In today’s roundup of regional news headlines, South Korean investor Mirae acquires eight Amazon-leased US warehouses, the Thai billionaire who controls Singapore-listed Frasers Hospitality Trust reportedly plans to take the REIT private, and Chinese developer Sunac moves to delay an offshore bond payment.
South Korea’s Mirae Asset Global Investments has purchased a 1.16 million square foot (107,767 square metre) US industrial portfolio for $520 million.
The portfolio totals eight buildings that are fully triple-net-leased to Amazon, located in cities across California and Utah. Deals on six of the buildings have closed, with the remaining two set to close in the next quarter. Read more>>
Thai billionaire Charoen Sirivadhanabhakdi’s TCC Group is seeking a S$500 million ($363 million) loan to take Singapore-listed Frasers Hospitality Trust private, according to people with knowledge of the matter.
The conglomerate, which controls a majority of shares in both Frasers Hospitality and its parent, Frasers Property Ltd, is in talks with banks about a potential transaction to finance the deal, the people said. An announcement about the proposed buyout could be made as early as this week, they said, asking not to be identified discussing private matters. Read more>>
Heavily indebted developer Sunac China hopes to extend the deadline of an onshore bond maturing soon.
China’s fourth-largest developer by sales, Sunac plans to meet creditors this week and propose a delay in the payment of a RMB 2.3 billion ($345 million) bond due next Monday, sources said late Wednesday. Read more>>
Property heavyweight Dexus is seeking a partner on an A$800 million ($575 million) portfolio of logistics properties in one of the largest real estate portfolio offerings of the year.
Dexus is taking the 10-strong property portfolio to market via real estate agency JLL and is looking for a capital partner to take a 75 percent interest in the properties, in which it will keep the remaining stake and run. Read more>>
Gambling regulators in the Australian states of Victoria and New South Wales approved US private equity giant Blackstone’s $6.3 billion takeover of Crown Resorts, the casino operator said Thursday.
Approval from regulators in Western Australia, where Crown runs its Perth casino, is still pending. Read more>>
Data centre services provider Web Werks, along with its joint venture partner Iron Mountain Data Centers, announced plans to invest INR 1.97 billion ($25 million) in a new hyperscale data centre in Noida, in India’s National Capital Region.
Web Werks said it will be part of the data centre parks approved by the government with added investments to launch edge facilities in key cities in Uttar Pradesh. Read more>>
A real estate industry association in eastern China’s Zhejiang province has established a RMB 10 billion ($1.5 billion) fund with a state-owned partner to promote mergers and acquisitions among troubled property developers.
The Zhejiang Real Estate Association and Zhejiang Province Zheshang Asset Management set up the fund recently, the partners told Yicai Global. The controlling shareholder of the latter is Zhejiang International Business Group, a company specialising in the disposal of non-performing assets of financial institutions in the eastern province. Read more>>
NTT has signed a power purchase agreement to procure solar energy in Japan.
Under the deal announced last week, Clean Energy Connect will develop a total of 70 megawatts of low-pressure solar power plants at about 700 locations in Japan by 2023. Read more>>