Macquarie Asset Management head Ben Way
Australia’s Macquarie Asset Management is making its biggest bet ever on its home market, with news of that $7.5 billion deal leading Mingtiandi’s headline roundup today. Also making the list are a new offer for a Singapore auto showroom and an Adani-EdgeConnex JV adding to its land bank.
Macquarie Offers to Buy Australian Logistics Operator Qube for $7.5B
Macquarie Asset Management offered to buy Qube Holdings Ltd in an A$11.6 billion ($7.5 billion) deal, seeking to add the Australian ports and rail company to a stable of infrastructure investments worldwide.
Qube investors would receive A$5.20 cash per share — 28 percent more than Friday’s close, the company said Monday. Macquarie Asset Management has been granted exclusive due diligence until 1 February, and Qube said its board would recommend investors accept a firm offer at that price. Read more>>
Singapore Auto Showrooms Target of $42M Deal
Will the third time be the charm for a sale of Sime Darby Business Centre? A deal seems to be underway again for the property at 315 Alexandra Road, next to the Ikea store, this time at S$55 million ($42.2 million).
The prospective buyer is Premium Automobiles, currently the authorised distributor for Chinese car brands Avatr, Deepal, XPeng and Zeekr. Premium, controlled by Hadi Widjaja Tanaga, declined to comment on the matter. Read more>>
Adani-EdgeConnex JV Buys India Infrastructure Builder for $26M
An Adani joint venture company has acquired infrastructure developer Trade Castle Tech Park, which owns sizeable land parcels, for INR 2.3 billion ($26 million), according to a stock exchange filing.
AdaniConneX, a joint venture of Adani group flagship Adani Enterprises and data centre operator EdgeConneX, executed a share purchase agreement on 21 November. “The object of acquisition is to set up infrastructure facilities,” it said without elaborating. Read more>>
Malaysia’s IOI Properties Reports Jump in Quarterly Profit
IOI Properties posted MYR 473.6 million ($114.6 million) in property development sales for the group’s first quarter to the end of September.
The builder’s net profit surged to MYR 664.3 million from MYR 69.2 million in the year-earlier quarter. IOI Properties said 81 percent of sales came from local projects, with the rest contributed by projects in China. Read more>>
Singapore Office Rents Seen Reaching Parity With Hong Kong in 2027
Prime office rents in Hong Kong and Singapore are expected to reach parity within two years, driven by diverging dynamics in demand and supply for office properties in the rival business hubs, according to CBRE.
By the fourth quarter of 2027, tenants in premium office spaces in Hong Kong are set to pay just over $122 per square foot per year, while those in Singapore will face slightly higher costs of $123 per square foot annually, said Ada Choi, head of research for Asia Pacific at CBRE. Read more>>
Korea’s MBK Could Face Penalties Over Homeplus Buyout
South Korea’s financial watchdog is said to have sent MBK Partners a notice on possible penalties related to retailer Homeplus, one of the buyout firm’s holdings.
The Financial Supervisory Service sent out the preliminary notice of disciplinary action to MBK, according to a person familiar with the matter, who declined to be identified discussing confidential matters. Yonhap News earlier reported the development. Read more>>
PAG Wanda Takeover Represents Big Bet on China’s Retail Future
No one could accuse private equity giant PAG of following the crowd. While rivals like BlackRock and Carlyle Group have cut their exposure to China’s commercial real estate sector, and analysts have for years sounded the alarm about sluggish consumer confidence in the country, the firm has put together a complicated play on the nation’s biggest mall operator.
PAG has invested $2.8 billion into a company that manages malls developed by the struggling Dalian Wanda Group, a commercial real estate giant that became a symbol of debt-fuelled expansion during the market’s boom years. Read more>>
UAE Developers Raise Billions on Back of Latest Boom
Developers in the United Arab Emirates are raising billions through a growing arsenal of funding tools — from Islamic bonds to private credit — as they ride one of the country’s longest real estate booms in years.
According to data compiled by Bloomberg, dollar bond and sukuk issuance alone has grown more than twelve-fold to $6 billion since 2021, underscoring how widely developers have accessed the market in a short time. Read more>>
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