QuadReal CEO Dennis Lopez
Canada’s QuadReal invests with Sydney-based GPT in an Australian shed portfolio, with that deal leading today’s headline roundup. Also making news, Singaporean giant GIC buys a Texas mixed-use complex and Hillhouse Investment prepares to launch its first private credit fund.
QuadReal Backs GPT’s $640M Aussie Industrial Venture
Canadian pension fund manager QuadReal is investing in a portfolio of stabilised Australian warehouse assets through a A$1 billion ($640 million) joint venture with Sydney-based GPT Group, according to an announcement to the ASX late last week.
GPT QuadReal Logistics Trust 2 will acquire a portfolio of GPT logistics properties in east coast urban infill and middle ring locations valued at A$460 million, with the partnership targeting further growth deployment of A$500 million focused on acquisitions of stabilised, core-plus opportunities in major east coast markets. Read more>>
Singapore’s GIC Leads $785M Buy of Dallas Mixed-Use Complex
Singapore’s GIC teamed up with Indiana-based Kite Realty Group to purchase the Legacy West complex in Plano, Texas late last month from Invesco for $785 million, according to official records cited by local media.
With the deal ranked as the largest purchase of a mixed-use project in the history of the Dallas-Fort Worth area, the complex includes 344,000 square feet (31,959 square metres) of retail, 444,000 square feet of office space and 782 apartments. Key retail tenants include Gucci, Louis Vuitton, Tiffany & Co and Chanel. Office space in the complex is 98 percent occupied by tenants including Boeing and Toyota. Read more>>
Hillhouse Lines Up $700M for First Private Credit Fund
Elham Credit Partners, the private credit arm of Hillhouse Investment, is set to get anchor commitments of $700 million to $750 million for the first close of its inaugural private credit fund, according to people familiar with the matter.
The Singapore-based firm could finalise commitments as soon as late June, the people said, asking not to be identified discussing private matters. The fund may reach between $900 million and $1.1 billion, Bloomberg previously reported. Read more>>
PAG Loans $38M to Distressed Hong Kong Developer Parkview
Hong Kong’s Parkview Group has obtained a HK$300 million ($38 million) private credit loan from investment firm PAG, according to a person familiar with the matter, as banks grow reluctant to extend funds to the cash-strapped developer.
The bridge loan carries a nine-month tenor and offers a yield in the low-to-mid-teens, people familiar with the matter said, asking not to be identified discussing private matters. PAG’s funding could be a relief for the company as it struggles to refinance its existing bank borrowings, they said. Read more>>
Japan’s Fuji Media Rejects Board Candidates Proposed by US Fund Manager
A bruising proxy fight is taking shape for control of Fuji Media Holdings when its next shareholders’ meeting is held on 25 June. The company on 16 May announced its candidates for new directors and rejected all 12 names put up by Dalton Investments, a US asset manager that is also a major shareholder.
On 27 March, Fuji Media and Fuji TV announced a widespread change in its executives to improve corporate governance in the aftermath of a sex scandal involving former TV personality Masahiro Nakai. Dalton, which had repeatedly called on Fuji TV to confront the scandal head-on, presented its slate of candidates for board members on 16 April. Read more>>
Equinix Launches First Indonesia Data Centre
Equinix has launched a data centre in Jakarta as the company’s first International Business Exchange facility in Indonesia via a joint venture with PT Astra International.
Located in Jakarta’s central business district, JK1 is an eight-storey facility offering 550 cabinets in the first phase. At full build-out, the facility will offer a total capacity of 1,600 cabinets and 5,300 square metres (57,050 square feet) of co-location space. Read more>>
Vietnam’s Novaland Says Creditors Will Have to Wait Until Late 2026
Vietnamese developer Novaland will not be able to pay the VND 59 trillion ($2.3 billion) in debts it owes until the end of 2026 and is negotiating with creditors and bondholders.
The lingering legal hurdles plaguing many of its projects is the reason for its financial situation, it said recently. More than half of the debt, VND 32 trillion, is set to mature within the next 12 months. This year Novaland has already defaulted on redemption of trillions of dong worth of bonds due to lack of funds. Read more>>
Singapore Home Sales Dipped 9% From March to April
Developers in Singapore sold 663 private homes in April, down 9 percent from the month before but up 120 percent from the 301 units a year earlier, data released by the Urban Redevelopment Authority on Thursday showed.
Analysts attributed the month-on-month decline to the macroeconomic uncertainties brought on by US President Donald Trump’s tariffs, which dampened consumer sentiment. Read more>>
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