An Australian mega-deal leads the way in Mingtiandi’s roundup of Asia real estate headlines today as the Australian arm of a London-based student accommodation provider buys a portfolio of university digs down under.
In other news around the region, an internet giant is said to be investing in a Canadian coffee company’s expansion in China, while one Asian financial hub’s restaurants are buzzing again after social distancing measures are relaxed.
Elsewhere, Amazon is said to be in talks to buy the biggest cinema chain in the world.
Evergreen, M3 Capital Partners’ principal investment vehicle, has sold its 6875-bed Urbanest Australia student accommodation portfolio and platform to global operator Scape.
The sale, which won Foreign Investment Review Board approval in March, is valued at more than A$2 billion ($1.3 billion) and is the largest ever student accommodation transaction in Australia. Read more>>
Shareholders of Li & Fung, the world’s largest sourcing company, on Tuesday gave the green light to a HK$7.2 billion ($928.9 million) proposal that will allow its founding family to take the company private during a difficult business environment.
The move will see the century-old business icon delist from the Hong Kong Stock Exchange, where it had its trading debut in 1973 and had been one of the most popular blue chip stocks among investors until it lost that status in 2017. Read more>>
Tim Hortons China said Tuesday it received an investment from Chinese tech giant Tencent, as the Canadian coffee brewer seeks to expand in the Chinese market.
Tim Hortons said in a statement on its Weibo it will use the funds to upgrade digital infrastructure and open more stores in China. The company said it would expand store numbers in China from 50 now to 1,500. Read more>>
While neither company is currently acknowledging the speculation, AMC’s stock is tearing higher today as traders on Wall Street consider that Amazon may still be interested in buying the beleaguered theatrical exhibitor.
Although the e-commerce giant’s interest in the chain may have already soured, the world’s largest cinema chain is said to have been in talks with Amazon about a potential takeover. Read more>>
The Competition and Consumer Commission of Singapore (CCCS) is looking into the private retail lease market amid a chorus of complaints by mall tenants of an imbalance of bargaining power with landlords and unfair clauses in tenancy agreements.
Tenants had previously said that this imbalance, among other things, has seen them shouldering a large part of the financial burden amid the slowdown caused by the Covid-19 pandemic. Read more>>
Singapore property developer Tuan Sing Holdings has priced its S$65 million ($46 million) two-year, non-call 1 notes at 7.75 percent.
The notes are expected to be issued at par on 19 May 2020 and will mature on 19 May 2022. Read more>>