KKR Acquires Controlling Stake in Indian Hospital Chain and More Asia Real Estate Headlines

KKR leads Mingtiandi’s headline roundup today as the global investment firm acquires a controlling stake in an Indian hospital chain, Baby Memorial Hospital. Also making the list, Hong Kong’s property sales sink again in June and Metro Pacific and GIC plan to take up a stake worth $1 billion in a unit of Indonesian toll-road operator Jasa Marga.

KKR Acquires Controlling Stake in Indian Hospital Chain

KKR, a global investment firm, and Baby Memorial Hospital, a regional multi-specialty hospital chain in India, have announced the signing of definitive agreements under which funds managed by KKR will acquire a controlling stake in BMH. The deal is estimated at INR 25 billion ($299.5 million), according to people familiar with the transaction.

“KKR’s investment will support BMH’s efforts to address the growing need for quality, accessible healthcare services in India by advancing its efforts to build a leading pan-India network of hospitals, including through both organic and inorganic growth strategies,” the global investor said. Read more>>

Hong Kong Property Sales Plunge Again Amid High Rates, Economic Malaise

Hong Kong’s property sales sank again in June, with the number of private residential units changing hands down by more than a third from the previous month, according to data from one of the city’s largest real estate agencies.

The total number of property sales — encompassing everything from homes, car parks and shops to industrial units and offices — came to 4,939 as of 27 June, according to a tally by Midland Realty. That is about a third lower than the 7,361 transactions recorded in May. Read more>>

Metro Pacific and GIC to Take $1B Stake in Indonesian Toll-Road Operator

Metro Pacific Tollways Corp and Singapore sovereign wealth fund GIC will take up a stake worth $1 billion in a unit of Indonesian toll-road operator Jasa Marga as Asia Pacific sees growing investor interest in infrastructure assets.

The companies will take a 35 percent stake in Jasamarga Transjawa Tol, a network of 13 toll roads in the provinces of west, central and east Java, MPTC said Monday. Read more>>

Wheelock Sells 1,188 Homes in H1, Eyes More Project Launches

Wheelock Properties sold 1,188 new homes in the first six months of the year and plans to launch at least three projects in the second half, as Hong Kong’s primary market maintains momentum.

The sales of flats and car-parking spaces enabled the developer to cash in more than HK$13.07 billion ($1.6 billion) in total, according to Wheelock Properties managing director Ricky Wong. Read more>>

Wanda Commercial to Relocate Office to Hengqin

China’s largest commercial developer, Dalian Wanda Commercial Management Group, is reportedly set to move its office to the Guangdong-Macau In-Depth Cooperation Zone in Hengqin.

Employees will relocate from Beijing to the Hengqin office, with the transition expected to be completed by mid-July, the Paper reported. Read more>>

Hong Kong’s Renewal of Land Leases Expiring by 2047 to Boost Confidence

An arrangement that automatically renews more than 300,000 land leases due to expire in 2047 will bring certainty to Hong Kong’s long-term development and boost investor confidence, industry leaders and lawmakers have said.

The Extension of Government Leases Bill would take effect via government gazette notices on Friday, allowing commercial, residential and industrial land leases to be automatically extended for another 50 years upon expiry on 30 June 2047. Read more>>

Tuan Sing Terminates Hotel Management Agreements for Hyatt Regency Perth

Tuan Sing Holdings on Monday announced the termination of its hotel management agreements for Hyatt Regency Perth.

The company’s indirect wholly owned subsidiary, HR Operations Pty Ltd, entered into a deed of termination and release with Hyatt of Australia Ltd and Hyatt Services Australia Pty Ltd on the same day. Read more>>

Godrej Properties Acquires Land in Bengaluru for High-End Residential Project

Godrej Properties said it has acquired 7 acres (2.8 hectares) of land in Thanisandra, North Bengaluru, on an outright basis.

The development on this land will comprise a high-end residential project featuring premium residential apartments of various configurations. The proposed project is estimated to have a developable potential of nearly 900,000 square feet (83,613 square metres) with an estimated revenue potential of INR 12 billion ($143.7 million). Read more>>