KKR and SingTel are reportedly seeking to buy a $1 billion stake in ST Telemedia Global Data Centres
US private equity major KKR and Singapore Telecommunications are reportedly seeking to buy a $1 billion stake in ST Telemedia Global Data Centres, with that story leading Mingtiandi’s headline roundup today. Also in the news, Lendlease agrees to sell its US construction operations and GIC looks to engage with Japanese companies in their home market.
KKR-SingTel Consortium Said Eyeing $1B Stake in STT GDC
A consortium of US investment firm KKR and Singapore Telecommunications has emerged as the frontrunner to buy a minority stake worth $1 billion in one of Asia’s biggest data centre providers, two sources said.
The KKR-SingTel consortium is competing with New York-headquartered alternative investment firm Stonepeak for the stake of up to 20 percent, one of the sources said. Read more>>
Lendlease Agrees to Sell US Construction Business
Embattled development company Lendlease has struck a deal to offload its US east coast construction operations to US builder Consigli Construction as it consolidates its operations back to Australia.
The company’s international construction business has been a millstone on returns, and it said the overall business, which includes operations in Britain that are also on the block, had generated a low earnings margin of about 0.6 percent in financial years 2019 to 2023. Read more>>
GIC Excited by Japan Prospects
GIC sees more opportunities to engage with Japanese companies to help them boost returns following a raft of governance reforms in the nation.
The Singapore sovereign wealth fund is “excited” by prospects in Japan and hunting for more deals as the governance overhaul and the end of deflation make the market more attractive, said Bryan Yeo, deputy group chief investment officer. Read more>>
PAG Denies Plan to Buy Dalian Wanda Malls
Asia-focused private equity firm PAG is not considering buying Dalian Wanda Group’s almost 500 shopping malls for about RMB 100 billion ($13.8 billion), contrary to a market rumour, a person familiar with the matter said.
The rumour is factually incorrect on a number of points, the person told Yicai. Wanda owns fewer than 300 Wanda Plazas and each is valued at around RMB 1.5 billion based on previous sales, adding up to about RMB 450 billion, the source said. Read more>>
PWC Losing Mainland China, Hong Kong Clients Over Evergrande Ties
Shenzhen-listed conglomerate China Merchants Port Group has joined at least four other large corporations that have terminated contracts with auditing firm PricewaterhouseCoopers in the last month amid concerns over possible malpractice tied to insolvent developer China Evergrande.
The Hong Kong headquartered port operator and shipping company said in a Wednesday stock exchange filing that its shareholders have decided to retract a proposal to hire PwC as its auditor for the year, citing “precautionary principles”. Read more>>
Korean Developers Criticised for Giving Condo Projects Foreign Names
Public developers are facing criticism for their growing penchant for adopting non-Korean names for their apartments and residential complexes, a trend that mirrors the controversial strategy long employed by private builders to make facilities sound more luxurious, according to industry officials Wednesday.
Experts said the practice has deepened the concerns surrounding the naming method that tarnishes Korean diction. Read more>>
Singapore’s Katong Plaza Shopping Centre on the Market Again
The Katong Plaza shopping centre at 1 Brooke Road, off Mountbatten Road, was being launched for collective sale on Thursday.
The freehold property has a maximum gross floor area of 102,132 square feet (9,488 square metres). The guide price of S$188 million ($139 million) translates to S$1,901 per square foot per plot ratio, after factoring a land betterment charge estimated at S$6 million. Read more>>
Adam Neumann Bids Bitter Farewell to WeWork
Adam Neumann has ended his bid to buy back WeWork, five years after he was ousted from the company he helped found.
WeWork, which was once valued around $47 billion, filed for bankruptcy last November. In March, the Wall Street Journal reported that Neumann had submitted a bid to buy the company for more than $500 million. But Tuesday, Neumann said his efforts have ended as he offered a pessimistic view of the company’s future. 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.
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