Invesco Named Preferred Bidder for Seoul Co-Living Asset and More Asia Real Estate Headlines

A joint venture led by US asset manager Invesco enjoys the inside track to acquire a Seoul co-living property, with that report leading today’s headline roundup. Also making the list, South Korea’s Koramco seeks to build a domestic data centre platform and New World Development’s bondholders fret over transparency.

Invesco JV Expected to Buy Seoul Co-Living Property From IGIS for $110M

A consortium between US asset management firm Invesco and the real estate investment arm of South Korea’s SK D&D has been named the preferred buyer of Noudit Hongdae, a co-living building in Seoul, in a deal worth around $110 million.

IGIS Asset Management announced Monday that it has selected the Invesco-backed consortium as the preferred bidder for the property. The largest real estate investment firm in South Korea acquired Noudit Hongdae in 2021 for KRW 132 billion (now $96 million) and now has put it up for sale as its debts linked to the property come due this month. Read more>>

Korea’s Koramco Aims to Invest $7B in Data Centres

Koramco Asset Management Co, South Korea’s leading real estate investment firm, plans to invest KRW 10 trillion ($7 billion) in domestic data centres by 2032, aiming to become the country’s largest data centre management firm, according to investment banking sources.

With data centres emerging as a compelling alternative asset amid the rise of generative AI and cloud computing, Koramco seeks to raise KRW 5 trillion in a fund dedicated to data centres by 2028, with the remainder to be funded through debt financing. Read more>>

New World Bondholders Left Guessing as Distressed Developer Bargains with Banks

New World Development bondholders are growing frustrated with the level of financial disclosure by the cash-strapped developer as it prioritises communication with banks during critical loan talks.

The distressed Hong Kong builder has less than three weeks to complete an HK$87.5 billion ($11.2 billion) loan refinancing deal before a covenant waiver expires at the end of the month. Debt advisors, meanwhile, have said that they think a liability management exercise on the bonds would be the only way for New World to preserve equity value. They are urging noteholders to band together to resist any such move. Read more>>

New World Prices Hong Kong Luxury Project at Record Low

In a gentrifying neighbourhood near a picturesque marina, the ambition of a troubled Hong Kong developer is colliding with harsh economic realities.

Deep Water Pavilia has all the high-end hallmarks of an era when New World Development was pursuing visions of grandeur under its artistic chief executive, Adrian Cheng. But now the project is nearing completion with the company struggling, Cheng in a new role and the city’s residential real estate in its fourth year of decline. The sprawling development has become a symbol of both the company’s desperate need for cash and of an intensifying price war gripping the market. Read more>>

South Korea Eases Restrictions on Foreign Investment in Senior Living

South Korea, grappling with a fast-ageing population, has relaxed development and ownership rules for senior housing, opening the sector to foreign healthcare REITs and fuelling new waves of investment.

In late May, amendments to Korea’s Welfare of the Senior Citizens Act took effect, allowing a broader range of entities, including REITs, to develop and operate senior living facilities in the country. Read more>>

Australia’s HESTA Targets European Student Housing, Self-Storage

One of Australia’s largest super funds, HESTA, will look to invest in student accommodation and self-storage facilities in Europe, taking its A$93 billion ($60 million) funds pool further into the global property market.

While HESTA already owns commercial real estate in the US, its fresh charge into Europe puts it in the company of industry peers such as AustralianSuper and Aware Super, which have been buying big in the UK and continental Europe. Read more>>

GDS’s DayOne Unit Signs Solar Deal for Malaysian Data Centres

APAC data centre firm DayOne has secured up to 500 megawatts of solar power over 21 years from utility company Tenaga Nasional Berhad to power its operations in Malaysia.

The solar power will be provided by TNB’s renewable power subsidiary and power DayOne’s Nusajaya Tech Park, in Gelang Patah, and Kempas Tech Park, in Johor Bahru, which have a combined capacity of 120MW. Read more>>

Singapore’s Keppel Sold Stake in Saigon Centre Complex for $76M

Singapore-based Keppel Ltd brought in S$98 million ($76.5 million) from selling a 22.6 percent stake in a property complex in Ho Chi Minh City.

According to its Q1 disclosures, Keppel reported total SGD347 million ($270 million) in proceeds from divestments of some projects and subsidiaries in the period. This includes the partial sale of Phase 3 of Saigon Centre, located in District 1, HCMC. Read more>>

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