Lone Star Funds president and CEO Donald Quintin
US fund manager Lone Star closes on $2.7 billion for value-add plays in Japan and the West, with that story leading today’s headline roundup. Also making the list, China investigates a high-profile wealth management firm and Australia’s caps on foreign students rile developers.
Lone Star Closes on $2.7B Fund Targeting N America, Europe and Japan
Lone Star Funds has raised roughly $2.7 billion in its latest round of funding to help support potential commercial real estate investments.
Through Lone Star Real Estate Fund VII, the private equity firm said in a statement that it will aim for value-add opportunities, including investments in debt portfolios, operating companies and direct CRE equity. CEO Donald Quintin said the fund will target not only North America but also Europe and Japan. Read more>>
China Probes $1.2 Billion Wealth Firm Hywin Over Fundraising
China has opened a criminal investigation into Hywin Wealth Management for alleged involvement in illegal fundraising, with “coercive measures” taken against multiple suspects at the firm, according to Shanghai police.
The police didn’t specify the measures, but in China, “criminal coercive measures” could typically take the form of seizure or detention. The probe into Hywin, once the nation’s largest distributor of real estate wealth management products, comes nine months after it pledged to address delayed payments on some investment offerings it had distributed. Read more>>
Australian Caps on Foreign Students Leave Developers in Limbo
Australia’s top provider of student accommodation, Scape, has called for greater certainty from the federal government over the implementation of caps on international students amid the worsening housing crisis.
Speaking after the launch of a new A$1 billion ($670 million) precinct in Sydney, CEO Anouk Darling said a lack of certainty was hurting the sector, which stood ready to work with universities to accommodate international students. Read more>>
China Vanke, Longfor Stocks Plunge Further on Market Woes
Some of China’s most closely watched developers slid by the most in months, after home sales data underscored a worsening real estate slump. China Vanke’s 3.5 percent dollar bond due in 2029 was down about 5 cents on the dollar on Tuesday at 42.4 cents, the steepest daily decline since 4 March.
Other developers also saw deep slumps. A 3.95 percent dollar bond due in 2029 issued by Longfor Group Holding fell by about 2 cents to 65.1 cents and is poised to touch its lowest price since May, according to Bloomberg compiled data. Read more>>
Energy-Intensive Buildings to Face Fines in Singapore
Existing buildings that are deemed energy-intensive must implement measures to improve their energy use or face a fine of up to S$150,000 ($115,000). This was one of the changes made to the Building Control Act passed in Parliament on Tuesday.
The penalty will be meted out under a new Mandatory Energy Improvement regime, which aims to reduce the energy consumption of existing energy-intensive buildings. Read more>>
Brookfield Said Marketing Brisbane Sites as Aussie BTR Market Cools
Canadian investment management giant Brookfield has pulled back from plans to launch into the build-to-rent market in Australia and has placed Brisbane’s Portside Wharf retail precinct and two neighbouring sites on the block for more than A$100 million ($77 million).
The company last year unveiled plans for a A$400 million dual-tower facility that would have marked its entry into the emerging build-to-rent sector, and it won approval for 560 units. Read more>>
STT GDC Breaks Ground on Jakarta Data Centre
ST Telemedia Global Data Centres has broken ground on its second Indonesian data centre, STT Jakarta 2.
Announced in a recent LinkedIn post, this is the second of four planned buildings at the company’s Jakarta campus. Located in Bekasi, Jawa Barat, STT Jakarta 2 is set to deliver up to 24 megawatts of IT capacity once complete in 2026. Other specifications and details were not shared. Read more>>
Trio of Industrial Assets on the Market in Singapore’s Tuas
Three industrial properties in the Tuas South industrial hub are on the market for a combined indicative price of S$36 million ($27.6 million), marketing agent JLL said Wednesday.
The sites can be sold collectively or individually, with each property being marketed at S$12 million. All three assets have about 11 years left on their leases. Tan Boon Leong, JLL’s executive director for logistics and industrial, said: “Potential investors would be end-users looking to set up a factory or warehouse quickly.” Read more>>
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