expansion capacity available in 2027. The facility attracted strong participation and support from leading Japanese and international lenders. It was fully underwritten by Natixis CIB and Societe Generale, with the firms also acting as green loan coordinators. Read more>>
OMERS to Cut Entire Asia Buyout Team
The Ontario Municipal Employees Retirement System is cutting its Asia buyout team, marking the latest change in the pension fund’s private equity unit as it reassesses its strategy.
The Singapore-based private equity team for the region has a handful of members, according to people with knowledge of the matter who asked not to be identified discussing confidential details. The decision will be effective on 31 December. Read more>>
Blackstone Invests $706M to Become Largest Shareholder in Indian Bank
Blackstone will become the largest shareholder in India’s Federal Bank after injecting about $706 million into the lender.
Asia II Topco XIII Pte, an affiliate of the private equity giant, is paying INR 61.97 billion ($700 million) for warrants that will result in a 9.99 percent stake in Federal Bank, the lender said in a statement Friday. Read more>>
Malaysia’s Sime Darby, EPF, SP Setia Marketing Battersea Power Station in London
The main Battersea Power Station building that houses Apple’s UK headquarters and an expansive shopping mall has been put up for sale.
The Malaysian owners of the London complex have appointed BNP Paribas to advise on a potential sale after receiving expressions of interest from investors looking to acquire it, a person familiar with the process said, asking not to be identified discussing private information. Read more>>
Great Eagle Family Members Buy Up Hong Kong Condos
Family members and executives at Hong Kong developer Great Eagle continue to snap up local residential units, as the city’s housing market sees improved investment sentiment amid market stabilisation.
Members of the family of Lo Ka-shui, chairman and managing director of Great Eagle, as well as executives of the company, jointly acquired six residential units on Hong Kong island and in the New Territories this month for a combined total of HK$58.9 million ($7.5 million). Read more>>
South Korean President Points to Property Bubble Risks, Avoids Rate Cut
South Korean President Lee Jae Myung warned that the country’s property market is a bubble on the point of bursting, as he backed the Bank of Korea’s decision to hold rates last week.
Amid concerns that cheaper borrowing may further fuel the rally in property prices, Lee said it was imperative to avoid triggering the kind of economic malaise that afflicted Japan for decades. 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.
Leave a Reply