Singapore’s GIC is taking a $720 million chance on Indonesia’s warehouse market
Monday’s news features GIC spending $720 million on Warehouses in Indonesia, China busting $148 billion in underground banking operations as part of its ongoing battle to keep cash within its borders, new levels of tiny for Hong Kong apartments and Wanda wanting permission from the Indian government to sell land plots at a planned $10 billion industrial park.
GIC Invests $720 Mil in Indonesian Warehouses
Singapore’s sovereign wealth fund GIC and Indonesian warehouse provider PT Mega Manunggal Property are spending a total of S$1 billion ($720 million) over the next three years on warehouses in Southeast Asia’s biggest economy.
GIC, through its subsidiary Reco Indolog, and Mega Manunggal formed Mega Khatulistiwa Properti, an investment company which already started construction of three warehouses with over 115,000 square meters of total net leasable area. Read more>>
China Capital Flow Crackdown Results in $148 Billion Bust
China’s campaign to crack down on illegal capital outflows saw its currency regulator bust underground banking operations that involved more than RMB 1 trillion ($148 billion).
The State Administration of Foreign Exchange also seized $8.43 billion in foreign exchange funds as part of the nationwide checks on illegal outflows, the Financial News reported Thursday, citing Zhang Shenghui, an official at the regulator. Read more>>
City Developments Earns $702 Mil in SG Condo Exit
City Developments, Singapore’s second-largest developer, is exiting its equity stake in a 156-unit luxury condominium project in the city-state in a move that will free up S$977.6 million ($702 million), as it seeks to expand its fund management business.
City Developments will sell shares in the company that owns ‘Nouvel 18’ to Singapore high net worth investors, the company said in a statement Friday. The developer is structuring the deal as a so-called profit-participation security, which involves the sale of S$102 million in equity and the remainder in senior loans and notes. Read more>>
Emperor International To Develop HK’s Smallest Apartments
Emperor International Holdings will have the dubious honor as developer of the tiniest apartment in Hong Kong, with its plan to launch a project where each unit measures 61.4 square feet (5.7 square meters), according to filings with the Building Department.
Located at 17-19 Yik Kam Street in Happy Valley on the island, the project — which is yet to be named – will convert an existing 21-storey commercial building into a residential project. Read more>>
Wanda Wants To Sell Land At Its India Industrial Park
Chinese real estate giant Dalian Wanda is planning a record $10 billion investment in India and wants to be allowed to sell plots that are undeveloped or only partly developed in its proposed industrial park in Haryana as one of the many relaxations the company is seeking from the Indian government.
The group recently announced it would start work on the industrial park in Sonepat. Various companies from across the world will build and operate homes, hotels and factories within the park, according to the Haryana government. Read more>>
APG Asset In Talks For India Mall Stake
Dutch pension fund manager APG Asset Management is in a final round of negotiations to buy a majority stake in three malls of The Xander Group-owned Virtuous Retail. The deal is expected to be around $325 million.
The three malls are VR Surat, VR Bangalore and an upcoming one in Chennai. Virtuous Retail owns about 5.5 million square feet of mall properties. Read more>>
Ascott REIT’s Distributable Income Hits New High
Currency gains and asset sales proceeds drove Ascott Residence Trust to record highs in the third quarter. Income available for distribution to unitholders came in at s$38.7 million – up 21 percent on the same period a year earlier and the highest since the Reit was launched 10 years ago.
The record high was due mainly to the realized exchange gain of S$3.3 million from repaying foreign currency bank loans with the sale proceeds from Fortune Garden Apartments in Beijing. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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