WeWork Selling Off Stake in India Business for $144M and More Asia Real Estate Headlines

Struggling to pay its bills globally, WeWork plans to sell its stake in its India business with that story leading Mingtiandi’s headline roundup today. Also making the list is EQT’s India data centre joint venture with Adani, which is close to raising up to $950 million from banks, and the wife of tech tycoon Forest Li is buying a Singapore bungalow for $31 million.

WeWork to Sell Remaining 27% Stake in India Unit for $144M

US office-sharing company WeWork is set to exit the Indian operation by selling its entire 27 percent stake in the local unit through a secondary transaction, according to multiple people in the know.

The estimated INR 12 billion ($143.9 million) deal will also see Bengaluru-based developer Embassy Group pare its holding from 73 percent to 60 percent, said the people cited above. Read more>>

AdaniConneX Seeks Up to $950M From Banks

AdaniConneX is in the final stage of discussions to raise $900 million to $950 million through a six-year offshore loan from a group of eight lenders, including MUFG Bank, Sumitomo Mitsui Banking Corp and Standard Chartered Bank, people with knowledge of the matter said.

The loan agreement is set to be signed early this week, one of the people with direct knowledge of the details said. The funding has been structured with an interest rate of 250-260 basis points above the Secured Overnight Financing Rate and a tenure of six years. SOFR is currently 5.3 percent, the person said. The proceeds will be used for expanding AdaniConneX’s data centre capacity. Read more>>

Wife of Sea Founder Forest Li Buying Singapore Bungalow for $31M 

Sea Ltd boss Forrest Li is expanding his family’s presence in the Good Class Bungalow market in Gallop Road near the Singapore Botanic Gardens.

His wife, Ma Liqian, is acquiring a S$42.5 million ($31.2 million) old bungalow next to the one Li has nearly finished redeveloping. Both properties are on freehold land. The price that Ma is paying works out to S$2,544 per square foot on the land area of 16,703 square feet (1,551 square metres). The site has a long driveway. Read more>>

CapitaLand Ascendas REIT Boosts Rents by 17% in Q1

CapitaLand Ascendas REIT saw its average rental rates rise 16.9 percent for leases renewed in the first quarter of 2024, up from the 15.2 percent reversion rate in the previous quarter.

The REIT’s assets in the US saw a positive rental reversion of 16 percent for the quarter, while its Singapore assets came in at 16 percent, the manager said in a quarterly business update on Monday. There were no renewals signed for the REIT’s assets in Australia, Britain and Europe. Read more>>

ESR-Logos REIT Posts 10.8% Drop in Q1 NPI After Divesting Non-Core Assets

ESR-Logos REIT’s net property income fell 10.8 percent year-on-year to S$62.9 million ($46.2 million) for the first quarter of the fiscal year as gross revenue dropped 8.9 percent to S$89.9 million.

This was in the absence of contributions from 10 non-core assets divested in fiscal 2023, the trust’s manager said Tuesday. Read more>>

Loss-Making Hong Kong Home Sales Hit 14-Year High in First Quarter

Home deals with paper losses reached 1,305 cases in the first quarter, the highest in 14 years, even after the removal of housing curbs in the end of February.

Data from Ricacorp Properties also showed that loss-recording transactions accounted for about 29.7 percent of the first-quarter deals in the secondary market, up by 3.5 percentage points from the fourth quarter of last year. Read more>>

Japanese Retail Giant Takashimaya to Open First Mall in Hanoi

Japanese retailer Takashimaya plans to invest JPY 2 billion ($13 million) in building a 10,000 square metre (107,639 square foot) shopping mall in Hanoi, its first in the city.

The mall would open in 2026, Takashimaya’s president, Yoshio Murata, told Nikkei in a recent interview. Read more>>

Singapore Condo Project Sells Just Three Units on Launch Weekend

A private residential project in Singapore sold just three out of its 59 units put on the market last weekend, in yet another sign of the country’s cooling property sector.

The data, released by realtor Huttons Asia, means there was just a 5 percent take-up for The Hillshore, a condominium in the south of the island being developed by Singapore-based FRX Capital. Read more>>

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