Kevin Kow, group CEO and president director of NWP Property
Chilly Indonesian warehouses and Tokyo trains lead today’s roundup of regional real estate headlines on Mingtiandi, as a Warburg Pincus-backed platform teams with Japanese capital to acquire a Jakarta-area facility and Japan’s largest metro operator makes plans following its IPO. Japan also makes the news with the impact of a KKR-Bain Capital battle for a local software company and its facilities.
NWP Property, Japan’s CRE Buy Indonesia Cold Chain Asset
Japan’s CRE and Warburg Pincus-backed NWP Property have teamed up to acquire a refrigerated warehouse near Jakarta for an undisclosed sum.
The three-temperature-zone facility in the Narogong district of Indonesia’s southern Bekasi regency is already fully leased to a single tenant. The 5,200 square metre (55,972 square foot) project was completed last month, according to an announcement by the two companies. Read more>>
Tokyo Metro Says It Will Grow Through M&A After IPO
Tokyo Metro Co is seeking growth through mergers and acquisitions, as well as investments, according to the newly listed company’s president.
“Being listed on the stock exchange will make us more trusted by various partners, and we will be able to propose more possibilities,” Akiyoshi Yamamura said in a Wednesday interview with Bloomberg. While the company is focused on the railway business, fields outside that area such as real estate and distribution “must be strengthened,” he said. Read more>>
KKR-Bain Battle for Japan’s Fuji Soft Illustrates PE Boom
When KKR offered almost $4 billion for a Japanese IT consulting company back in August, the proposal generated buzz in the country’s burgeoning buyout market.
What came next was unprecedented. Bain Capital made a public rival bid for Fuji Soft that was 7 percent higher, a move that one dealmaker likened to a last-minute extra inning in baseball. It set off a rare open tussle between the private equity giants that has shocked investors. Read more>>
New World Shelves Buyout Spree for Debt Reduction
New World Development plans to take care of its debt load before considering mergers and acquisitions to expand its business, after reshuffling its top management this year and halting a dividend payout to stabilise its financial position.
Hong Kong’s most indebted homebuilder will not take on new corporate activities that could hurt its cash flows, chairman Henry Cheng told shareholders at a Thursday meeting. The group is also managing its dividend and stock buyback policies to trim leverage, he said. Read more>>
Singapore Private Condo Rents Rose 0.5% in October
Singapore’s private condo rents rose 0.5 percent in October as leasing volume fell for the third straight month to 5,712 units, down 7.5 percent from September, according to data from 99-SRX.
In contrast, rental volume in the public housing market rose 2.9 percent from September with 2,398 Housing and Development Board flats leased. Rents rose 0.5 percent, and a supply crunch is pushing rents higher. Read more>>
Hong Kong’s Tsim Sha Tsui Falls to Fourth Among World’s Priciest Retail Strips
Hong Kong’s Tsim Sha Tsui was the world’s fourth most expensive shopping district this year, dropping one spot from a year earlier amid shop vacancies, though it remained the ritziest destination for retail therapy in Asia Pacific.
Rents in the area, a haven for tourists, rose 7 percent from a year earlier to $1,607 per square foot in 2024, Cushman & Wakefield said in a report released Thursday. Read more>>
S&P Lowers Outlook for Adani Units After US Indictment
S&P Global Ratings lowered its outlook on three Adani Group entities from stable to negative Friday, citing risks to funding access after a US indictment of the conglomerate’s billionaire founder, Gautam Adani, on bribery charges.
Adani and seven other people, including his nephew Sagar, were indicted Thursday for fraud by US prosecutors for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals. Read more>>
South Korea’s Lotte Refutes Rumours of Liquidity Crisis
Lotte Group, South Korea’s sixth-largest conglomerate, has refuted recent rumours of a liquidity crisis.
The group said Friday that it is maintaining “stable liquidity” with real estate assets and readily accessible deposits amounting to KRW 71.4 trillion ($51 billion). The announcement came after market rumours raised concerns over the group’s liquidity challenges, particularly involving its chemical subsidiary, Lotte Chemical. Read more>>
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